Inspection Drone Market Growth Analysis 2024 – Forecast Market Size And Key Factors

Overview and Scope
Inspection drones are unmanned aerial vehicles (UAVs) designed for visual checks and data gathering on large assets for maintenance purposes. They are used to allow inspectors to speed up their collection of inspection data while removing slower manual processes.

Sizing and Forecast
The inspection drone market size has grown rapidly in recent years. It will grow from $8.44 billion in 2023 to $9.94 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth in the historic period can be attributed to the increasing complexity of infrastructure, advancements in battery technology, demand for safer inspection methods, regulatory framework development, the rise of Industry 4.0.

The inspection drone market size is expected to see rapid growth in the next few years. It will grow to $18.94 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to advancements in AI and machine learning, rapid development of edge computing, customized solutions for vertical industries, collaboration with robotics and automation, security and counter-drone technologies. Major trends in the forecast period include increased automation, regulatory developments, improved sensors, enhanced data analytics, technological advancement.

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Segmentation & Regional Insights 
The inspection drone market covered in this report is segmented –

1) By Type: Fixed Wing, Rotary Wing, Hybrid
2) By Component: Mainframe, Brushless Motors and ESC, Transmitter and Receiver, Flight Controller, Other Components
3) By Sales Channel: Online, Offline
4) By Application: Oil And Gas Pipeline Inspection, Solar Panel, Power Line and Windmill, Critical Infrastructure Inspections, Commercial Farms, Built Railway, Roadways and Bridge Inspection, Border Security, Other Applications
5) By End-Use Industry: Construction And Infrastructure, Oil And Gas, Agriculture, Utilities, Other End-Users

North America was the largest region in the inspection drone market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the inspection drone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising oil and gas sector is expected to propel the growth of the inspection drone market going forward. The oil and gas sector refers to a sector that involves the extraction, exploration, refining, and distribution of fossil fuels, fueling a variety of industries and fulfilling the world's energy demands. It encompasses companies engaged in activities related to crude oil, natural gas, and their derived products. Inspection drones are employed in the oil and gas industry to conduct efficient and safe inspections of infrastructure, pipelines, and facilities, providing real-time data on equipment integrity and operational conditions, reducing downtime, and enhancing overall safety. For instance, in September 2023, according to gov.uk, a UK-based public sector information website, total government revenues from UK oil and gas production were $1.79 billion (£1.4 billion) in the tax year 2021–2022, compared to $0.38 billion (£0.3 billion) in the previous year, an increase of more than $1.3 billion. Therefore, the rising oil and gas sector will contribute to the growth of the inspection drone market.

Key Industry Players
Major companies operating in the inspection drone market are Lockheed Martin Corporation, Yamaha Motor Corp, Drone Volt SA, Wipro Limited, Northrop Grumman Corporation, Trimble Inc., EPAZZ Inc., Teledyne Flir LLC, Intertek Group plc, Insitu Inc., AeroVironment Inc., Yuneec International Co. Ltd, Israel Aerospace Industries Ltd., 3D Robotics Inc., ECA Group, Airobotics Ltd., MIR Innovation, Parrot SA, SZ DJI Technology Co. Ltd (Dà-Jiāng Innovations), MISTRAS Group Inc., PrecisionHawk Inc., AgEagle Aerial Systems Inc., Flyability SA, Delair Aerial Intelligence SAS, Aerialtronics B.V., MicroMultiCopter Aero Technology Co. Ltd, Draganfly Innovations Inc., Digital Aerolus Inc., American Robotics Inc., SkySpecs Inc., Acecore Technologies B.V.

The inspection drone market report table of contents includes:

1. Executive Summary
2. Inspection Drone Market Characteristics
3. Inspection Drone Market Trends And Strategies
4. Inspection Drone Market - Macro Economic Scenario
5. Global Inspection Drone Market Size and Growth
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32. Global Inspection Drone Market Competitive Benchmarking
33. Global Inspection Drone Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Inspection Drone Market
35. Inspection Drone Market Future Outlook and Potential Analysis
36. Appendix

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