Press release
Infrastructure Inspection Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Infrastructure Inspection Market
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.
Market Overview -
Infrastructure inspection refers to the technology that involves collecting and assessing meaningful data about the infrastructure. Infrastructure inspections can include bridges, pipelines, power grids, and other facilities that are essential to the use and safety of structures. The infrastructure inspection is used in analyzing and monitoring tools that help to analyze the state of the infrastructure.
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Elevated Capital Investments Drive Growth In Infrastructure Inspection Market
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.
Competitive Landscape -
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
AI Advancements Spearhead Growth In Infrastructure Inspection Market
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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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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