Outlook on the Inspection Drone for Confined Space Worldwide Industry to 2027 – Emergence of New Distribution Channels Present Opportunities

By GlobeNewswire

Dublin, Oct. 28, 2020 (GLOBE NEWSWIRE) — 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 …read more

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