North America Inspection Drone for Confined Space Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Drone Type (Quadrotor Drone and Multi Rotor Drone), and Application (Oil and Gas, Power Generation, Mining, Chemicals, Marine Vessels, and Others)
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.
Securing human safety concerns with the help of drones is expected to boost the growth of the North America inspection drone for confined space market. Inspection drones are widely used in military & defense for border security purposes. However, their use in many confined commercial areas of human and economic welfare is significantly gaining traction, specifically in infrastructure and construction activities. Critical infrastructure, including tunnels; and utilities, such as airports and stations in urban areas, need regular inspections mandated by governments in several countries to ensure public safety. These inspections help in safeguarding against rust, cracks, or other damages. Additionally, the demand for inspection drones for confined areas has surged for critical inspection as it has emerged as an ideal solution for inspecting difficult to reach points in several survey spaces that can be dangerous for human inspections. At present, professional drones used for inspections are cost effective, agile, and capable of securing human lives. Hence, securing human safety concerns with the help of drones is expected to boost the market growth. Also, the maintenance cost witnessing decrement is among the other factors expected to positively influence the demand for inspection drones for confined space.
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. The US is a significant market for inspection drones for confined space. North America is severely affected by the COVID-19 outbreak, especially the US. The massive increase in the number of confirmed cases and rise in reported deaths in the country affects the 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 have impacted the adoption of the inspection drone for confined space market. The impact of COVID-19 outbreak is anticipated to be quite severe in 2020 and it is likely to continue in 2021. Thus, the 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.
Based on application, the oil and gas segment led the North America inspection drone for confined space market in 2019. The oil and gas companies are required to conduct periodic inspections of containers storing gasoline, as well as other such hazardous substances in storage tanks and pressure vessels. The use of inspection drones by oil and gas companies is gaining traction since it helps them eradicate the requirement of building scaffolding to gain a closer look at these containers, thereby keeping the inspector safe from hazardous gases and saving money required for building scaffolding. Further, apart from using drones to inspect containers, the drones are also used for inspection of several other assets used for production in the oil & gas industry. For instance, the FCC unit generally used to refine heavy crude oil components to produce valuable fuel products comprising many pipes, reactor vessels, and cyclones, requiring timely maintenance. The extreme temperatures inside these assets expose the human inspector to a risky environment. Thus, a drone is used to avoid such potentially dangerous situations. Common assets that require timely inspection in an oil & gas industry include storage tanks, chimneys, smokestacks, refineries, and jetties. Thus the rising dependency on drones in the oil and gas sector is further going to drive the inspection drone for confined space market in North America.
The overall North America inspection drone for confined space market size has been derived using both primary and secondary sources. To begin the research process, exhaustive 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 overview and forecast for the market with 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 who typically take part in such a 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 North America inspection drone for confined space market. Digital Aerolus; DRONE VOLT; Flyability SA; Interactive Aerial, Inc.; and Skypersonic Inc. are among a few players operating in the North America inspection drone for confined space market.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America 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 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 North America market trends and outlook coupled with the factors driving the inspection drone for confined space 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
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook