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

Quadrotor Drone Segment to Dominate Europe Inspection Drone for Confined Space Market during 2019-2027

According to a new market research study on “Europe 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$542.17 million by 2027 from US$217.19 million in 2019. The market is estimated to grow at a CAGR of 12.4% from 2020 to 2027. The report provides trends prevailing in the Europe inspection drone for confined space market along with the drivers and restraints pertaining to the market growth. Maintenance expenses declining and safeguarding human safety are the major factors driving the growth of the Europe inspection drone for confined space market. However greater technical complications hinder the growth of Europe inspection drone for confined space market.

The Europe 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 Europe 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 Europe drone inspection for confined space market in 2019.

In the case of COVID-19, several countries in Europe are expected to suffer an economic hit due to a lack of revenue from various industries. Many of these member states have implemented drastic measures such as restrictions on travel, imports & exports, and shipment of goods. This is anticipated to impact market growth in Europe. The impact of COVID-19 varied from country to country across the European region as selected countries witnessed a surge in the number of confirmed cases and subsequently led to strict as well as more extended lockdown period or social isolation resulting in disruption of business. For instance, in countries such as Italy and Spain the inspection based services demand decreased significantly owing to a notable number of positive cases across the country, thus leading to slow movement of goods or service offering. However, western European countries, such as Germany, France, and the UK, due to robust healthcare infrastructure have witnessed a comparatively moderate decline in their demand for drone inspection based services as the manufacturing and energy & power sector witnessed little impact over the pandemic. The lockdown is expected to continue negatively impacting the market and virtually disrupt the market growth across selected countries during the coming few months and potentially the next few years.

DRONE VOLT; Flyability SA; Imaze Tech Ltd; Multinov; Scout Drone Inspection AS are among the leading companies in the Europe 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, Scout Drone in partnership with Altera Infrastructure and DNV GL used a drone to inspect a 19.4-meter-high oil tank onboard Petrojarl Varg, a floating production, storage, and offloading vessel.

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