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