Inspection Drones Market | Know the Prominent Factors That Will Help In Reshaping the Market Growth
According to a new research report pertaining to the inspection drone market, published by Transparency Market Research the global inspection drone market is expected to reach a value of ~ US$ 32 Bn by 2027, expanding at a CAGR of ~ 23% from 2019 to 2027. According to the report, the global market would continue to be influenced by a range of macroeconomic and market-specific factors during the forecast period.
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Inspection drones are part
of the large shift toward the automation of tasks in the oil & gas
industry. Different end-use industries, including oil & gas, are
increasingly using inspection drones for a wide variety of applications.
Inspection drones can be used on any part of a platform, wherein, inspections
typically require scaffolding or rope access.
Moreover, advanced drone
technology is helping end-use industries save on costs and time, while
improving efficiency and safety to optimize production. Increasing investments
and rising demand for inspection drones in the oil & gas industry are
expected to drive the global inspection drone market during the forecast
period.
Inspection drones can
collect data by using various sensors and thermal cameras. Inspection drones
efficiently eliminate delays in human-conducted inspections and the time spent
attending to unnecessary accidents. Across the globe, inspection drones are
used to carry out offshore and onshore oil derrick inspections, vertical
structure inspections, flare stack inspections, oil spill detections, offshore
inspections, tailings pond inspections, monitoring of gas emissions, and damage
assessment. Rising investments toward the expansion and modernization of the
oil & gas industry are expected to drive the market for inspection drones
during the forecast period.
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Military & Defense to Account for a Leading Share of Global Inspection Drone Market
The report offers detailed
segmentation of the global inspection drone market in terms of component (mainframes,
brushless motors & electronic speed controllers (ESC), transmitters &
receivers, flight controllers, and others), sales channel (online and offline),
application (oil & gas pipeline inspection, solar panels, power line and
windmill inspection, critical infrastructure inspection, railways, roadways and
bridge inspection, border security, and others), and end-use industry (oil, gas
and petroleum, energy & utilities, military & defense, mining &
construction, transportation, and others). The global inspection drone market
has also been segmented based on region (North America, Europe, Asia Pacific,
South America, and Middle East & Africa).
Among the end-use
industries, the military & defense segment accounted for a leading share of
the global inspection drone market in 2018. The segment is
anticipated to maintain its leading position in the global market during the
forecast period as well.
Increase in the demand for
border security is likely to be a major factor driving the global inspection
drone market during the forecast period. Currently, major drone manufacturers
are setting up drone pilot projects.
Different commercial
applications such as critical infrastructure inspection, wildlife observation,
railway track inspection, and bridge inspection are becoming easier with the
help of inspection drones. Thus, commercial services based on inspection drones
are gaining momentum, which is expected to drive the global inspection drone
market during the forecast period.
North America to be a Highly Lucrative Market for
Inspection Drones
North America is expected
to hold the maximum share of the global inspection drone market during the
forecast period, owing to the early adoption of inspection drones in the
region. Asia Pacific and Europe hold a considerable market share each, and
these regions are projected to provide highly lucrative opportunities to the
inspection drone market during the forecast period.
Asia Pacific is the
second-largest as well as the most lucrative market for inspection drones
across the globe. Different countries in Asia Pacific require high investments
in the infrastructure sector to enable focus on building roads, highways,
railway tracks and bridges. In the next few years, the construction industry in
Asia Pacific is likely to directly benefit from increased savings and safety,
enhanced communication, and accurate measurements and insights enabled by the
adoption of inspection drones. Rising investments and increasing adoption of
better inspection equipment in the region are estimated to drive the inspection
drone market in Asia Pacific in the next few years.
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The report contains the profiles of the leading
players operating in the global inspection drone market. These include 3D
Robotics, Inc., Acecore Technologies, AeroVironment, Inc., Airobotics Ltd.,
Aeryon Skyranger, Intel Corporation, Lockheed Martin, SZ DJI Technology Co.,
Ltd., Yuneec International, Delair Aerial Intelligence, and AltiGator.
- In May 2019, 3D Robotics,
Inc. announced to have entered into a distribution partnership with
Wingtra, a Europe-based manufacturer of VTOL (vertical take-off and
landing) drones. As per this agreement, both companies would be supplying
aerial surveying drones to a wide range of industries, particularly mining
and construction.
- In June 2019, AeroVironment,
Inc. acquired VTOL UAS Developer Pulse from Aerospace, LLC for US$
25.7 Mn, to widen its portfolio of small unmanned aircraft
systems.
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers Market Analysis Reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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