What Has Driven the Growth of the Drone Inspection And Monitoring Market in Recent Years?
The drone inspection and monitoring market has seen considerable growth due to a variety of factors.
• The drone inspection and monitoring industry has seen a quick expansion in its market size in the past few years. The market that stands at $13.48 billion in 2024 is projected to increase to $15.6 billion in 2025, showing a compound annual growth rate (CAGR) of 15.7%.
Various factors have contributed to this growth during the historic period, including improved cost-efficiency, enhancements in safety, improved accuracy in data tracking, regulatory progress and superior efficiency and speed.
What is the Market Size Forecast for the Drone Inspection And Monitoring Market?
The drone inspection and monitoring market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of drone inspection and monitoring is set to experience fast-paced growth over the coming years, with a projection of escalating to $31.65 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 19.4%.
Factors contributing to the growth during the projection period include industry-specific solutions, remote monitoring, IoT integration, environmental sustainability, and live data streaming. The forecast period is expected to witness major trends such as autonomous drones, beyond visual line of sight (BVLOS), advanced sensors, environmental monitoring, and infrastructure inspection.
Which Factors Are Boosting Growth In The Drone Inspection And Monitoring Market?
The growth of the drone inspection and monitoring market is anticipated to be boosted by the rising number of new wind turbine installations. Wind turbines, devices that generate electricity from wind's kinetic energy, are inspected using drones. This not only extends the lifespan of wind turbine installations by mitigating safety hazards and lowering costs, but also reduces the need for manual labour. For example, around 8.6% of Vietnam's land area is suitable for wind power generation as of September 2022, with the country's total wind power potential calculated to be anywhere between 24.0 GW and 26.7 GW. It is predicted that the installed capacity for onshore and near-shore wind power will rise to 11.3 GW by 2030, from its 2021 capacity of 5.8 GW. Hence, the drone inspection and monitoring market's growth is being fuelled by the escalating number of new wind turbine installations.
What Key Areas Define The Segmentation Of The Global Drone Inspection And Monitoring Market?
The drone inspection and monitoring market covered in this report is segmented –
1) By Type: Fixed Wing, Multirotor, Hybrid
2) By Mode of Operation: Remotely Piloted, Optionally Piloted, Fully Autonomous
3) By Solution: Software, Services, Platform, Infrastructure
4) By Application: Construction And Infrastructure, Agriculture, Utilities, Oil And Gas, Mining, Other Applications
Subsegments:
1) By Fixed Wing: Electric Fixed-Wing Drones, Gas-Powered Fixed-Wing Drones, Long-Endurance Fixed-Wing Drones
2) By Multirotor: Quadcopters, Hexacopters, Octocopters
3) By Hybrid: Vertical Takeoff and Landing (VTOL) Drones, Transition Drones
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How Are Emerging Trends Reshaping The Dynamics Of The Drone Inspection And Monitoring Market?
Leading corporations in the drone inspection and monitoring market are dedicating their efforts to invent novel solutions such as autonomous drone inspection services. The aim is to increase operational efficiency, decrease expenses, and boost safety. These services imply using unmanned aerial vehicles (UAVs) embedded with state-of-the-art technologies to carry out inspection and monitoring functions without the need for human interaction. For example, in March 2024, the US-based civil engineering firm, Aerones, introduced an autonomous drone inspection service for wind turbine blades, transforming maintenance procedures in the renewable energy realm. This cutting-edge service empowers drones to execute automated inspections that can be wrapped up in less than 30 minutes per turbine. The drones, outfitted with a high-resolution 100-megapixel camera, snap detailed pictures that are subsequently analyzed through AI for detecting and sorting any potential damage.
Who Are the Key Players in 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
• Aerialtronics DV
• Guangzhou EHang Intelligent Technology Co. Ltd.
• ideaForge Technology Limited
• Insitu Inc.
• Sensefly Ltd.
• Skydio
• Yuneec International
• Airobotics Ltd.
• Delair
• DroneDeploy
• Elbit Systems
• Flyability
• GarudaUAV Soft Solutions Pvt. Ltd.
• Hemav
• Hoverfly Technologies
• Intelinair Inc.
• Kespry
• Matternet
• Percepto
• Raptor Maps
• Terra Drone Corporation
• Textron Systems
• ULC Robotics
• Unifly
• Zipline
What Is The Most Dominant Region In The Drone Inspection And Monitoring Market?
North America was the largest region in the drone inspection and monitoring market in 2024. 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 include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
