The global inspection drones for confined spaces market was valued at US$ 795.12 million in 2019 and is expected to reach US$ 1,936.32 million by 2027 with a CAGR of 12.1% from 2020 to 2027.
The market is majorly driven by the continuousR&D activitiesto innovate novel technologies and improvecurrent inspection drones. Key players in the global market are vying to expedite certifications and regulatory formalities to consolidate their position in the inspection drone for confined spaces market. North America continues to dominate themarket,followed by Europe and Asia Pacific (APAC).Further, countries inthe Middle East and Africa (MEA) and South America (SAM) are slow adopters of inspection drones due to stringent rules and regulations and low demand for technological adoptionin these regions.
Inspection of confined areas is expensive, time-consuming, and sometimes involves danger to human lives;thus, the use of drones to inspect confined areas is gaining immense traction in diverse applications. Furthermore, these drones offer other benefits to users by adding extra features such as the installation of IR cameras, which provides advanced visual and data analytics capability,allowingevaluation of the actual status of the asset and maintenance needs.
The inspection drone for confined spaces market is segmented into drone type and application. Based on drone type, the market is further bifurcated into quadrotor drone and multirotor drone. By application, the inspection drones for confined spaces market is subsegmentedinto oil and gas, agriculture, marine vessels, power generation, chemicals, mining, and others. Several oil &gas companies, including BP, Statoil, and Shell,areimplementing drones for inspection, combining thermal and video imaging with advanced image recognition technology and automated data analysis. The process helps them considerably save inspection time to five days from eight weeks, without stopping their operations. Also, to use drones for chimney inspections, oil & gas companies collaborated with drones specialist firms such as SkyFutures and CyberHawk.
Performance Rotors Pte. Ltd.; Terra Drone Corp.; Interactive Aerial, Inc.; Scout Drone Inspection AS; Multinov; Drone Volt; Skypersonic Inc; Digital Aerolus; Flyability SA; and Imaze Tech Ltd.are among a few key players profiled in the report.
Impact of COVID-19 Pandemic on Inspection Drones for Confined Spaces Market
The COVID-19 pandemic has notably disrupted supply chain activities and plummetedthe demand for inspection drones across several industries. Factors such as restrictions in import and export of goods, and challenges in transportation owing to the 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 opportunities during the coming yearsin applications such as surveillance, monitoring, delivery, and disinfection activities. Moreover, the market is expected to gain momentum during the coming months as various governments are considering steps and reforms to revive the overall economic activities.
The overall size of the inspection drones for confined spaces market is derived using primary and secondary sources. Tobegin the research process,extensive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the inspection drones for confined spaces marketwith respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the inspection drone for confined spaces market.