According to a new research report pertaining to theÂ inspection drone market, published by Transparency Market Research the global inspection drone market is expected to reach a value ofÂ ~ US$ 32 Bn by 2027, expanding at a CAGR ofÂ ~ 23%Â fromÂ 2019 to 2027.Â According to the report, the global market would continue to be influenced by a range of macroeconomic and market-specific factors during the forecast period.
Rise in Demand for Inspection Drones in Oil & Gas Industry
- Inspection drones are part of the large shift toward the automation of tasks in the oil & gas industry. Different end-use industries, including oil & gas, are increasingly using inspection drones for a wide variety of applications. Inspection drones can be used on any part of a platform, wherein, inspections typically require scaffolding or rope access.
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- Moreover, advanced drone technology is helping end-use industries save on costs and time, while improving efficiency and safety to optimize production. Increasing investments and rising demand for inspection drones in the oil & gas industry are expected to drive the global inspection drone market during the forecast period.
- Inspection drones can collect data by using various sensors and thermal cameras. Inspection drones efficiently eliminate delays in human-conducted inspections and the time spent attending to unnecessary accidents. Across the globe, inspection drones are used to carry out offshore and onshore oil derrick inspections, vertical structure inspections, flare stack inspections, oil spill detections, offshore inspections, tailings pond inspections, monitoring of gas emissions, and damage assessment. Rising investments toward the expansion and modernization of the oil & gas industry are expected to drive the market for inspection drones during the forecast period.
Military & Defense to Account for a Leading Share of Global Inspection Drone Market
- The report offers detailed segmentation of the global inspection drone market in terms of component (mainframes, brushless motors & electronic speed controllers (ESC), transmitters & receivers, flight controllers, and others), sales channel (online and offline), application (oil & gas pipeline inspection, solar panels, power line and windmill inspection, critical infrastructure inspection, railways, roadways and bridge inspection, border security, and others), and end-use industry (oil, gas and petroleum, energy & utilities, military & defense, mining & construction, transportation, and others). The global inspection drone market has also been segmented based on region (North America, Europe, Asia Pacific, South America, and Middle East & Africa).
- Among the end-use industries, the military & defense segment accounted for a leading share of the global inspection drone market inÂ 2018.Â The segment is anticipated to maintain its leading position in the global market during the forecast period as well.
- Increase in the demand for border security is likely to be a major factor driving the global inspection drone market during the forecast period. Currently, major drone manufacturers are setting up drone pilot projects.
- Different commercial applications such as critical infrastructure inspection, wildlife observation, railway track inspection, and bridge inspection are becoming easier with the help of inspection drones. Thus, commercial services based on inspection drones are gaining momentum, which is expected to drive the global inspection drone market during the forecast period.
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North America to be a Highly LucrativeÂ Market for Inspection Drones
- North America is expected to hold the maximum share of the global inspection drone market during the forecast period, owing to the early adoption of inspection drones in the region. Asia Pacific and Europe hold a considerable market share each, and these regions are projected to provide highly lucrative opportunities to the inspection drone market during the forecast period.
- Asia Pacific is the second-largest as well as the most lucrative market for inspection drones across the globe. Different countries in Asia Pacific require high investments in the infrastructure sector to enable focus on building roads, highways, railway tracks and bridges. In the next few years, the construction industry in Asia Pacific is likely to directly benefit from increased savings and safety, enhanced communication, and accurate measurements and insights enabled by the adoption of inspection drones. Rising investments and increasing adoption of better inspection equipment in the region are estimated to drive the inspection drone market in Asia Pacific in the next few years.