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Global drone inspection and monitoring market size reached USD 9.80 Billion in 2021 and is expected to register a revenue CAGR of 15.8% during the forecast period, according to latest analysis by Emergen Research. The industry for drone inspection and monitoring is expanding quickly and has gained popularity in recent years. Unmanned aerial vehicles (UAVs), sometimes known as drones, are being used to examine and keep tabs on a number of different industries, including agriculture, construction, energy, and transportation. These drones are a useful and affordable tool for inspections since they are fitted with cameras and sensors that enable them to gather information and images from difficult-to-reach locations.
The demand for increased safety in sectors like oil and gas, where inspections can be risky and expensive, is one of the key factors driving the drone inspection and monitoring industry. Without endangering human workers, drones can inspect pipelines, oil rigs, and other infrastructure. Inspecting buildings and other structures with drones can also assist spot potential safety risks and avert mishaps.
The rising demand for real-time data and analytics is a further market-driver. Drones are able to swiftly and reliably gather vast volumes of data, which may subsequently be analysed to reveal information about things like crop health, infrastructure upkeep, and environmental monitoring. Companies may improve their operations and make better judgements thanks to this real-time data.
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Drone inspection and monitoring has many advantages, but there are some obstacles that must be solved. The biggest difficulties are related to regulations. In many nations, the use of drones is strictly controlled, and businesses must adhere to a number of laws and regulations in order to conduct business legally. In addition, since drones can be used for surveillance and data collection, there are worries regarding security and privacy.
Governmental organisations are also in favour of using drones for inspection and surveillance. For instance, restrictions on the use of drones in commercial operations have been created by the Federal Aviation Administration (FAA) in the United States, which has aided in the growth of the technology. Additionally, the European Union has started a project called DroneSAR with the goal of creating a search and rescue system based on drones.
Drone Inspection and Monitoring Market Segmentation:
The solution outlook for the drone industry from 2019 to 2030 shows significant revenue potential for various sectors. Software, services, platform, and infrastructure are the four main categories of solutions, and they are projected to generate substantial revenue during this period.
The technology outlook for drones during this period is expected to see growth in three categories: remotely piloted, optionally piloted, and fully autonomous. These categories are expected to generate a significant amount of revenue during the forecast period.
The type outlook for drones includes fixed-wing, multirotor, and hybrid drones. These types of drones are expected to generate a substantial amount of revenue between 2019 and 2030.
In terms of applications, the drone industry is projected to generate significant revenue in several sectors, including agriculture, construction and infrastructure, oil and gas, mining, utilities, and others. These sectors are expected to see an increase in the use of drones for various tasks during this period.
Finally, the end-use outlook for drones during this period is expected to generate significant revenue in several areas, such as pipeline monitoring and inspection, offshore platform inspection, wind turbine inspection, power plant inspection, solar panel inspection, and others. These areas are projected to benefit significantly from the use of drones for inspection and monitoring tasks, resulting in revenue growth for the drone industry.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
- Service segment is expected to lead in terms of revenue contribution to the global market over the forecast period owing to its increasing demand for drone-related services such as aerial photography, data processing, and data analysis. The service segment provides various benefits to businesses, including lower costs, improved efficiency, and better accuracy. In addition, the use of drones for inspection and monitoring is becoming more prevalent in various industries such as construction, energy, and agriculture, which is driving the demand for drone-related services.Drone services also offer greater flexibility and scalability than other solutions, as businesses can choose to use the services on an as-needed basis.
- Hybrid segment revenue is expected to register a steady CAGR during the forecast period due to its unique combination of features and benefits compared to other types of drones in the market. Hybrid drones are equipped with both fixed wings and rotors, providing them with the ability to take off and land vertically, as well as to fly for longer distances and durations than multirotor drones. The hybrid segment is expected to register a steady CAGR during the forecast period due to its ability to provide businesses with a range of benefits.
- One of the key benefits of hybrid drones is their versatility. They can be used for a variety of applications, from monitoring crops in agriculture to inspecting power lines in utilities. This versatility allows businesses to use hybrid drones in multiple industries, reducing the need to invest in multiple types of drones for different applications.
- Asia Pacific is expected to register a rapid revenue growth rate over the forecast period owing to a number of factors driving the growth of the drone inspection and monitoring market in the region. Asia Pacific is expected to register a rapid revenue growth rate over the forecast period owing to its large population, high urbanization rate, and increasing adoption of drone technology in various industries.
- Some major companies in the market report include 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, and Israel Aerospace Industries.
- In December 2020, when a 38-year-old man went missing in Waterloo, Canada, on November 19, local law enforcement resorted to Teledyne FLIR's LLC airborne solution, a Remotely Piloted Vehicle (RPV) equipped with a thermal imaging camera to search the region and the man was discovered safe later that day.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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