North America Inspection Drone for Confined Space Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Drone Type, and Application

Oil and GAS Segment to Dominate North America Inspection Drone for Confined Space Market during 2019-2027

According to a new market research study on “North America Inspection Drone for Confined Space Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Drone Type and Application” is expected to reach US$606.07 million by 2027 from US$253.42 million in 2019. The market is estimated to grow at a CAGR of 11.8% from 2020 to 2027. The report provides trends prevailing in the North America inspection drone for confined space market along with the drivers and restraints pertaining to the market growth. Maintenance cost witnessing decrement and securing human safety concerns are the major factor driving the growth of the North America inspection drone for confined space market. However more technical intricacies hinder the growth of North America inspection drone for confined space market.

The North America inspection drone for confined space market is segmented based on drone type, application and country. Based on drone type, the market is bifurcated into quadrotor drone and multi rotor drone. Quadrotor drone held larger market share in 2019. Further, by application the North America drone inspection for confined space market is categorized into oil and gas, marine vessels, power generation, chemicals, mining, and others. Oil and gas held a substantial share of drone inspection for confined space market in 2019. North America is highly affected specially US. In the case of COVID-19, 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 drone for confined space. The massive increase in the number of confirmed cases and rising 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 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 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.

Digital Aerolus; DRONE VOLT; Flyability SA; Interactive Aerial, Inc.; Skypersonic Inc. are among the leading companies in the North America drone inspection for confined space market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, MFE Enterprises, Inc. finalized an agreement to expand the U.S. territory under which it would sell Flyability drones. The new agreement provides the company MFE Enterprises the exclusive right to sell Flyability’s collision-tolerant drones for inspections and monitoring, the Elios and the Elios 2, in eleven US states.

The report segments the North America Inspection Drone for Confined Space Market as follows:

North America Inspection Drone for Confined Space Market - By Drone Type

• Quadrotor Drone
• Multi Rotor Drone

North America Inspection Drone for Confined Space Market - By Application

• Oil and Gas
• Power Generation
• Mining
• Chemicals
• Marine Vessels
• Others

North America Inspection Drone for Confined Space Market - By Country

• US
• Canada
• Mexico

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