ID: MRFR/E&P/7336-HCR | February 2021 | Region: Global | 111 pages
The Drones for Oil and Gas Market is estimated to achieve USD 23.87 billion by the end of the year 2027. Further, the global market has predicted to register a CAGR of 38.71% for the forecast period of 2021 to 2027.
The oil and gas industries prefer to use drones for oil and gas to capture the minute details. These industries prefer it because of its infra-red cameras of very high resolution that give an accurate result. The detailed images of oil and gas activities have been captured in the camera by the oil and gas drones. Moreover, this camera can also track oil and gas activities like gas emissions, drilling, exploration & production, flare stack, etc.
Along with that, the infra-red cameras has the thermal imaging capabilities as well as the LIDAR (Light Detection and Ranging) capabilities that are helpful to inspect or capture the infrastructure of the oil and gas like offshore platforms, pipelines, tailing ponds, oil spills & damage, rigs, etc. Through the help of drones, these captured images are sent to the analysis process and, based on this analysis report, and preventative actions are taken wisely. Further, the drones for oil and gas market is segregated based on application and type. In this, the automated drones (UAV) offer high-quality aerial data for all maintenance and inspection requirements. Here, gas-operated drones are one of the drones that operate completely through engines.
According to the drones for oil and gas market trends report, the market is growing with the increasing investment in global products. The rising demand of the intended audiences in specific types increases the drones for oil and gas market growth. These intended key players are Environmental research institutes, Institutional investors, Manufacturers' associations, Government and research organizations, Investment banks, Suppliers and manufacturers of drones for oil and gas, State and national regulatory authorities, Service providers of drones for oil and gas, Energy & environment associations, and End-user industries like solar power, power industry, and wind power. Further, the drones for oil and gas market has been estimated to generate the higher drones for oil and gas market size for the research period.
COVID-19 Impact Analysis
The global drones for oil and gas industry has been affected due to the COVID-19 pandemic. The ongoing pandemic has disrupted the sales and productivity of the global market. As a result, the global market has experienced a huge loss for the first half of 2020. Even many investors have taken a step back in this period.
Hence, the key players have adopted various unique ideas and techniques to enhance the growth of the global market. Further, it has been predicted that the market will generate higher drones for oil and gas market size for the research period.
The major growth driving factors for the Drones for Oil and Gas Market Growth is the increasing production of oil and gas, advancements in drone technology, growing investment in offshore pipeline infrastructure, and growing investment in offshore exploration.
According to the World Pipelines Report (2018), the European government has planned to invest nearly USD 8.75 billion in the Nord Stream gas pipeline construction for exporting gas under the Baltic Sea from Russia to Germany. Along with that, the Egyptian government had also mentioned investing nearly USD 800 million to USD 1000 million in the pipeline's construction for exporting natural gas from Cyprus to Egypt under the Mediterranean Sea. Further, the drone regulations amendments have been predicted to bring more opportunity and drones for oil and gas market growth.
The global drones for oil and gas market has more growth opportunities for key players due to the increasing investment in drones for oil and gas.
Moreover, the amendments in drone regulations are bringing lucrative opportunities for the manufacturers and the market players, which can boost the drones for oil and gas industry in the upcoming years.
The global drones for oil and gas market might experience market restraints due to the vulnerability to cyber threats.
Along with that, the rising cost of the product might hamper the growth of the global market. Hence, the global key players are working on these issues to handle the matter very carefully.
The global drones for oil and gas industry has many major challenges that can affect the growth of the global market. One of the major challenges for the global market is the increasing cyber crimes or cyber threats across the world.
Another major challenge for the global market is the ongoing pandemic that has affected the growth of the global market.
Cumulative growth Analysis
According to the drones for oil and gas industry report, the global market has shown a significant growth performance in the current year. Further, it has aimed to generate higher drones for oil and gas market size for the forecast period.
Moreover, the regional growth of North America has shown cumulative growth in the present context. Hence, there are more growth opportunities for the key players and manufacturers.
Market Segment Overview
On the basis of type segment, the global drones for oil and gas market has been classified into Hybrid and Nano, fixed-wing, multi-rotor, and single rotor.
Among these, the multi-rotor segment is predicted to generate the highest CAGR for the forecast period due to its being readily available in the market and comparatively cheaper.
On the basis of application segment, the global drones for oil and gas market has been classified into Inspection, security & emergency response, and surveying and mapping.
Out of these, the surveying and mapping segment is predicted to generate the largest drones for oil and gas market share for the forecast period. This segment enhances the growth of the global market due to the analysis of reservoirs and the developmental growth in the exploration of unconventional and conventional reserves.
Based on geographical segment, the global drones for oil and gas market has been segmented into Europe, Asia Pacific, South America, North America, and the rest.
Out of these, the North American region is holding the dominant position in generating the largest drones for oil and gas market share for the research period due to increasing production activities in oil and gas in this region and rising investments in exploration. Moreover, this region is enhancing the regional growth of the drones for oil and gas market due to the growing usage of drones in the oil and gas industry and the growing offshore drilling activities in the North American region.
Competitive landscape Analysis
In the global drones for oil and gas market, the key players are contributing effectively. These key players are:
Among these key players, the companies like PrecisionHawk (U.S.), Cyberhawk Innovations Limited (Scotland), and Delair collectively focus on agreements and contracts with gas and oil companies to expand the solutions of drones for oil and gas. Hence, the demand for the Drones for Oil and Gas Market is growing on a large scale.
The Drones for Oil and Gas Market Trends report has highlighted the global market's historical and current growth and development through in-depth analysis. This report is a combination of both research methods such as primary and secondary. The report has involved various important dealers, key player's interviews, and secondary data collection. Therefore, the global market report has covered the market dynamics, market segmentation, market overviews, and regional analysis with the analysis of the performance of the market.
Moreover, the drones for oil and gas market trends report has focused on the market size, market growth, and market share to get a deep insight into the global market. Along with that, it has highlighted the current development and competition of the global market.
|Market Size||2027: USD 23.87 billion|
|CAGR||38.71% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cyberhawk Innovations Limited (Scotland), PrecisionHawk (US), Delair (France), Airobotics (US), Airborne Drones (South Africa), Terra Drone (Japan), Intel Corporation (US), AeroVironment, Inc (US), Aerodyne Group (Malaysia), Sky-Futures (UK), Flyability (Switzerland), Insitu Pacific Pty Ltd (Australia), Aerialtronics DV B.V. (the Netherlands), and ideaForge (India)|
|Key Market Opportunities||Amendments in drone regulations|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global Drones for Oil and Gas Market have aimed to meet a CAGR of 38.71% for the forecast period.
The global Drones for Oil and Gas Market have been segmented into two such as types and applications.
The North American region generates the higher Drones for Oil and Gas Market Share for the forecast period.