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Drone Inspection and Monitoring Market to Reach USD 33.6 Billion by 2030

09-23-2021 03:09 PM CET | Logistics & Transport

Press release from: ReportsnReports

Drone Inspection and Monitoring Market to Reach USD 33.6 Billion

“Increasing demand for safe & accurate drone inspection & monitoring is expected to increase the demand further”

The overall drone inspection & monitoring market is projected to grow from USD 9.1 billion in 2021 to USD 33.6 Billion by 2030, at a CAGR of 15.7% from 2021 to 2030. North America is estimated to account for the largest share of the drone inspection & monitoring market from 2021 to 2030.

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With the incorporation of new technologies such as artificial intelligence, sense and avoid systems, and cloud computing in drones, their demand is expected to increase further. The incorporation of artificial intelligence in drones has not only enhanced their capabilities but has also enabled them to carry out several activities such as takeoff, navigation, data capture, data transmission, and data analysis without human intervention. The outbreak and the spread of the COVID-19 led to increased demand and use of drones, as their benefits outweigh the potential challenges and difficulties related to them. They are being used in Africa, Asia, and North America to deliver COVID-19 vaccines and inspect and monitor the outbreak in remote places of countries like China. Police and government officers the world over have utilized drones to achieve remote policing and impose social distancing.

Based on application, the Drone Inspection and Monitoring market has been classified into agriculture, construction & infrastructure, oil & gas, utilities, mining and others. For this segment of Drone Inspection and Monitoring Market, the Construction & Infrastructure sub-segment is projected to register the highest market size from 2021 to 2030 and it also has the highest CAGR during the forecast period. This is due to high quality, accurate and cost-effective data processing with drone technology.

By solution, the Drone Inspection and Monitoring market has been segmented into platform, infrastructure, software and services. Each of them performs a different function and ensures drone’s functioning in different applications. By solution, the services segment is estimated to lead the drone inspection & monitoring market from 2021 to 2030 due to the quick, cost-effective, and accurate data processing capabilities of drones compared to traditional methods. Also, the platform segment is projected to have the highest CAGR during the forecast period.

Based on type, the drone inspection & monitoring market has been segmented into fixed wing, multirotor, and hybrid.

The hybrid segment is projected to register the highest CAGR during the forecast period due to hybrid drones’ enhanced payload and endurance capabilities compared to fixed-wing and multirotor type drones. Also, the multirotor segment would have the highest market of Drone Inspection and Monitoring during the forecast period.

Based on mode of operation, the drone inspection & monitoring market has been segmented into remotely piloted, optionally piloted, and fully autonomous. The optionally piloted segment is estimated to account for the largest market share from 2021 to 2030 for the drone inspection & monitoring market during the forecast period owing to its demand in precision agriculture, disaster relief, traffic monitoring, and building inspection. Also, the fully autonomous segment is projected to grow with the highest CAGR during the forecast period.

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