According to the business intelligence report titled ‘Global Drone Inspection and Monitoring Market Size study, by Types {Fixed wing, Multirotor, Hybrid}, by application {Construction & Infrastructure, Agriculture, Utilities, Oil & Gas, Mining, Others}, by mode of operation {Fully Autonomous, optionally, remotely} Regional Forecasts 2021-2027’, available with Market Study Report, global drone inspection and monitoring market was assessed at USD 27.4 billion in 2020 and is estimated to be worth USD 58.4 billion by 2027, growing at 16.4% CAGR between 2021-2027.
 

Strict labor laws, increasing cognizance about safety of workers, and rising number of industries are key factors driving global drone inspection and monitoring market outlook. Moreover, widespread application of drones in various sectors for visual inspection to ensure proper usage of resources will aid industry expansion.  
 

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For the unversed, drones are unmanned aerial vehicles (UAVs) which capture live pictures and videos of specific places and help in analyzing current situation. They are available in various forms and types, and are primarily used for monitoring and inspection purposes.
 

Entry of new players has reduced the cost of drones which will also facilitate revenue inflow. Inclination towards precision farming to raise productivity, in tandem with utilization of drones for goods transportation, environmental mapping, and aerial photography will aid market augmentation in the coming years.
 

While growing demand for advanced drones and their adoption in construction vertical owing to stringent regulations will spur industry growth, high manufacturing costs and less operation time of product will act as challenges for companies in this business sphere.
 

Regionally speaking, Asia Pacific done inspection and monitoring market is anticipated to record highest CAGR between 2021-2027, owing to surging product demand in countries like India and China for application in utility and agriculture sectors. Meanwhile, North America market is projected to expand rapidly over the analysis period, due to growing incorporation for drones in agriculture, infrastructure & construction, oil & gas, and mining verticals.
 

Key players formulating the competitive landscape of worldwide drone inspection and monitoring market are Intertek Group plc, Wipro Limited, MISTRAS Group, Intel Corporation, Northrop Grumman Corporation, Lockheed Martin Corporation, SZ DJI Technology Co. Ltd., GarudaUAV, Parrot SA, and Maverick Inspection Ltd.