Press release
Infrastructure Inspection Market 2024-2033: Production Analysis, Growth Strategy, Industry Insights And Major Players | Intel Corporation, Jacobs Engineering Group Inc., AES Engineering Ltd., Wipro Limited, Bureau Veritas.
Infrastructure Inspection Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The infrastructure inspection market size has grown strongly in recent years. It will grow from $2.05 billion in 2023 to $2.19 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to aging infrastructure, regulatory compliance, cost reduction and efficiency, data analytics and reporting, environmental concerns.
The infrastructure inspection market size is expected to see strong growth in the next few years. It will grow to $2.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to remote inspection solutions, increased emphasis on sustainability, focus on cybersecurity, predictive maintenance solutions. Major trends in the forecast period include drone technology advancements, technological advancements, enhanced safety measures, automation for efficiency.
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Key Market Players:
Major companies operating in the infrastructure inspection market report are 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
Market Drivers:
The surge in capital investments for structural health monitoring to ensure better maintenance of critical infrastructure is expected to propel the growth of the infrastructure inspection market going forward. Structural health monitoring (SHM) is a set of systems that are installed on full-scale civil infrastructures to assist and inform operators. To ensure structural integrity, ageing bridges, highways, buildings, dams, pylons, tunnels, and other structures are inspected. For instance, in March 2022, according to a report by Govtribe, a US-based company that focuses on government contractors and provides a real-time resource locator, the Federal Government granted the opportunity to Engineer Research and Development Centre (ERDC) for innovative technologies in structural health monitoring to advance structural health monitoring (SHM) technologies and assess the current and future condition and reliability of infrastructure components and systems. The first year was allocated $2 million, with a total budget of $12 million. Therefore, the surge in capital investments for structural health monitoring is driving the infrastructure inspection market growth.
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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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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