Drone Inspection and Monitoring Market Size to Reach USD 36.16 Billion in 2030 | Increasing Number of Wind Turbines is One of the Key Factors Driving Industry Demand, Says Emergen Research
VANCOUVER, BC, March 23, 2022 /PRNewswire/ -- Drone inspection and monitoring market size reached USD 9.80 Billion in 2021 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. LiDAR drones are increasingly used for surveillance, which is one of the major factors expected to continue to drive market revenue growth.
Drivers:
The increasing number of installations of new wind turbines worldwide is expected to drive market growth over the forecast period. Drones are outfitted with cutting-edge sensors such as thermal and infrared sensors that are specifically created and calibrated for wind turbine and blade inspection. These sensors capture information (data) quickly and can see up to 15cm deep inside wind turbines. The wind industry has acknowledged the use of Unmanned Aerial Vehicles (UAVs) on-site for enhanced monitoring and surveillance. Drones, in collaboration with AI and Machine Learning, provide practical and impressively dependable methods for exploring wind turbines and their related infrastructure. In comparison to traditional inspection techniques in renewable energy, drones increase safety by removing personnel from potentially hazardous conditions on-site, reduce maintenance and inspection expenses, and even limit downtime.
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Restraints:
The United States Federal Aviation Administration has set stringent regulations for flying unmanned aircraft vehicles or drones due to safety concerns from commercial and passenger flights. Certain critical regulations have been implemented to avoid serious accidents caused by drones or UAVs. The government has limited drone flying and carrying activities to a one-kilometer radius. These factors are expected to hamper market growth.
Growth Projections:
Global drone inspection and monitoring market is expected to register a CAGR of 15.8% over the forecast period and revenue is projected to increase from USD 9.80 Billion in 2021 to USD 36.16 Billion in 2030. Increasing number of wind turbines is leading to increase in demand for drone for inspection purpose is expected to drive the market revenue growth.
Increasing number of wind turbines is expected to drive the market revenue growth.
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COVID-19 Impact Analysis:
The COVID-19 outbreak increased demand for aerial spraying and public space monitoring drones, as their advantages outweighed the potential hurdles and difficulties associated with them. They are utilized in Africa, Asia Pacific, and North America to administer COVID-19 vaccinations and investigate and monitor the pandemic in distant areas of countries such as China. Drones have been used by police and government officials worldwide to conduct distant policing and impose social alienation., Current pilot projects are increasing drone tests throughout the pandemic, as organizations look to technology to address operational inefficiency
Current Trends and Innovations:
Unmanned Aerial Systems (UAS) with LiDAR is widely preferred for oil and gas rig inspection applications since these are equipped with modern laser and sensor technology-based systems and components. Customers may obtain precise, consistent, and rapid inspection results with the drones, including a global navigation system, an inertial navigation unit, a laser scanning unit, and an inertial measurement unit. Thus, LiDAR drones are increasingly used for surveillance, which is expected to drive market revenue growth.
Geographical Outlook:
Drone inspection and monitoring market in North America is expected to account for largest revenue share over the forecast period owing to increasing demand for drones in industries such as infrastructure and construction, agriculture, oil and gas, mining, and utilities.
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Strategic Initiatives:
Some major companies included in the market report include Aerodyne Group, SZ DJI Technology Co. Ltd, AeroVironment, Inc., Sky Futures Partner Ltd., Lockheed Martin Corporation, BAE Systems PLC., Qualcomm Technologies Inc., AgEagle Aerial Systems Inc., Teledyne FLIR LLC, and Israel Aerospace Industries.
- In August 2021, Qualcomm Technologies Inc., a pioneer in developing breakthrough technologies in power robotics and drone platform enabling low power computing and camera system combined with Artificial Intelligence (AI) and long-range connectivity such as 5G and Wi-Fi 6. The device has hardware processing that is smaller, lighter, inexpensive, and high-definition camera technology.
Emergen Research has segmented drone inspection and monitoring market on the basis of solution, technology, type, application, end-use, and region:
- Solution Outlook (Revenue, USD Billion; 2019–2030)
- Software
- Services
- Platform
- Infrastructure
- Technology Outlook (Revenue, USD Billion; 2019–2030)
- Remotely Piloted
- Optionally Piloted
- Fully Autonomous
- Type Outlook (Revenue, USD Billion; 2019–2030)
- Fixed Wing
- Multirotor
- Hybrid
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Agriculture
- Construction and Infrastructure
- Oil and Gas
- Mining
- Utilities
- Others
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Pipeline Monitoring and Inspection
- Offshore Platform Inspection
- Wind Turbine Inspection
- Power Plant Inspection
- Solar Panel Inspection
- Others
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- Regional Outlook (Revenue, USD Billion, Volume, Tons; 2019–2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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