New York, July 22, 2021 (GLOBE NEWSWIRE) — Drones for Oil and Gas Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Drones for oil and gas Market Research Report, Type, Application and Region – Forecast till 2027″ the market size is Drones for Oil and Gas Market is projected to be worth USD 23.87 billion by 2027, registering a CAGR of 38.71% during the forecast period (2021 – 2027).
Several industries have faced the severe brunt of the COVID-19 crisis barring a few such as the drones for oil and gas market. Energy PSUs are utilizing drones for monitoring social distancing at refineries and mist cannons for spraying disinfectants near the quarters of workers for ensuring that operations are not hit by COVID. Bharat Petroleum, leading oil refiner in India has begun flying drones over huge acres of land for recording the workers’ behavior to ensure they do not flout social-distancing rules. Besides, the company has also deployed an army of hygiene inspectors at all of its plants. All these are adding to the global drones for oil and gas market growth over the forecast period.
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Eminent players profiled in the global drones for oil and gas industry report include-
- 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)
- ideaForge (India)
The global drones for oil & gas market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, more.
Browse In-depth Market Research Report (111 pages) on Drones for Oil and Gas
Drones for Oil and Gas Market Drivers/Drones for Oil and Gas Market Trends
Integration of AI in Drones to Boost Market Growth
The technological advancements and the integration of AI with the drone along with the creation of methane gas detection and thermal imaging has led to the adoption of drones by oil and gas operators, which will boost market growth. With the development of artificial intelligence, drones can be operated sans any human intervention as sensors that are AI integrated is now easily capable of moving inside the closed building and will not be susceptible to collisions with the wall, that is, this application will increase and likely to boost the drones for oil and gas market growth over the forecast period.
Drones for Oil and Gas Market Opportunities
Demand for Refinery and Pipelines to Offer Robust Opportunities
The demand for associated infrastructure like refinery and pipelines will offer robust opportunities for the market over the forecast period.
Restraints and Challenges
High Cost to act as Market Restraint
The high cost of drones may impact the drones for oil and gas market share over the forecast period.
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The drones for oil & gas market is bifurcated based on application and type.
- By type, the multi-rotor segment will lead the market over the forecast period at a high CAGR because these are comparatively cheaper as well as readily available in the market which is adding to the growth of the segment.
- By application, the surveying and mapping segment will dominate the market over the forecast period for the growing developments in the exploration of unconventional and conventional reserves and also analysis of reservoirs which are adding to the growth of the segment.
North America to Spearhead Drones for Oil and Gas Market
North America will spearhead the market over the forecast period. Growing investments in production and exploration activities in oil and gas in the region, rising offshore drilling activities, increasing use of drones in oil and gas industry, and growing adoption of drones by key oil and gas operators are adding to the global drones for oil and gas market growth in the region. Besides, the increasing need for transformation in the inspection, increasing adoption of drones across all three sectors of oil and gas industry, & maintenance of assets like offshore platforms, pipelines, and well sites are also adding market growth. The US holds the utmost share in the market for the increase in the offshore oil and gas activities in the country which is adding to the market growth.
APAC to Have Admirable Growth in Drones for Oil and Gas Market
The Asia Pacific region will have an admirable growth in drones for oil and gas market. China has the utmost market share for the increasing demand for oil. Besides, China is emerging in terms of production of shale oil. Owing to more inaccessible areas, the country’s authorities are in a process of conducting seismic surveys for developing detailed images of local geology for discovering the size and locations of potential oil and gas fields. Such factors are adding to the global drones for oil and gas market growth in the region.
Segmentation of Market covered in the research:
Information by Type (Single Rotor, Multi-Rotor, Fixed Wing and Hybrid & Nano), by Application (Inspection, Surveying & Mapping and Security & Emergency Response) and by Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America)
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