(Aviation-NewsWire.Com, October 10, 2023 ) The report "Drone Inspection and Monitoring Market Value by Solution (Platform, Software, Infrastructure and Service), Type (Fixed Wing, Multirotor, Hybrid), Applications (Constructions & Infrastructure, Agriculture), Mode Of Operations & Region - Global Forecast to 2027" The drone inspection and monitoring market is projected to grow from USD 11.6 Billion in 2022 to USD 23.0 Billion by 2027, at a CAGR of 14.6% from 2022 to 2027. The market growth can be attributed to the increasing demand for safe and accurate inspection & monitoring.
Key Market Players:
The major players in the drone inspection and monitoring market are Intertek Group plc (UK), MISTRAS Group, Inc. (UK), Wipro (India), Lockheed Martin Corporation (US), and Intel Corporation (US).
The drone inspection and monitoring market in Asia Pacific is projected to witness a high CAGR during the forecast period owing to the increasing demand for drones for various applications in the region. As the geopolitical situation in this region is unstable, several Asia Pacific countries are focusing on increasing their industrial prowess. The prevailing trend of drone procurement for civilian applications by emerging economies, such as India, China, and Malaysia, is expected to drive the growth of the drone inspection and monitoring market in Asia Pacific in the coming years. In May 2020, the Ministry of Civil Aviation (MoCA) of India launched a new online portal, GARUD, to provide conditional exemptions to drone companies. Such initiatives are expected to lead to the growth of drone service providers.
Based on solution, the service segment registered the largest market share in the base year
Based on solution, the drone inspection and monitoring market has been segmented into platform, software, infrastructure, and services. Among these, the services segment is projected to lead the market during the forecast period. The service segment of the drone inspection and monitoring market includes drone platform services, which have been further sub-segmented into flights (piloting & operations), data analysis, and data processing (deliverables).
Based on Mode of Operation, optionally piloted segment projected to hold leading share during forecast period
Based on the mode of operation, the drone inspection and monitoring market has been subdivided into remotely piloted, optionally piloted, and fully autonomous. Remotely piloted drones are widely used in the construction industry and for remote sensing-based ecology and conservation research. Optionally piloted drones find application in the agricultural sector, and autonomous drones are currently used for military, mining, oil & gas, and various other applications. Optionally piloted drones are anticipated to be soon substituted by autonomous drones as they have greater payload capacity, enhanced propulsion power, long endurance, and can operate without any human involvement. Also, optionally piloted drones would have the highest market share during the forecast period, whereas fully autonomous drones would have the highest CAGR during the forecast period.
Asia Pacific Is Expected to Grow at Highest Compound Annual Growth Rate During Forecast Period
Countries such as China, Australia, India, Japan, and South Korea contribute to the growth of the drone inspection and monitoring market in the Asia Pacific. Political tensions in some Asia Pacific countries have led to the deployment of drones for border security in the region. This serves to be one of the most significant factors driving the growth of the drone inspection and monitoring market in the Asia Pacific.
The trends of automation and globalization in India, Australia, and China are also fueling the growth of the Asia Pacific drone inspection and monitoring market. UAVs are being increasingly used for real estate inspection, pollution monitoring, agriculture inspection, and asset monitoring in China and Japan. In 2016, three UAVs were deployed by China at its environment monitoring station in Hebei to help cut down on pollution.
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