Market Introduction
Inspection of confined areas is expensive, time-consuming, and sometimes involves danger to human lives. Thus, drones' use to inspect such hard-to-areas confined areas is gaining immense traction in diverse applications. Furthermore, these inspection drone for confined space can offer other benefits to the users by enabling them to add extra features, such as the installation of IR cameras, which provides advanced visual and data analytics capability. It allows the company to evaluate the actual status of the asset and maintenance need. Inspection drone for confined space are anticipated to become prominent in various inspection applications that meet the 4D criteria: Dirty, Dust, Distant, and Dull. With rising cost pressure among industrial service companies as well as asset operators, inspection leveraging drones optimize time and cost savings enhance quality and performance, thus helping companies secure a competitive edge which ultimately drives the inspection drone for confined space market. Since cost being a major factor, hence the decreased cost of maintenance is expected to create a significant demand for inspection drone for confined space in the coming years, which is further anticipated to drive the North America inspection drone for confined space market.
Furthermore, in case of COVID-19, North America is highly affected specially US. North America is one of the most critical regions for the adoption and growth of new technologies. It is due to favorable government policies to boost innovation, the presence of a vast industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the region's economic growth negatively, which also affects the inspection drone for confined space market. The US is a significant market for inspection drone for confined space. The massive increase in the number of confirmed cases and rising reported deaths in the country affects the inspection drone for confined space market as a result, several manufacturing industries witnessed a decline in their production capabilities resulting in lower demand for inspection or drone based services. The factory and business shutdowns across the US, Canada, and Mexico has impacted the adoption of the inspection drone for confined space market. Thus, the coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. Thus, the inspection drone for confined space market is expected to witness a major drop in the demand from the supply side for the current year and the subsequent years to recover steadily from the impact of COVID-19 pandemic.
Market Overview and Dynamics
The inspection drone for confined space market in North America is expected to grow from US$ 253.42 million in 2019 to US$ 606.07 million by 2027; it is estimated to grow at a CAGR of 11.8% from 2020 to 2027. The inspection drone for confined space market offers potential opportunities to the manufacturers in terms of partnerships. These players can partner with several distributors and suppliers of different engineering and mechanical components required to manufacture drones. These components include motors, chassis, radio receivers, propellers, and battery chargers, among others which are useful in inspection drone for confined space market. Furthermore, the scope of partnerships to exchange technical and scientific knowledge is vast among inspection drone for confined space market players. Remote monitoring, artificial intelligence (AI), and computer programming are certain fields of science and technology widely used for manufacturing and operating inspection drones. The high degree of complexities involved in the manufacturing and operations of inspection drones offers technological collaboration opportunities. Collaborations and partnerships amongst players offer white space for development in the inspection drones and all these factors ultimately drives the demand of inspection drone for confined space market in North America.
Key Market Segments
In terms of drone type, the quadrotor drone segment accounted for the largest share of the North America inspection drone for confined space market in 2019. Further based on application, the oil and gas segment held a larger market share of the North America inspection drone for confined space market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the inspection drone for confined space market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Digital Aerolus; DRONE VOLT; Flyability SA; Interactive Aerial, Inc.; Skypersonic Inc.
Reasons to buy report
North America Inspection Drone for Confined Space Market Segmentation
Inspection Drone for Confined Space Market - By Drone Type
Inspection Drone for Confined Space Market - By Application
Inspection Drone for Confined Space Market - By Country
Inspection Drone for Confined Space Market - Company Profiles.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 253.42 Million |
| Market Size by 2027 | US$ 606.07 Million |
| CAGR (2020 - 2027) | 11.8% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Drone Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Inspection Drone for Confined Space Market is valued at US$ 253.42 Million in 2019, it is projected to reach US$ 606.07 Million by 2027.
As per our report North America Inspection Drone for Confined Space Market, the market size is valued at US$ 253.42 Million in 2019, projecting it to reach US$ 606.07 Million by 2027. This translates to a CAGR of approximately 11.8% during the forecast period.
The North America Inspection Drone for Confined Space Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Inspection Drone for Confined Space Market report:
The North America Inspection Drone for Confined Space Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Inspection Drone for Confined Space Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Inspection Drone for Confined Space Market value chain can benefit from the information contained in a comprehensive market report.
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