According to our latest market study on “Inspection Drone for Confined Space Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Drone Type (Quadrotor Drone and Multi Rotor Drone) andApplication (Oil and Gas, Power Generation, Mining, Chemicals, Marine Vessels, and Others),”the market was valued US$ 795.12 million in 2019 and is projected to reach US$ 1,936.32 million by 2027; it is expected to grow at a CAGR of 12.1% from 2020 to 2027. The report highlightskey factors driving the market growth and prominent players with their developmentsin the market.
Building scaffolding to conduct manual inspection is an expensive process; also, manual inspections oftenfailtofind the exact problem that requires fixing.By using dronesfor inspection, companies can reduce theactual maintenance costsby up to 80–90%. Also, drones are equipped with sensors to perform tasksother than justvisual inspections. For instance, an agricultural drone for an indoor farming application is equipped with multispectral sensors, allowing farmers record crop images in distinct spectral bands. Further, the installation ofa thermal camera in drones for HVAC inspections helps identify heat leak in a building.
Furthermore, the process of building scaffolding is time-consuming, resulting in downtime for the asset being inspected. The downtime often leads to a substantial loss of revenue for the company. Considering such factors, companies across diverse industries have started using drones for inspection purposes, particularly for confined areas as they are difficult to examine. The use of inspection dronesoffers several
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The COVID-19 pandemic hasnotably disrupted supply chain activities andplummetedthe demand for inspection drones across several industries. Factors such as restrictions in import andexport of goods, and challenges in transportation owing tothe nationwide lockdown across several countries, along with temporary discontinuation of production and manufacturing activities, have collectively declined the demand for inspection drones. However, the overall drone industry is witnessing growth opportunitiesduring the coming years in applicationssuch assurveillance, monitoring, delivery, and disinfection activities. Moreover, the market is expected to gain momentum during the coming months as various governmentsare considering steps and reforms to revive the overall economic activities.