The infrastructure inspection market is seeing robust growth, projected to increase from $2.05 billion in 2023 to $2.19 billion in 2024, with a CAGR of 7.1%. This growth is fueled by aging infrastructure and regulatory compliance requirements. By 2028, the market is expected to reach $2.93 billion, maintaining a CAGR of 7.5%. The adoption of remote inspection solutions and advancements in drone technology will drive this market.
Major Driver In The Infrastructure Inspection Market
The infrastructure inspection market is set to experience growth fueled by a surge in capital investments for structural health monitoring (SHM) to enhance the maintenance of critical infrastructure. SHM involves the installation of systems on civil infrastructures to assist operators in ensuring structural integrity. Aging structures such as bridges, highways, buildings, dams, pylons, and tunnels undergo inspections to maintain their reliability. In March 2022, the Federal Government allocated $2 million to the Engineer Research and Development Centre (ERDC) for innovative technologies in SHM, with a total budget of $12 million. This substantial investment in SHM technologies is a key driver for the infrastructure inspection market, with market size projections indicating growth in 2023, 2024, and 2028.
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Infrastructure Inspection Market Competitive Landscape
Intel Corporation, Jacobs Engineering Group Inc., AES Engineering Ltd., Wipro Limited, Bureau Veritas, Xylem Inc., Leighton Holdings Limited, FLIR Systems Inc., National Instruments Corporation, Eddyfi Technologies, Honeybee Robotics, Golder Associates Ltd., ERM Group, MISTRAS Group, Parrot Drone SAS, Lockheed Martin Corporation, Geokon Inc., Northrop Grumman Corporation, Campbell Scientific Inc., Geocomp Corporation, AVT Reliability Ltd., DJI Technology Co. Ltd., MNS Group Limited, Pure Technologies Ltd Company, RAE Systems by Honeywell, Sisgeo S.r.l., Structural Monitoring Systems plc, Acellent Technologies Inc., Digitex Data Systems Inc., MFE Rentals
Key Infrastructure Inspection Market Trend
Technological advancement is a key trend gaining popularity in the infrastructure inspection market. Major companies operating in the infrastructure inspection market are focused on developing new technological solutions to strengthen their position. For instance, in May 2022, Toshiba, a Japan-based company operating in infrastructure inspection, develops Infrastructure Inspection AI for detecting anomalies with unprecedented accuracy from a small number of reference images. Instead of requiring real-world training like traditional AI, the technology compares inspection shots against reference images using features from pre-trained deep learning models. The new AI would detect anomalies with high accuracy even when inspection photos are taken from different perspectives than in the reference images because of Toshiba's proprietary rectification technology. This technology also helps to reduce false positives for unusual patterns that are truly normal.
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Infrastructure Inspection Market Segmentation
The infrastructure inspection market covered in this report is segmented –
1) By Product Type: Drones, or Unmanned Aerial Vehicles (UAVs), Crawlers, Submersibles
2) By Operation: Autonomous, Semi-Autonomous
3) By Application: Pipes, Tanks and Vessels, Sewers, Roads and Bridges, Underwater Inspection, Wind Turbines, Nuclear Applications, Auxiliary Structures
4) By End-Use: Building and Construction, Oil and Gas, Power Generation, Chemical, Petrochemical, Municipal, General Purpose
By Geography:The regions covered in the infrastructure inspection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the infrastructure inspection market in 2023.
The Infrastructure Inspection Global Market Report 2024 furnishes information about the global infrastructure inspection market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
