The use of unmanned aerial vehicles, also called drones, equipped with sensors, cameras, and other advanced technologies to inspect & monitor numerous assets, areas, and structures is referred to as drone Inspection and Monitoring. For this, a drone is used to collect visual data, gather information, perform inspection, etc., that might be challenging & time-consuming to access via traditional methods.
Market Insights & Analysis: Global Drone Inspection and Monitoring Market (2023-28):
The Global Drone Inspection and Monitoring Market size was valued at around USD 10.5 billion in 2022 & is estimated to grow at a CAGR of about 11.32% during the forecast period, i.e., 2023-28. The industry is poised to upscale, owing to the heighten deployment of drones by several of the enterprises & sectors for inspecting, monitoring, assessing, analyzing the data or structure & prepare reports sitting at one place without any movement as well as plan & perform any operation by taking all the required information via drones. It is very important for the companies to have the update of all their resources, hence the surging adoption of drones for the remote inspection of areas, structures, etc., & to collect time to time information & data is increasing the demand for drone Inspection and Monitoring across the globe.
Drone cameras acts as an alternative or a technical human eye when inspecting or monitoring any applications. Using drone-based Inspection and Monitoring, inspectors can avoid dangerous sites such as scaffolding or tall, lean structures. Furthermore, the soaring usage of drones as a Remote Visual Inspection (RVI) tool in critical infrastructure applications is a major driver compelling the growth of the Drone Inspection and Monitoring Market.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA|
|Key Companies Profiled||Aerodyne Group, SZ DJI Technology Co. Ltd, AeroVironment, Inc, Sky Futures Partner Ltd, Lockheed Martin Corporation, BAE Systems PLC, Qualcomm Technologies Inc, AgEagle Aerial Systems Inc, Teledyne FLIR LLC, Israel Aerospace Industries, Parrot Drone SAS, Skydio, Precision Hawk, ECA Group, Airealtronics, Others|
|Market Value (2022)||USD 10.5 Billion|
Along with this, the deployment of drones for monitoring purpose is witnessing an upsurge due to their high-resolution visual mechanism & ability to reach height & any place where there is danger for human or the place that is difficult to reach manually. Moreover, with the inclusion of drones one can identify, analyze, as well & collect data of any large area, in a very less time compared to traditional method.
Besides, drones are highly embraced by several sectors as they aid in lowering human risk by minimizing manual inspections, like the inspection of challenging & dangerous areas, such as bridges, electricity lines, and oil rigs. Additionally, to safeguard human lives, drone monitoring reduces the probability of accidents & ensures the early detection of potential problems. Nevertheless, the cost of drone inspections has been playing a crucial role in the expansion of the market as traditional inspection approaches are costly, such as employing specialized individuals, renting out equipment, and carrying out lengthy inspection procedures.
On the other hand, drones offer a more cost-effective alternative, reducing the time & money required for inspections. As a result, using drones for assessments is an intriguing option for firms looking to reduce operational costs while maintaining inspection quality. This, in turn, would act as one of the key aspects, in contributing to the upgradation of the demand graph of the Global Drone Inspection and Monitoring Market in the future years.
Global Drone Inspection and Monitoring Market Driver:
Soaring Adoption of RVI (Remote Visual Inspection) Drones for Infrastructure to Fuel the Market Growth – The increasing proliferation of Remote Visual Inspection (RVI) drones for infrastructure-related applications is driving the Global Drone Inspection and Monitoring Market. RVI drones, which are outfitted with high-resolution cameras & advanced sensors, provide efficient & cost-effective solutions for assessing infrastructures, such as bridges, buildings, pipelines, and electricity lines. They offer a distinct edge in examining infrastructure assets by providing a thorough & explicit visual examination from aerial views.
Furthermore, they capture real-time data that can be quickly analyzed & processed, enabling prompt decision-making regarding the appropriate infrastructure. As a result, the use of RVI drones for infrastructure inspection is expected to soar, the market growth. Furthermore, market players are anticipated to develop specialized drones, software solutions, and services customized to the specific needs of infrastructure evaluations, which would also support enhancing the market expansion in the following years.
Global Drone Inspection and Monitoring Market Opportunity:
Breakthrough in LiDAR (Light Detection & Ranging) Technology for Commercial Drones – LiDAR is one of the important tool in the commercial drone industry & the advancement in this technology would create lucrative growth opportunity for the Drone Inspection and Monitoring Market in the forecast years. The attached LiDAR sensors in the drones’ aid in transmitting the laser pulse to gather measurements that are then utilized to create exact maps & 3D models of the surrounding environment and things. These sensors in the drones also penetrate through the objects & identify the surface value, hence becoming one of the most prominent sensor for the drones. Moreover, the constant technological advancement in LiDAR for commercial drones is seeming for be a significant step forward that would strive in creating a positive market outlook in the future years.
