According to a new report published by Allied Market Research, titled, “Inspection Drones Market,” The inspection drones market was valued at $1.9 billion in 2021, and is estimated to reach $8.6 billion by 2031, growing at a CAGR of 16.4% from 2022 to 2031.
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The fully autonomous drones are well equipped with onboard computers that are self-controlled. The aerodynamic structures are designed to perform several functions with the desired navigation system. The technology was introduced for dangerous military missions without risking human life in several military applications. These are employed in enemy troop tracking, observing behavior, and other information collection. In addition, the incorporation of advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI) is anticipated to further boost the inspection drones market growth.
North America is the dominant market for global inspection drones market in terms of revenue generation and market share paired with the presence of the prime player in this region such as Trimble Inc. and PrecisionHawk. The key players operating in this region have been adopting various strategies to provide advanced solutions, which are expected to fuel the market growth. For instance, in December 2020, the U.S. Senate passed bipartisan legislation proposed by U.S. Senator Gary Peters, D-Michigan, to ensure the Federal Aviation Administration (FAA) chief drones policy committee across agriculture, forestry, and rural America, which is opportunistic for inspection drones market growth.
The growth of the global market is anticipated to be driven by factors such as increased cost-saving & human safety, emergence of various start-ups, and surge in demand for improved surveillance. However, rise in government regulations related to drones acts as a major restraint for the global market. On the contrary, technological advancements in drones is expected to create lucrative opportunities for the inspection drones market.
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KEY FINDINGS OF THE STUDY
- By drone type, the hybrid drone segment is anticipated to exhibit significant growth in the near future.
- By operation mode, the fully autonomous segment is anticipated to exhibit significant growth in the near future.
- By end-use industry, the agriculture segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The COVID-19 crisis has created a window of opportunity for industry leaders to aggressively address the overall inspection drones industry. The outbreak and the spread of the COVID-19 led to increased demand and use of drones, as their benefits outweigh the potential challenges and difficulties related to them. They are being used in Africa, Asia, and North America to deliver COVID-19 vaccines and inspect &monitor the outbreak in remote places of countries such as China. Police and government around the world have utilized drones to achieve remote policing and impose social distancing. For instance, in 2020, in Maharashtra India, the police utilized drones to monitor public movement on city roads amid lockdown. Using drones, Police identified 295 people in Nashik from March 22, 2020 to March 26, 2020, who violated the rules of the lockdown.
In the electronics industry, the trend in the U.S., Europe, China, South Korea, and Japan is focusing toward a regional supply chain model that would increase visibility and potentially reduce the risk of supply interruptions from countries that are expected to face a third wave of infection. Another priority is to add more intelligence to the supply chain to ensure continuity of supply in a time of heightened uncertainty. COVID-19 has exposed electronics industry’s supply chain vulnerabilities as many organizations depend on China as a global manufacturing hub for the electronic industry and have also witnessed disruption of global supply chains. Though factories and businesses in China are slowly resuming operations, there is an impact on the electronic industry with the COVID-19.
Key players operating in the global inspection drones market include American Robotics, Inc., Aerovironment Inc, Ageagle Aerial Systems Inc, DJI, Israel Aerospace Industries, Microdrones, Parrot SA, PrecisionHawk, Trimble Inc., and Yamaha Motor Corp.
COVID-19 Impact Analysis
COVID-19 had a large impact on both consumer and the economy. Electronics manufacturing hubs have been temporarily working at low efficiency to limit the COVID-19 spread among the individuals. This has majorly affected the supply chain of inspection drones market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on revenue, shareholder returns, which are expected to create financial disruptions in the inspection drone industry.
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The impact of COVID-19 on the manufacturing industry has significantly affected the global economy. Electronic components such as sensors, ICs, and other semiconductor devices are mostly imported from China. Due to the temporary shutdown of manufacturing units, the prices of semiconductor components have increased by 2-3%, owing to shortage of supplies.