This study proved instrumental to investigating the market landscape, strengths, as well as meeting requirements, to ensure successful first revenues from the proprietary technology. The Feasibility Study showed that a new business model was needed to approach the market and achieve higher rates of market penetration. As such, first commercial entry has been identified through the interest of wind turbine inspection companies. The main achievements reported in the study were:
• Upon further in-depth market analysis through investigations and meetings with key market players, we found that the problems and needs in this market aren’t being adequately met by the current blade inspection methods.
• The market demand was validated through discussions with current customers and end-beneficiaries. This showed that the wind inspection companies and wind farm operators desired faster, safer, and more cost-effective inspections.
• As a result of the above, we found that the most beneficial business model to approach the market would not be to sell the solution to wind farm operators but instead to the wind turbine inspection companies. The reasons behind this included:
o Wind turbine inspection companies already have a large network of customers and clients in many different European countries, as well as other geographical markets we will be targeting in a few years after commercialisation;
o The lower amount of customers will mean less UAVs are required for inspections. As a result, no automated assembly process is need due to the lower numbers of UAVs to be produced;
o Inspection companies operate around the world, as well as operating in other inspection markets that could prove very beneficial for Pro-Drone if we look to expand our solution to other vertical structures and inaccessible systems, such as bridges, chimneys, offshore rigs, etc. This would give us an easy market entry point, with an already secured customer for a quick market takeover.
• The wind energy and renewable technology markets’ current trends show that the increasing growth of renewable technology will continue as many developed countries aim to reach their target goals for 2020, 2030, and 2050. In this current climate, wind turbines are proving to be the most easily implemented and installed technology and as such is leading the front for renewable technologies. This means that the targeted market will continue to grow in the future and offer an opportunity at a global market.
• The MVP of the WindDrone solution was finalised through stakeholder feedback. This resulted in the use of off-the-shelf, and easily accessible drones and inspection components as part of the MVP. Instead of the UAV being the main part of the solution, the software algorithms are. The UAV’s flight control, collision avoidance, and imaging algorithms are combined with the cloud platform’s fault detection, report generating, and machine learning algorithms to create the overall WindDrone solution.