Inspection of Power Generation Units to Spur Demand in Global Drones for Oil & Gas Market

 

Drones or UAVs are used in the oil & gas industry to overlook the maintenance and operations as well as prevent damage to equipment. Automated and gas-powered drones are two major types currently in operation by various oil & gas producers. Adoption of drones, early pilot studies, and commercial licenses for obtaining drones are the factors favoring the industry. The global drones for oil and gas market report by Market Research Future (MRFR) contains various drivers and challenges affecting the market for the period of 2019 to 2025 (forecast period). The COVID-19 pandemic and the huge need for remote monitoring has led to a recalculation of market size and growth trajectories for the assessment period.

Market Scope

The global drones for oil and gas market size is projected to reach USD 16.72 billion by 2025, It is likely to reach the estimated valuation at 35.24% CAGR over the forecast period.

The major factors driving the growth of the global drones for the oil and gas market include increasing investments in offshore exploration, production of oil and gas, construction of offshore pipeline infrastructure, and advances in drone technology. For instance, as per the World Pipelines Report of 2018, the governments in Europe are planning to invest approximately USD 8.75 billion for the construction of the Nord Stream gas pipeline for exporting gas from Russia to Germany under the Baltic Sea.  Amendments in drone regulations would be a golden opportunity for the drones for the oil and gas market.

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The shift towards digitization of processes in the utility and oil & gas industries and use of drones for pinpointing problems in the power supply can bode well for the market. Prevention of accidents and the deployment of drones for maintenance and servicing can culminate in cost savings. Drone service providers can explore new business models by capitalizing on the growth of the industry.

Segmentation

The global drones for the oil and gas market have been segmented by type and application.

On the basis of type, the global market is segmented into the fixed-wing, single rotor, multi-rotor, and hybrid & nano. The multi-rotor segment is expected to grow with the highest CAGR during the forecast period as multi-rotors are comparatively cheaper and readily available in the market.

On the basis of application, the global drones for oil and gas market has been segmented into security & emergency response, inspection, and surveying & mapping. The surveying & mapping segment is expected to hold the largest share within the global drones for oil and gas market as increasing developments in the exploration and analysis of conventional and unconventional reserves are major factors driving its growth.

Regional Analysis

On the basis of region, the global drones for the oil and gas market are segmented into Asia Pacific (APAC), North America, Europe, the Middle East & Africa (MEA), and South America.

North America holds the largest drones for oil and gas market share due to growing investments in exploration and production activities in oil and gas in the region. Moreover, it is expected to dominate the market owing to the rising offshore drilling activities and increasing use of drones in oil and gas industry in the region. The rising pace of urbanization and demand for continuous power can fuel the market growth exponentially.

The APAC region can also command a significant market share owing to the spread of the COVID-19 virus. Laborers are monitored using drones for following social distancing guidelines and rotation of workers on shifts can bode well for the regional market.

Competition Outlook

ideaForge, Delair, Sky-Futures, Airborne Drones, Cyberhawk Innovations Limited, Aerodyne Group, Aerialtronics DV B.V., Insitu Pacific Pty Ltd, PrecisionHawk, Flyability, Terra Drone, Intel Corporation, Airobotics, and AeroVironment, Inc are key players of the global drones for oil and gas industry. New product launches are to be witnessed in the coming years as technological upgrades offer better advantages on the field. The M300 variant by DJI provides real-time feeds of sites allowing teams to make quick decisions without interfering with the process.

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