July 23, 2024
Safety And Security Drones Market

Safety And Security Drones Market Is Expected To Be Flourished By Growing Industrial Safety Applications

Safety and security drones, commonly known as drones, are unmanned aerial vehicles equipped with cameras for surveillance and inspection applications. They are utilized across various industry verticals such as oil and gas, construction, mining, transportation, and others for ensuring industrial safety. The drones provide bird’s eye view of operational sites to monitor hazardous areas, detect infrastructure damages, and address safety issues in real-time. They aid in inspection of transmission lines, power plants, pipelines, offshore rigs, smokestacks, silos, and storage tanks from air without putting human lives at risk.

The global Safety And Security Drones Market is estimated to be valued at US$ 1836.3 Mn  in 2023 and is expected to exhibit a CAGR of 6.7%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing industrial safety applications is expected to drive the growth of the market during the forecast period. Safety and security drones assist organizations across industries in addressing safety hazards, asset management, and monitoring large premises from aerial viewpoints. Furthermore, industrial facilities are mandated to regularly inspect their sprawling infrastructures and equipment to ensure strict adherence to safety standards. Drones help streamline such inspection processes in a cost-effective and timely manner.

The increased awareness about industrial safety risks such as gas leaks, equipment failures, cave-ins, and toxic exposures has prompted companies to invest in advanced monitoring solutions including drones. They provide real-time alerts about anomalies, accidents, and non-compliance issues; thereby boosting incident prevention. The automated data collection and analytical capabilities of drones facilitate compliance with evolving regulatory mandates.

Segment Analysis

The Safety And Security Drones Market can be segmented by solution, type, operation mode, application and region. By solution, the hardware segment is dominating the market as drones require cameras, controllers, batteries and other hardware components. The hardware segment accounted for around 60% market share in 2024 owing to high demand for advanced cameras, controllers from drones manufacturers.

PEST Analysis

Political: Regulations around drone usage especially related to privacy and cybersecurity are getting stricter. However, governments across regions are supporting deployment of drones for safety and security applications like border surveillance, infrastructure monitoring etc.
Economic: Growing construction and infrastructure industries are fueling the demand for drones for monitoring projects. Emerging applications in disaster management and emergency response are also boosting the economic growth of this market.
Social: Increasing incidents of crimes and terrorist activities are raising security concerns. Drones are playing a vital role in ensuring public safety during mass events and natural calamities. However, privacy related issues still persists around drone surveillance.
Technological: Advancements in AI, computer vision, big data analytics are enhancing drone capabilities. 5G connectivity is enabling advanced applications like live streaming from drones. Manufacturers are focusing on developing autonomous drones with longer flight duration.

Key Takeaways

The global safety and security drones market is expected to witness high growth. The global safety and security drones market is estimated to be valued at US$ 1836.3 Mn  in 2023 and is expected to exhibit a CAGR of 6.7%  over the forecast period 2023 to 2030.

North America holds the largest market share currently owing to strong government spending on public safety projects involving drones. Asia Pacific is expected to be the fastest growing region driven by increasing construction & infrastructure development and deployment of drones for border surveillance by countries like India and China.

Key players operating in the safety and security drones market are Novavax, Inc., Adjuvance Technologies, Inc., Invivogen, Vaxine Pty Ltd., SEPPIC, SPI Pharma, Inc., Agenus Inc., Avanti Polar Lipids, Inc., CSL Limited, OZ Biosciences. Key players like Novavax and Agenus are focusing on developing drones equipped with advanced sensors and computer vision for critical infrastructure monitoring and public safety applications.

Vaxine Pty Ltd., SEPPIC, SPI Pharma, Inc. are innovating payloads and delivery systems for drones to enable applications like vaccine delivery during emergencies. Avanti Polar Lipids, Inc. is providing liposome formulation technologies to integrate drugs or vaccines into drones. CSL Limited is collaborating with various governments for pilot projects involving drones for fast distribution of antibiotics, antidotes and first aid items.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it