Global Inspection Drone for Confined Space Market (2020 to 2027) – by Drone Type and Application – ResearchAndMarkets.com | Financial Buzz

Global Inspection Drone for Confined Space Market (2020 to 2027) – by Drone Type and Application – ResearchAndMarkets.com

The “Inspection Drone for Confined Space Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Drone Type (Quadrotor Drone and Multi Rotor Drone) and Application (Oil & Gas, Power Generation, Mining, Chemicals, Marine Vessels, and Others)” report has been added to ResearchAndMarkets.com’s offering.

According to this report 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 highlights key factors driving the market growth and prominent players with their developments in the market.

Building scaffolding to conduct manual inspection is an expensive process; also, manual inspections often fail to find the exact problem that requires fixing. By using drones for inspection, companies can reduce the actual maintenance costs by up to 80-90% . Also, drones are equipped with sensors to perform tasks other than just visual 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 of a 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 drones offers several benefits such as reduction in inspection time and downtime, as well as cost-effectiveness.

COVID-19 Impact on Inspection Drone for Confined Space Market

The COVID-19 pandemic has notably disrupted supply chain activities and plummeted the 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 years in 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.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global inspection drone for confined space market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global inspection drone for confined space market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Reduction in Maintenance Expenses
  • Ensuring Human Safety

Restraints

  • High Technical Complexities

Opportunities

  • Emergence of New Distribution Channels
  • Huge Scope of Partnerships and Collaborations Amongst Market Players

Future Trends

  • Extensive R&D Investments

Companies Mentioned

  • Digital Aerolus
  • Drone Volt
  • Flyability SA
  • Imaze Tech Ltd.
  • Interactive Aerial, Inc.
  • Multinov
  • Performance Rotors Pte. Ltd.
  • Scout Drone Inspection AS
  • Skypersonic Inc
  • Terra Drone Corp.

For more information about this report visit https://www.researchandmarkets.com/r/1ovgqs

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