According to a new report published by Allied Market Research, titled, “Drone Inspection and Monitoring Market by Solution, Type, Operation Mode, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global drone inspection and monitoring market size was valued at $6.44 billion in 2020, and is projected to reach $35.11 billion by 2030, registering a CAGR of 16.1%. Asia-Pacific is expected to be the leading revenue contributor toward the drone inspection and monitoring market during the forecast period, followed by LAMEA and Europe.
Drone inspection and monitoring is a drone-based solution that offers aerial inspection and monitoring services. It uses aerial thermal imaging to inspect roofs, walls, and other hard-to-reach areas of a premise. Drone inspection and monitoring platform is leveraging AI to reduce the cost of drone operations by up to 90%.
The growth of the global drone inspection and monitoring market is anticipated to be driven by factors such as increased demand for safe & accurate inspection & monitoring device and rise in technological advancements in drones. In addition, surge in usage of drones as remote visual inspection tool for critical infrastructure applications, boosts the overall market growth. However, lack of trained personnel to operate drones for inspection and monitoring applications acts as a major restraint for the global drone inspection and monitoring industry. On the contrary, advances in lidar technology for commercial drones are expected to create lucrative opportunities for the drone inspection and monitoring industry.
Moreover, developing nations tend to witness high penetration of drone inspection and monitoring products especially in construction & infrastructure and agriculture sector, which is anticipated to augment the market growth. Factors such as emergence of various start-ups in drone manufacturing sector accelerate the market growth.
The global drone inspection and monitoring market is segmented into solution, type, operation mode, application, and region. By solution, the market is classified into platform, software, infrastructure, and services. Depending on type, the market is categorized into fixed wing, multirotor, and hybrid. By operation mode, the market is segmented into remotely piloted, optionally piloted, and fully autonomous. On the basis of application, the market is classified into construction & infrastructure, oil & gas, mining, agriculture, utilities, and others.
Region wise, the drone inspection and monitoring market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor in 2020. However, between 2020 and 2030, the drone inspection and monitoring market growth in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from the emerging economical countries such as India, China, Japan, Taiwan, and South Korea.
COVID-19 Impact Analysis
The outbreak of COVID-19 has significantly affected the market. Business and manufacturing units across various countries were closed, owing to increase in number of COVID-19 cases. Furthermore, partial or complete lockdown has disrupted global supply chain posing challenges for manufactures to reach customers.
The COVID-19 pandemic has impacted the society and economies across the globe. The impact of this outbreak is growing day-by-day as well as affecting the overall business globally. The crisis has created uncertainty in the stock market and has resulted in falling business confidence, massive slow down of supply chain, and increased panic among the customer segments.
Asian and European countries under lockdowns have suffered major loss of business and revenue due to the shutdown of manufacturing units. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease, which further impacted the growth of the drone inspection and monitoring market.
In addition, the COVID-19 pandemic has impacted the electronics sector, as the production facilities have stalled. Its major impact includes a large manufacturing interruption across Europe and interruption in Chinese parts exports, which have hindered the growth of drone inspection and monitoring market.
Key Findings of The Study
- The construction & infrastructure sector is projected to be the major application, followed by agriculture.
- Asia-Pacific and North America collectively accounted for more than 68% of the drone inspection and monitoring market share in 2020.
- India is anticipated to witness highest growth rate during the drone inspection and monitoring market forecast period.
- U.S. was the major shareholder in the North America drone inspection and monitoring market, accounting for approximately 73% share in 2020.
- Depending on operation mode, the optionally piloted segment generated the highest revenue in 2020. However, the fully autonomous segment is expected to witness the highest growth rate in the near future.
- Region wise, the drone inspection and monitoring market analysis was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
The key players profiled in the report include American Robotics, Aerovironment Inc., Ageagle Aerial Systems Inc., DJI, Israel Aerospace Industries, Microdrones, Parrot Drones, PrecisionHawk, Trimble Inc., and Yamaha Motor Corp. These players have adopted various strategies such as product launches, acquisition, collaboration, and partnership to strengthen their foothold in the industry.