Dublin, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The "Drone Inspection and Monitoring Market by Solution (Platform, Software, Infrastructure And Service), Type (Fixed Wing, Multirotor, Hybrid), Applications (Constructions & Infrastructure, Agriculture), Mode Of Operations & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The drone inspection and monitoring market is projected to grow from USD 10.5 Billion in 2022 to USD 21.3 Billion by 2027, at a CAGR of 15.1% from 2022 to 2027. Increasing demand for safe and accurate inspection & monitoring to drive the market growth during the forecast period.
Drones for inspection and monitoring have been increasingly used by various industries, such as logistics, mining, agriculture, real estate, oil & gas due to their cost-effective, timeless, and data acquisition benefits. The conventional data acquisition and inspection methods are constrained by safety and time, often resulting in a shortage of detailed information for evaluation and monitoring. Extraordinary time efficiency, cost-effectiveness, and high precision make drones a reliable data acquisition solution that can offer accurate results and synchronous monitoring for various end-use industry applications. The effective monitoring area of drones is nearly 100-10,0000 m2, and the corresponding error is about 2-20 cm.
Drones showcase the significant potential in mining inspection and monitoring application at medium or large scales. Drones are equipped with different payloads such as cameras or sensors depending on application needs. Such payloads gathered basic data which can help to perform various monitoring operations and, hence, are largely used in various applications, including ecological restoration assessment, pollution monitoring, land damage calculation, ecological & geological hazards monitoring, land reclamation activities, and terrain surveying and 3D modeling. Some of the popular drones currently available in the market for inspection and monitoring are DJI Matrice 300 RTK, DJI Matrice 210 v2, Flyability Elios 2, AceCore Zoe, DJI M600 containing PhaseOne imaging technology, DJI Mavic Enterprise, and Parrot Anafi.
In 2020, as per the National Safety Council, construction sites faced high risks due to human intervention in the inspection process. So now, after the use of drone LiDAR to inspect fill levels, the risk has been reduced.
Based on application, construction & infrastructure are to witness high growth during 2022-2027.
Based on application, the drone inspection and monitoring market has been segmented into construction & infrastructure, agriculture, oil & gas, utilities, mining, and others. Among these construction & infrastructure are expected to grow at a higher CAGR during the forecast period. Drone inspections utilize ultra-high-resolution image capture devices, jointly with technologies such as LiDAR and thermal imaging, to accumulate thorough data on bridges, property and real estate, and railways on a single flight. This data helps firms undertake a complete evaluation of their asset's condition quite quickly. Assets can then be linked against their proposed lifecycle, and data from earlier inspections determined if remedial or preventative maintenance is needed. This can add many years of life to a critical asset and prevent the excessive capital expenditure of replacing a component before its valuable life ends.
This acceptance of technology is driven chiefly by remarkable technological developments in drone hardware in terms of size and endurance, the sensor equipment that drones can bear, and major software improvements. The US has a high budget for infrastructure revamping and, thus, is a potential market for drone inspection and monitoring. For instance, during his presidency, Donald Trump campaigned for 1 trillion dollars to revamp highways, bridges, tunnels, etc., which increased the adoption of drones for construction & infrastructure inspection and monitoring application.
The North American region dominated the market with the largest share in 2022.
North America is estimated to account for the largest share in 2022. With the increased use of drones for asset monitoring and oil and gas applications, their procurement is expected to contribute to the growth of the drone inspection and monitoring market in this region. The US and Canada are increasingly investing in the development of drones owing to their surging demand for various applications.
Major players in the drone inspection and monitoring market are Intel Corporation (US), Lockheed Martin Corporation (US), Wipro (India), Intertek Group plc (UK), and MISTRAS Group, Inc. (US). These companies adopted strategies including product and service launches, contracts, partnerships, agreements, and expansions to sustain their position in the market. Also focusing on expanding distribution networks in North America, Europe, Asia Pacific, the Middle East and the Rest of the World, in turn, driving the demand for drone inspection and monitoring market.
