Drone Inspection And Monitoring Global Market 2024: Industry Analysis, Future Trends, Segmentation, and Key Players' Overview

The drone inspection and monitoring market size has grown rapidly in recent years. It will grow from $11.9 billion in 2023 to $13.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to cost-efficiency, safety enhancement, data accuracy:king, regulatory advancements, efficiency and speed.

The drone inspection and monitoring market size is expected to see rapid growth in the next few years. It will grow to $27.51 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to industry-specific solutions, remote monitoring, integration with iot, environmental sustainability, real-time data streaming. Major trends in the forecast period include autonomous drones, beyond visual line of sight (bvlos), advanced sensors, environmental monitoring, infrastructure inspection.

Market Overview -
Drone inspection and monitoring refers to the technique of evaluating an asset utilizing an unmanned aircraft as drones have the benefit of accessing locations that are challenging, expensive, risky, live, or even impossible for manned inspection teams to access. In inspection and monitoring applications, drone cameras frequently take the place of the human eye. The use of drones for inspection and monitoring allows inspectors to avoid risky locations like scaffolding or tall, slender buildings. The drone inspection and monitoring are used to collect visual data on the condition of an asset by monitoring, inspection, and mapping operations.

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Increasing Wind Turbine Installations Drive Drone Inspection And Monitoring Market
The increase in number of installations of new wind turbines is expected to propel the growth of the drone inspection and monitoring market going forward. A wind turbine is a device that produces electricity by using the kinetic energy of the wind. Drones are used to inspect wind turbine blades and help to extend the life of wind turbine installations by reducing safety hazards, hired manpower, and costs. For instance, in March 2021, according to Mercom Communications, an India-based clean energy communications and consulting firm, in 2021, the new wind turbine installations reached 1.24 GW, an increase of 101.37% from 2020. Therefore, the increasing number of installations of new wind turbines is driving the growth of the drone inspection and monitoring market.

Competitive Landscape -
Major companies operating in the drone inspection and monitoring market include Lockheed Martin Group, Aerovironment Inc., Sky Futures Partners, Teledyne Flir LLc, Israel Aerospace Industries, BAE Systems PLC, Parrot SA, Northrop Grumman Corporation, 3D Robotics, Aerialtronics DV, Guangzhou EHang Intelligent Technology Co. Ltd., ideaForge Technology Limited, Insitu Inc., Sensefly Ltd., Skydio, Yuneec International, Airobotics Ltd., Alke, CyPhy Works, Delair, Drone Aviation Holding Corp., DroneDeploy, Elbit Systems, Flyability, GarudaUAV Soft Solutions Pvt. Ltd., Hemav, Hoverfly Technologies, Intelinair Inc., Kespry, Groupe Latécoère, Matternet, Percepto, Raptor Maps, Terra Drone Corporation, Textron Systems, ULC Robotics, Unifly, Zipline

Drone Inspection And Monitoring Market Embraces Cutting-Edge Technologies
Technological advancements have emerged as a key trend in drone inspection and monitoring. Many companies operating in the drone inspection and monitoring market are developing new technologies to strengthen their position in the drone inspection and monitoring market. For instance, in August 2021, RedTail Lidar Systems, a US-based manufacturer of UAV LiDAR systems operating in drone inspection and monitoring, launched the RTL-450 LiDAR sensor for drones based on microelectromechanical systems (MEMS) mirror-based LiDAR technology. The unique feature of RTL-450 is its high-resolution point clouds, generated at a rate of up to 4 lakh pulses per second and 5 returns per pulse, which are well-suited to numerous military, and commercial applications.

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Key Segments -
The drone inspection and monitoring market covered in this report is segmented -
1) By Type: Fixed Wing, Multirotor, Hybrid
2) By Mode of Operation: Remotely Piloted, Optionally Piloted, Fully Autonomous
3) By Solution: Software, Services, Platform, Infrastructure
4) By Application: Construction And Infrastructure, Agriculture, Utilities, Oil And Gas, Mining, Other Applications

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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