Dublin, April 12, 2023 (GLOBE NEWSWIRE) -- A 10-year projection from 2023 to 2033 is provided in Fact.MR's recent study on the drone construction monitoring market. Other details include significant market-shaping aspects including drivers, constraints, and opportunities. The market is segmented into product type, modality, application, end user, and region to make the information for clear understanding of key trends.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global drone construction monitoring market is estimated at US$ 318.2 million in 2023 and is expected to expand at a healthy 13.6% CAGR during the forecast years of 2023-2033. Growing interested in infrastructure development is one of the key factors driving the growth of the market.
Construction drones are used in monitoring the construction sector to inspect and maintain sidewalks, highways, bridges, and buildings, monitor for damage and cracks, maintain facades, and map historic buildings. It is also widely used for 3D modeling for building reconstruction and photogrammetry applications such as volume measurement.
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In addition, construction drones can help with various improvements such as improving reporting accuracy, improving security requirements, reducing costs, streamlining workflows, and more. Apart from that, construction drones are remotely controlled so they can conduct surveys in high casualty risk zones. Therefore, it is projected that the use of drone construction monitoring will create a positive outlook for the market in the coming years.
Key Takeaways from Market Study
- The global drone construction monitoring market is projected to reach US$ 1,149.0 million by 2033.
- The market witnessed an 8.2% CAGR between 2018 and 2022.
- Commercial drone construction monitoring in end use segment dominates the market with a 54.2% market share in 2023.
- Under application, the surveying land sector dominates the market and is valued at US$ 149.9 million in 2023.
- Based on region, demand for drone construction monitoring is expected to increase at a CAGR of 14.5% in East Asia during the forecast period.
Market Development
Many countries have issued rules and regulations for drone operations to ensure people's safety and privacy. For example, in July 2020, the European Aviation Safety Agency (EASA) published European regulations to ensure the safe operation of drones in commercial and non-commercial applications. Additionally, in September 2018, the Directorate General of Civil Aviation (DGCA) approved the use of drones for inspection, photography, and delivery operations. Therefore, all these factors are expected to elevate the ethical use of drones construction monitoring and accelerate the growth of the global market during the forecast period.
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Competitive Landscape
Prominent drone construction monitoring service providers are
- 3d Robotics Inc.
- Aerialtronics
- AeroVironment Inc.
- Delair
- DJI
- Dronedeploy Inc.
- Kespry Inc.
- Parrot Drone SAS
- Precisionhawk Inc.
- Skydio Inc.
- SZ DJI Technology Co. Ltd. (iFlight Technology Company Limited)
- Teledyne Flir LLC (Teledyne Technologies)
- Trimble Inc.
- Yuneec International Co. Ltd.
Many companies focus on acquisitions, partnerships and collaborations that are examples of non-organic growth strategies observed in the market. These actions have helped market participants to expand their customer base and business. Incorporation of artificial intelligence and machine learning like advanced technologies can help make drones smart and more efficient with potential risk determination at construction sites saving thousands of lives. Such advance products have high success potential in the market in the upcoming future.
Some of the key developments are
- In June 2021, Kitty Hawk acquired 3D Robotics, aircraft maker Kitty Hawk builds electric aircraft, and is ultimately backed by the co-founders of Google.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global drone construction monitoring market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of drone type (fixed wing drone, rotary wing drone), end use (industrial, commercial, military), application, (surveying land, infrastructure inspection, security & surveillance, others) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Segmentation of Drone Construction Monitoring Industry Research
- By Drone Type :
- Fixed Wing Drone
- Rotary Wing Drone
- By End Use :
- Industrial
- Commercial
- Military
- By Application :
- Surveying Land
- Infrastructure Inspection
- Security & Surveillance
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East and Africa (MEA)
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Key Questions Covered in the Drone Construction Monitoring Market Report
- What is the projected sales value of the Drone Construction Monitoring Industry in 2023?
- At what rate will the global Drone Construction Monitoring market size grow until 2033?
- Which are the factors hampering the growth in the Drone Construction Monitoring ?
- Which region is expected to lead in the global Drone Construction Monitoring market By 2033?
- Which are the factors driving the Drone Construction Monitoring Industry during the forecast period?
- What is the expected market value of the Drone Construction Monitoring market during the forecast period?
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