Drone Inspection and Monitoring Market Analysis

Drone Inspection and Monitoring Market Analysis

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Based on the solution, the service segment held approximately 45% of the market share in 2022 and is estimated to grow at a lucrative pace through 2032. The more rapid, cost-effective, and accurate data processing capabilities of drones when compared to traditional methods, are driving segment growth. Manufacturers are constantly developing innovative products with a steady flow of funding for inspection, aerial surveys, autonomous flight paths, remote sensing, and search & rescue applications, which were previously difficult to approach by using traditional methods. These factors are proliferating segment growth.
 

Based on type, the fixed-wing segment captured around 35% of the drone inspection and monitoring market revenue share in 2022. A fixed-wing drone is equipped with a single rigid wing that looks and functions similar to an airplane and provides lift rather than vertical lift rotors. It can be operated in different modes including remotely piloted, optionally piloted, and fully autonomous. These features will increase the demand for fixed-wing drones.
 

Based on application, the drone inspection and monitoring market is categorized into construction & infrastructure, agriculture, oil & gas, utilities, mining, and others. The construction & infrastructure segment is anticipated to observe 10% CAGR through 2032. The wide use of the equipment has transformed construction processes. Drones are increasingly being used in construction projects to conduct visual inspections and monitoring of high-density areas. With their ability to monitor & capture real-time data, drones improve the efficiency of on-site communication and management.
 

North America dominated the global drone inspection and monitoring market with over 40% share in 2022. The increased use of drones for asset monitoring and oil & gas applications is forecast to contribute to market expansion in this region. Due to the growing demand for drones in several applications, the U.S. and Canada are increasing their investments in drone development.
 

Intel Corporation, Lockheed Martin Corporation, and MISTRAS Group, Inc. are major players in the global market. These companies use strategies, such as product & service launches, contracts, partnerships, agreements, and expansions, to maintain their market position. They are focused on expanding their distribution networks throughout North America, which will drive the market growth.