(Aviation-NewsWire.Com, February 08, 2023 ) The report on the Drone Inspection and Monitoring Market provides an analysis of the market from 2019 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The drone inspection and monitoring market is projected to grow from USD 11.6 Billion in 2022 to USD 23.0 Billion by 2027, at a CAGR of 14.6% from 2022 to 2027.
Currently, most of the inspection and monitoring operations are performed using drones due to the additional benefits associated with it. The use of drone for inspection and monitoring can help to reduce the average operation cost and the time without compromising on quality. Therefore, almost all industries that require a visual inspection of assets as part of their maintenance practices are now adopting drones for inspection and monitoring. Visual inspection is necessary to ensure an accurate inspection of a company’s resources. The drone cameras can perform better visual inspection at confined and at hight location compared to other methods.
Increasing demand for drone inspection and monitoring from several countries, including India, Japan, China, France, the UK, and the US, is expected to stimulate the growth of the drone inspection and monitoring market from 2022 to 2027. Drones are increasingly used in commercial applications for monitoring, surveying, mapping, and aerial remote sensing. Drone-based inspection and monitoring find applications in sectors such as oil & gas, defense & security, construction & infrastructure, utilities, agriculture, and railways.
The imposition of restrictions by various government agencies on drone inspection and monitoring in commercial applications is a key challenge faced by manufacturers of drones. Apart from a general overview of the key companies, this report also provides a financial analysis of the leading players, along with information about products and services offered and key developments undertaken by them. Intertek (UK), MISTRAS Group (US), Wipro (India), Lockheed Martin (US), and Intel Corporation (US) are some of the leading players covered in this report on the drone inspection and monitoring market. These players offer wide range of cost efficient and quality solutions and services to attract the local and international customers.
Based on solution, the drone inspection and monitoring market has been segmented into platform, software, infrastructure, and services. These segments have been subdivided, as discussed below. The services segment is projected to lead the market during the forecast period, and the software segment is expected to register the highest CAGR during 2022 to 2027.
Based on type, the drone inspection and monitoring market has been segmented into fixed-wing, multirotor, and hybrid. Drone manufacturers globally are concentrating on developing technologically advanced drones and increasing their production due to the increased demand from the construction, agriculture, emergency response, mapping, surveillance, and wildlife protection sectors. The rise in demand globally and the resultant surge in drone production are expected to fuel the growth of the drone inspection and monitoring market. The multirotor type of subsegment is projected to have the highest market share during the forecast period, and the hybrid type subsegment is projected to have the highest CAGR during the forecast period.
By application, the market is bifurcated into construction & infrastructure, agriculture, oil & gas, utilities, mining, and others, which include logistics, wildlife & forestry, insurance, and aviation-related drone inspection and monitoring. The timeliness and accuracy of drones, as well as their reasonable prices compared to other modes of inspection & monitoring like the under-the-bridge inspection vehicles or helicopters, are boosting the market for drone-based inspection & monitoring worldwide. By application, the construction & infrastructure segment is projected to register the largest market size and have the highest CAGR from 2022 to 2027.
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