Global Drone Inspection and Monitoring Market Challenge:
Regulatory & Legal Hurdles to Restraint the Market Growth – The market for drone Inspection and Monitoring is thriving at a faster pace, however the soaring requirement for drones is burdening the manufactures to produce the them in the same pace to meet the rising demand, which is making it difficult for the manufacturers to meet all the guidelines & regulations. Thus, owing to the difficulty in meeting all the design regulations many of the manufacture drones are not able to pass the trial test, further impeding the Global Drone Inspection and Monitoring Market. Moreover, commercial drone use is subject to regulations & limits imposed by aviation authorities in several nations. It can be difficult & time-consuming to obtain the requisite permits, licenses, and certificates. Hence, compliance with airspace restrictions, privacy laws, and data protection regulations adds another layer of complexity to the market expansion.
Global Drone Inspection and Monitoring Market (2023-28): Segmentation Analysis
The Global Drone Inspection and Monitoring Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:
Based on Type:
Multirotor segment is the most potential type in the Global Drone Inspection and Monitoring Market & is estimated to be one of the dominating type during the forecast period as well. Multirotor drones are regarded as bicopters, tricopters, quadcopters, hexacopters, and octocopters & has two, three, four, six, or eight rotors, respectively. Owing to the less complexity & stabilizing process Quadcopters are presumed to the most convetional multirotor drone than any other drones especially tricopters. Furthermore, hexacopters & octocopters are the most employed multirotor drones for transporting large industrial cameras or transferring cargo. Drones with a maximum of four rotors are capable of dismissal, allowing them to keep descending regardless of whether individual rotors fail or shatter.
Based on Solution:
Software solutions is presumed to grab a strong foothold in the Global Drone Inspection and Monitoring Market as it helps in enhancing the user’s flight experience & photo editing or taking experience. The software solution is divided into route planning & optimization, inventory management, live tracking, fleet management, and computer vision & object recognition. Route planning & optimization software enables monitoring and inspection drones to navigate through crowded spaces. This software is primarily used when drones are deployed to operate in densely populated regions & fly between buildings, remote sites, solar farms, and others. These software-based drones assist in determining the most optimal route for drones to carry out activities with optimum safety & security, making it one of the most frequently employed drone solutions.
Global Drone Inspection and Monitoring Market Regional Projections:
Geographically, the Global Drone Inspection and Monitoring Market expands across:
Asia-Pacific is presumed to account for the highest share of the Global Drone Inspection and Monitoring Market during the forthcoming period. This is attributed to the numerous regional countries, including Australia, China, Japan, India, and South Korea that are facilitating in enhancing the market for drone Inspection and Monitoring, especially China as it is the primary producer of drones worldwide, with nearly 400 manufactures across the country.
The deployment of drones across the region for regional border defense because of several political conflicts is contributing in encouraging market demand. The industry has grown in popularity over the years as a result of its comprehensive abilities, which include everything ranging from simple photography to surveillance, road & railway line monitoring, and even transporting essentials/food items to individuals in underdeveloped areas or places that are being hit by any natural calamity or any other incident.
Global Drone Inspection and Monitoring Industry Recent Development:
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Frequently Asked Questions
A. The Drone Inspection and Monitoring Market is predicted to grow at a CAGR of around 11.32& during 2023-28.
A. Soaring adoption of RVI (remote visual inspection) drones for infrastructure to fuel the Drone Inspection and Monitoring Market growth.
A. Aerodyne Group, SZ DJI Technology Co. Ltd, AeroVironment, Inc, Sky Futures Partner Ltd, Lockheed Martin Corporation, BAE Systems PLC, Qualcomm Technologies Inc, AgEagle Aerial Systems Inc, Teledyne FLIR LLC, Israel Aerospace Industries, Parrot Drone SAS, Skydio, Precision Hawk, ECA Group, Airealtronics, and Others, are the top players in the Drone Inspection and Monitoring Market.
A. Software is the leading solution in the Drone Inspection and Monitoring Market.
A. Asia-Pacific would present growth prospects in the Drone Inspection and Monitoring Market during 2023-28.
A. Breakthrough in LiDAR (light detection & ranging) technology for commercial drones is the growth opportunity driving the Drone Inspection and Monitoring Market through 2028.
A. Regulatory & legal hurdles to restraint the Drone Inspection and Monitoring Market.
A. Agriculture, construction & infrastructure, oil & gas, mining, utilities, and others are the industry’s potential end-users.
Global Drone Inspection and Monitoring Market Research Report (2023-2028) - Table of Contents