Drone Inspection And Monitoring Global Market Report 2024

Drone inspection and monitoring involve the assessment of assets using unmanned aircraft, providing a valuable solution for accessing challenging, expensive, or hazardous locations where manned inspection teams may face difficulties. Drones, equipped with cameras, offer a safer alternative to human inspection, especially in locations like tall buildings or areas with potential risks. This approach enables the collection of visual data on asset conditions through monitoring, inspection, and mapping operations.

The main categories of drone inspection and monitoring devices include fixed-wing, multirotor, and hybrid types. Fixed-wing drones resemble airplanes and use a rigid wing for lift, operating in modes like remotely piloted, optionally piloted, and fully autonomous. The solutions in this field encompass software, services, platforms, and infrastructure. Various applications benefit from drone inspection and monitoring, such as construction and infrastructure, agriculture, utilities, oil and gas, mining, and others.

The drone inspection and monitoring market research report is one of a series of new reports that provides drone inspection and monitoring market statistics, including drone inspection and monitoring industry global market size, regional shares, competitors with a drone inspection and monitoring market share, detailed drone inspection and monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the drone inspection and monitoring industry. This drone inspection and monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The drone inspection and monitoring market size has grown rapidly in recent years. It will grow from $11.9 billion in 2023 to $13.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to factors such as cost-efficiency, safety enhancements, improved data accuracy, regulatory advancements, and increased efficiency and speed in inspection and monitoring processes.

The drone inspection and monitoring market size is expected to see rapid growth in the next few years. It will grow to $27.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to industry-specific solutions, remote monitoring, integration with the Internet of Things (IoT), emphasis on environmental sustainability, and real-time data streaming. Major trends in the forecast period include the adoption of autonomous drones, beyond visual line of sight (BVLOS) capabilities, advanced sensors, increased focus on environmental monitoring, and enhanced infrastructure inspection methods.

The growth of the drone inspection and monitoring market is anticipated to be propelled by the increasing number of installations of new wind turbines. Wind turbines, devices that harness wind kinetic energy to produce electricity, benefit from drone inspections that aid in extending their operational life while reducing safety hazards, labor costs, and overall expenses. In March 2021, Mercom Communications reported that new wind turbine installations in 2021 reached 1.24 GW, marking a significant 101.37% increase from 2020. This surge in wind turbine installations is a key driver fostering the growth of the drone inspection and monitoring market.

The drone inspection and monitoring market are set to experience growth driven by the rising adoption of drones for commercial applications. Unmanned aerial vehicles (UAVs) or commercial drones are increasingly utilized across diverse industries such as agriculture, construction, delivery services, and insurance. Drones offer a safer and more efficient means of inspecting assets and gathering data, contributing to enhanced business operations. In August 2023, the Federal Aviation Administration reported that the total number of registered commercial drones reached 352,222. Moreover, according to Seed Scientific in November 2021, the application of drones in various sectors was valued at approximately $127 billion, with 422,000 jobs operating drones in the industry. This widespread adoption of drones for commercial purposes underpins the growth trajectory of the drone inspection and monitoring market.

The integration of technological advancements stands out as a prominent trend in the drone inspection and monitoring market. Many companies operating in this sector are actively developing new technologies to reinforce their position in the market. In August 2021, RedTail Lidar Systems, a US-based manufacturer of UAV LiDAR systems in the drone inspection and monitoring domain, introduced the RTL-450 LiDAR sensor. This sensor, based on microelectromechanical systems (MEMS) mirror-based LiDAR technology, sets itself apart with high-resolution point clouds generated at a rate of up to 400,000 pulses per second and 5 returns per pulse. This technology proves well-suited for military and commercial applications, showcasing the continual innovation in the drone inspection and monitoring market.

Leading companies in the drone inspection and monitoring market are strategically focusing on the introduction of inspection services featuring advanced non-destructive testing methods, exemplified by the Drone UTM (Ultrasonic Thickness Measurement) inspection service. This approach is aimed at gaining a competitive advantage in the market. In a notable instance, in July 2023, Dexon Technology PLC, a Thailand-based engineering services company, unveiled its new UTM drone inspection fleet. Ultrasonic Thickness Measurement (UTM) is an advanced non-destructive testing technique employed to evaluate corrosion, erosion, and other anomalies related to wall thickness in ship hulls, pipes, and structural steel. By utilizing drones for UTM inspections, the need for large rope access teams working at heights is diminished, making the inspection process more efficient. This innovative technology enables inspection teams to swiftly and non-intrusively conduct assessments, providing a significant benefit in terms of speed and operational continuity.

In another strategic move in May 2023, XTEND, an Israel-based provider of human-guided autonomous machine systems, acquired Performance Rotors for an undisclosed amount. This acquisition serves to bolster XTEND's global business expansion and augment its capabilities in delivering human-guided, remote interactive operations across various inspection scenarios. Performance Rotors, a Singapore-based drone inspection company, brings valuable expertise to XTEND, contributing to its mission of providing innovative and effective solutions in the field of drone inspection and monitoring. This acquisition positions XTEND to further enhance its offerings and solidify its position in the competitive landscape of the drone inspection and monitoring market.

Major companies operating in the drone inspection and monitoring market include Lockheed Martin Group, Aerovironment Inc., Sky Futures Partners, Teledyne Flir LLc, Israel Aerospace Industries, BAE Systems PLC, Parrot SA, Northrop Grumman Corporation, 3D Robotics, Aerialtronics DV, Guangzhou EHang Intelligent Technology Co. Ltd., ideaForge Technology Limited, Insitu Inc., Sensefly Ltd., Skydio, Yuneec International, Airobotics Ltd., Alke, CyPhy Works, Delair, Drone Aviation Holding Corp., DroneDeploy, Elbit Systems, Flyability, GarudaUAV Soft Solutions Pvt. Ltd., Hemav, Hoverfly Technologies, Intelinair Inc., Kespry, Groupe Latécoère, Matternet, Percepto, Raptor Maps, Terra Drone Corporation, Textron Systems, ULC Robotics, Unifly, Zipline

North America was the largest region in the drone inspection and monitoring market in 2023. North America is expected to be the fastest growing region in the drone inspection and monitoring market during the forecast period. The regions covered in the drone inspection and monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the drone inspection and monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The drone inspection and monitoring market includes revenues earned by entities by providing drone inspection and monitoring services such as inspection, monitoring, and mapping operations. The market value includes the value of related goods sold by the service provider or included within the service offering. The drone inspection and monitoring market also includes sales of drone, computer peripherals and telecommunications equipment which are used in providing drone inspection and monitoring services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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