CHICAGO, July 15, 2021 /PRNewswire/ -- According to a research report "Drone Inspection and Monitoring Market by Solution (Platform, Software, Infrastructure and Service), Type (Fixed Wing, Multirotor, Hybrid), Applications (Constructions & Infrastructure, Agriculture), Mode of Operations, & Region - Global Forecast to 2030", published by MarketsandMarkets™, the overall Drone Inspection & Monitoring Market is projected to grow from USD 9.1 billion in 2021 to USD 33.6 billion by 2030, at a CAGR of 15.7% from 2021 to 2030. North America is estimated to account for the largest share of the drone inspection & monitoring market from 2021 to 2030. The incorporation of artificial intelligence in drones has not only enhanced their capabilities but has also enabled them to carry out several activities such as takeoff, navigation, data capture, data transmission, and data analysis without human intervention. The outbreak and the spread of the COVID-19 led to increased demand and use of drones, as their benefits outweigh the potential challenges and difficulties related to them. They are being used in Africa, Asia, and North America to deliver COVID-19 vaccines and inspect and monitor the outbreak in remote places of countries like China. Police and government officers the world over have utilized drones to achieve remote policing and impose social distancing.
" By application, Construction & Infrastructure sub-segment of Drone Inspection And Monitoring Market would have the highest CAGR during the forecast period"
Based on application, the Drone Inspection And Monitoring market has been classified into agriculture, construction & infrastructure, oil & gas, mining, utilities and others. For this segment of Drone Inspection And Monitoring Market, the Construction & Infrastructure sub-segment is projected to register the highest market size from 2021 to 2030 and it also has the highest CAGR from 2021 to 2030. This is due to high quality, accurate, and cost-effective data processing with drone technology.
"By solution, the services segment is estimated to lead the Drone Inspection And Monitoring market"
By solution, the Drone Inspection And Monitoring market has been segmented into platform, infrastructure, software and services. Each of them performs a different function and ensures drone's functioning in different applications. By solution, the services segment is estimated to lead the drone inspection & monitoring market from 2021 to 2030 due to the quick, cost-effective, and accurate data processing capabilities of drones compared to traditional methods. Also, the platform segment is projected to have the highest CAGR during the forecast period.
" By type, the hybrid segment is projected to register the highest CAGR during the forecast period"
Based on type, the drone inspection & monitoring market has been segmented into fixed wing, multirotor, and hybrid. The hybrid segment is projected to register the highest CAGR during the forecast period due to hybrid drones' enhanced payload and endurance capabilities compared to fixed-wing and multirotor type drones. Also, the multirotor segment would have the highest market of Drone Inspection And Monitoring during the forecast period.
"By mode of operation, optionally piloted segment is estimated to account for the largest market share of Drone Inspection And Monitoring market during the forecast period"
Based on mode of operation, the drone inspection & monitoring market has been segmented into remotely piloted, optionally piloted, and fully autonomous. The optionally piloted segment is estimated to account for the largest share of from 2021 to 2030 for the drone inspection & monitoring market during the forecast period owing to its demand in precision agriculture, disaster relief, traffic monitoring, and building inspection. Also, the fully autonomous segment is projected to grow with the highest CAGR during the forecast period.
" Asia Pacific is projected to grow at the highest CAGR during the forecast period."
The drone inspection & monitoring market in Asia Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market can be attributed to the increasing demand for drones in growing economies like China and India, where drones are widely employed for inspection and monitoring tasks in the agriculture and utility sectors.
Major players operating in the Drone Inspection And Monitoring market include Intertek (UK), MISTRAS Group (US), Wipro (India), Intel Corporation (US), Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), SZ DJI Technology Co., Ltd. (China), Parrot SA (France). These key players offer drones applicable for various sector and have well-equipped and strong distribution networks across the North American, Europe, Asia Pacific, the Middle East and Rest of the World (RoW).
Unmanned Aerial Vehicle (UAV) Market by Point of Sale, Systems, Platform (Civil & Commercial, and Defense & Governement), Function, End Use, Application, Type, Mode of Operation, MTOW, Range, and Region - Global Forecast to 2026
Drone Package Delivery Market by Solution (Platform, Infrastructure, Software, Service), Type (Fixed-Wing, Multirotor, Hybrid) Range (Short <25 km, Long>25 km), Package Size (< 2Kg, 2–5 Kg, > 5Kg), Duration, End Use, Region- Global Forecast to 2030
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.