Market Dynamics
Drivers
- Increase in Demand for Safe and Accurate Inspection & Monitoring
- Increased Cost-Saving and Human Safety
- Rise in Usage of Drones as Remote Visual Inspection (Rvi) Tools for Critical Infrastructure Applications
Restraints
- Lack of Skilled Personnel to Operate Drones for Inspection & Monitoring Applications
- Issues with Drone Safety and Security
Opportunities
- Technology Advancements in Drones
- Advancements in Lidar Technology for Commercial Drones
Challenges
- Regulatory Hurdles and Budgetary & Other Constraints
- Limited Flight Endurance & Payload Capacity
| Report Attribute | Details |
| No. of Pages | 309 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $10.5 Billion |
| Forecasted Market Value (USD) by 2027 | $21.3 Billion |
| Compound Annual Growth Rate | 15.1% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
6.1 Introduction
6.2 Technology Trends
6.2.1 Drone Data Created with Point Cloud
6.2.2 Ai Inspection
6.2.3 Swarm Drones
6.2.4 Automated Drones
6.3 Technology Analysis
6.3.1 Hydrogen Power
6.3.2 Improved Computer Vision and Motion Planning
6.3.3 New Scope for Drone Rest and Recharge
6.4 Use Case Analysis
6.4.1 Use of Drones for Roof Inspection
6.4.2 Tuv Nord Uses Drones for Inspection of Wind Turbines
6.4.3 New York (Us) State Power Uses Drones for Power Line Inspection
6.5 Impact of Megatrends
6.5.1 Drones for Monitoring Environmental and Ecological Changes
6.5.2 Iot-Enabled Drones
6.5.3 Rapid Urbanization
7 Drone Inspection and Monitoring Market, by Solution
7.1 Introduction
7.2 Platform
7.2.1 Airframe
7.2.2 Avionics
7.2.3 Propulsion
7.2.4 Software
7.2.5 Payload
7.3 Software
7.3.1 Route Planning & Optimization
7.3.2 Inventory Management
7.3.3 Live Tracking
7.3.4 Fleet Management
7.3.5 Computer Vision & Object Detection
7.4 Infrastructure
7.4.1 Ground Control Stations
7.4.2 Charging Stations
7.4.3 Launch & Recovery Systems
7.5 Services
7.5.1 Drone Platform Services
8 Drone Inspection and Monitoring Market, by Type
8.1 Introduction
8.2 Fixed-Wing
8.3 Multirotor
8.4 Hybrid
9 Drone Inspection and Monitoring Market, by Application
9.1 Introduction
9.2 Construction & Infrastructure
9.3 Agriculture
9.4 Oil & Gas
9.5 Utilities
9.6 Mining
9.7 Others
10 Drone Inspection and Monitoring Market, by Mode of Operation
10.1 Introduction
10.2 Remotely Piloted
10.3 Optionally Piloted
10.4 Fully Autonomous
11 Drone Inspection and Monitoring Market, by Distribution Channel
11.1 Introduction
11.2 Online
11.3 Offline
12 Regional Analysis
13 Competitive Landscape
14 Company Profiles
Companies Mentioned
- Aerialtronics
- Aerodyne Group
- Ageagle Aerial Systems Inc.
- Airpix
- Canadian Uavs
- DJI
- DJM Aerial Solutions Limited
- Dronedeploy, Inc.
- Droneflight Ltd.
- Dronegenuity
- ECA Group
- Ehang Holdings Limited
- Force Technology
- Garudauav Soft Solutions Pvt. Ltd.
- Hemav
- Ideaforge
- Insitu
- Intel Corporation
- Intertek Group plc
- Lockheed Martin Corporation
- Maverick Inspection Ltd.
- Microdrones
- Mistras Group, Inc.
- Northrop Grumman Corporation
- Parrot Drone Sas
- Precisionhawk
- Raptor Maps, Inc.
- Reliability Maintenance Solutions Ltd.
- Skydio
- Teledyne Flir LLC
- Terra Drone Corporation
- Thyssenkrupp Industrial Solutions Ag
- Viper Drones
- Wipro
- Yuneec Holding Ltd.
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