PUBLISHER: The Business Research Company | PRODUCT CODE: 1464118
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464118
Inspection drones are unmanned aerial vehicles (UAVs) designed for visual checks and data gathering on large assets for maintenance purposes, expediting inspection processes and eliminating manual tasks.
The main types of inspection drones include fixed-wing, rotary-wing, and hybrid models. Fixed-wing drones resemble airplanes and provide lift through rigid wings, while rotary-wing drones utilize vertical lift rotors. These drones consist of various components such as the mainframe, brushless motors and ESC, transmitter and receiver, and flight controller, available through online and offline sales channels. Inspection drones find applications across diverse sectors, including oil and gas pipeline inspection, solar panel, power line, and windmill inspections, critical infrastructure assessments, commercial farming, railway, roadway, and bridge inspections, border security, among others. End-users encompass construction and infrastructure, oil and gas, agriculture, utilities, and more.
The inspection drone market research report is one of a series of new reports from The Business Research Company that provides inspection drone market statistics, including inspection drone industry global market size, regional shares, competitors with a inspection drone market share, detailed inspection drone market segments, market trends and opportunities, and any further data you may need to thrive in the inspection drone industry. This inspection drone 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 inspection drone market size has grown rapidly in recent years. It will grow from $8.44 billion in 2023 to $9.94 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The historic growth can be attributed to several factors, including the increasing complexity of infrastructure, advancements in battery technology enabling longer flight times for drones, demand for safer inspection methods, development of regulatory frameworks governing drone usage, and the rise of Industry 4.0 fostering the adoption of advanced technologies for infrastructure inspection.
The inspection drone market size is expected to see rapid growth in the next few years. It will grow to $18.94 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The forecasted growth is driven by advancements in AI and machine learning, rapid development of edge computing, customized solutions for vertical industries, collaboration with robotics and automation, and implementation of security measures. Major trends include increased automation, regulatory developments, improved sensors, enhanced data analytics, and technological advancements.
The anticipated growth in the oil and gas sector is expected to drive the expansion of the inspection drone market in the foreseeable future. The oil and gas sector encompasses activities related to the extraction, exploration, refining, and distribution of fossil fuels, catering to various industries and meeting global energy demands. This sector includes companies involved in crude oil, natural gas, and their derived products. Inspection drones play a crucial role in the oil and gas industry by facilitating efficient and safe inspections of infrastructure, pipelines, and facilities. These drones provide real-time data on equipment integrity and operational conditions, thereby reducing downtime and enhancing overall safety measures. For instance, according to data from gov.uk in September 2023, total government revenues from UK oil and gas production witnessed a substantial increase from $0.38 billion (£0.3 billion) in the previous year to $1.79 billion (£1.4 billion) in the tax year 2021-2022, reflecting significant sector growth. Hence, the escalating oil and gas sector is poised to contribute to the expansion of the inspection drone market.
Leading companies in the inspection drone market are committed to developing advanced solutions, such as asset inspection technology, to establish a competitive advantage in the industry. Asset inspection technology involves leveraging sophisticated tools such as drones, sensors, and data analytics to evaluate and monitor the condition, performance, and integrity of physical assets. By optimizing maintenance procedures and minimizing downtime, this technology enhances operational efficiency and cost-effectiveness. For example, in October 2023, Dexon Technology plc, a Thailand-based oil and gas technology company, introduced the GEN 2.0 Ultrasonic Thickness Measurement (UTM) Drone System. This innovative inspection drone system is specifically engineered to deliver enhanced inspection capabilities, incorporating non-destructive testing through ultrasonic thickness measuring across various sectors. Notably, the GEN 2.0 UTM drone features a 180-degree adjustable ultrasonic sensor arm, enabling dynamic inspections and ensuring comprehensive and accurate data collection across diverse asset types and orientations.
In December 2023, AkzoNobel NV, a Netherlands-based paint and coating manufacturer, acquired a minority stake in Donecle for an undisclosed sum. This strategic move aligns with AkzoNobel's strategy of collaborating with top-tier technologies, integral to its new Aerofleet coatings management service. Donecle, headquartered in France, specializes in manufacturing inspection drones such as the Iris GVI drone, designed for the automated visual inspection of aircraft structures and components.
Major companies operating in the inspection drone market report are Lockheed Martin Corporation, Yamaha Motor Corp, Drone Volt SA, Wipro Limited, Northrop Grumman Corporation, Trimble Inc., EPAZZ Inc., Teledyne Flir LLC, Intertek Group plc, Insitu Inc., AeroVironment Inc., Yuneec International Co. Ltd, Israel Aerospace Industries Ltd., 3D Robotics Inc., ECA Group, Airobotics Ltd., MIR Innovation, Parrot SA, SZ DJI Technology Co. Ltd (Da-Jiang Innovations), MISTRAS Group Inc., PrecisionHawk Inc., AgEagle Aerial Systems Inc., Flyability SA, Delair Aerial Intelligence SAS, Aerialtronics B.V., MicroMultiCopter Aero Technology Co. Ltd, Draganfly Innovations Inc., Digital Aerolus Inc., American Robotics Inc., SkySpecs Inc., Acecore Technologies B.V.
North America was the largest region in the inspection drone market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the inspection drone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the inspection drone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The inspection drones market consists of sales of mini and micro drones, tethered drones, VTOL (vertical takeoff and landing) drones, hexacopters, and octocopters. 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.
Inspection Drone Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on inspection drone market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for inspection drone ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The inspection drone market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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