The Global Drone Inspection and Monitoring Market was valued at USD 6.3 Bn in 2020 and is expected to reach USD 25.3 Bn by 2027, with a growing CAGR of 22.0% during the forecast period.
Drone inspection and monitoring is a drone-based solution for tracking, and mapping operations. By the use of this platform, companies can plan and carry out their operations, reveal the drones in actual time, and create reports & evaluations right from their office. The various applications such as stacks, flares, cooling towers, bridges, cell phone towers, wind turbines, aerial land surveys, and inside the furnace of a boiler are inspected and monitored by drones.
The growth of the global drone inspection and monitoring market is majorly driven by the factors such as growing demand for safe, accurate inspection & monitoring devices, and an increase in technological advancements in drones. Moreover, the surge in usage of drones as a remote visual inspection tool for critical infrastructure applications propels the demand for drone inspection and monitoring market during the forecast period. However, the lack of skilled professional to operate drones for inspection and monitoring applications act as a major restraint for the market. Besides, advancements in LiDAR technologies for commercial drones is expected to provide a lucrative opportunity for the growth of the drone inspection and monitoring market during the forecast period. For instance, in August 2021, RedTail LiDAR Systems (US), a leader in microelectromechanical systems (MEMS) mirror-based LiDAR technology launched the RTL-450 LiDAR sensor. The RTL-450 incorporates a lightweight MEMS mirror and a precision navigation system to generate accurate data for the most demanding of aerial surveying missions.
The Global Drone Inspection and Monitoring Market Segmentation:
By Mode of Operation
Company Profiles and Competitive Intelligence:
Based on solution, the services segment is expected to dominate the drone inspection and monitoring market during the forecast period owing to its capabilities such as quick and cost-effective
Based on the solution, the drone inspection and monitoring industry has been segmented into software, services, platform, and infrastructure. The services segment is expected to dominate the drone inspection and monitoring market during the forecast period. The growth in the segment is attributed to the quick, cost-effective, and accurate data processing capabilities of drones compared to traditional methods. Moreover, the manufacturers continuously develop innovative products with constant flow of funding to offer drone inspection, aerial survey, autonomous flight paths, remote sensing, search and rescue and many other highly charged areas that were once difficult or risky to approach using the traditional methods. Thus, proliferating segmental growth of the drone inspection and monitoring market.
Based on the type, the hybrid segment is expected to grow at the highest CAGR during the forecast period due to enhanced payload and endurance capabilities
Based on the type, the drone inspection and monitoring industry is segmented into fixed wing, multirotor, and hybrid. The hybrid segment is expected to grow at the highest CAGR during the forecast period due to enhanced payload and endurance capabilities. Moreover, hybrid drones are increasingly popular in military and civilian applications. Hybrid drones are capable of converting between fixed-wing and Vertical Take-Off and Landing (VTOL) flights possess many of the advantages of both, making them potentially as useful for military and civilian applications.
Based on region, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth in the region is attributed to the increasing demand for drones in growing economies like China and India, where drones are broadly utilized for inspection and monitoring tasks in the agriculture and utility sectors. Moreover, the key players in the region are investing heavily in the product developments is expected to fuel the growth of the market. For instance, China has become the global hub for drone industry production during the last six years. About 70% of the world’s civilian drone market is supported through China, with approximately 1200 drone producers in 2019 (up from 130 producers in 2013). The government of China is imparting numerous subsidy schemes and different favorable domestic policies for drone purchases to promote technological advancements of industrial sectors.
The report also provides an in-depth analysis of drone inspection and monitoring markets dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Drone Inspection and Monitoring Market Analysis
The COVID-19 pandemic impacted various industries such as manufacturing, retail, and others owing to the strict lockdown imposed by the government to curb the spread of the virus. The supply chain of products and services was disrupted owing to the production halt from the different industries. However, the drone inspection and monitoring industry have a positive impact that influences the market growth due to the rising demand for industrial inspection and monitoring drones in the wake of the COVID-19 pandemic in a bid to aid social distancing efforts. Moreover, the robots are used to deliver vaccines and simultaneously inspect and monitor COVID-19 prone areas. For instance, in April 2020, Matternet’s M2 drone system delivered clinical prescriptions from a CVS pharmacy to villages in Florida to assist senior citizens. Moreover, the inspection and monitoring drones are used in various end-use industries such as oil & gas, manufacturing, and others due to lack of workforce. Thus, the COVID-19 pandemic positively influenced the growth of the drone inspection and monitoring market.
*Note: A detailed analysis is specific to the drone inspection and monitoring market will be provided in the report
The report also provides an in-depth analysis of key trends in the drone inspection and monitoring market:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis