Drones for Oil and Gas Market Analysis/Drones for Oil and Gas Market Trends
The drones for oil and gas market size will touch USD 23.87 billion at a stellar 38.71% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Drones for oil and gas are mostly used for surveillance and remote monitoring. This includes tankers and trucks, equipment, infrastructure, and other assets.
Various factors are fuelling the global drones for oil and gas market growth. As per the recent MRFR market estimates, such factors include increasing investment in offshore exploration, rising investments in offshore pipeline infrastructure, increasing production of oil and gas, advances in drone technology, and increasing use during COVID-19 pandemic.
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On the contrary, vulnerability to cyber threats may limit the global drones for oil and gas market share over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global drones for oil and gas market based on application and type.
By type, the global drones for oil and gas market is segmented into hybrid and nano, fixed-wing, multi-rotor, and single rotor. Of these, the multi-rotor segment will lead the market over the forecast period as they are readily available in the market and are comparatively cheaper.
By application, the drones for oil and gas market is segmented into security and emergency response, surveying and mapping, and inspection. Of these, the surveying and mapping segment will dominate the market over the forecast period for increasing development in the exploration of unconventional and conventional reserves as well as analysis of reservoirs.
Regional Analysis
By region, the global drones for oil and gas market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, & the Middle East and Africa (MEA). Of these, North America will rule the market over the forecast market. Rising investments in exploration and production activities in oil and gas, the rising offshore drilling, increasing use of drones in oil and gas industry, growing adoption of drones by key oil and gas operators, increasing need for transformation in the inspection ways & maintenance of assets like offshore platforms, pipelines, and well sites are adding to the global drones for oil and gas market growth in the region.
In Europe, the global drones for oil and gas market is predicted to hold the second-largest share over the forecast period. Increasing oil consumption in Germany and increasing energy demand are adding to the global drones for oil and gas market growth in the region.
In the APAC region, the global drones for oil and gas market is predicted to have healthy growth over the forecast period. Increasing demand for oil, increasing production of shale oil in China, seismic surveys being conducted to develop detailed images of local geology to discover the size and locations of potential oil and gas fields are adding to the global drones for oil and gas market growth in the region.
In the MEA, the global drones for oil and gas market is predicted to have sound growth over the forecast period for Saudi Arabia taking considerable steps for enhancing production rates and the considerable demand for drones as they allow oil and gas companies to improve efficiency and reduce cost.
In South America, the global drones for oil and gas market is predicted to have steady growth over the forecast period for the increasing energy demand that has resulted to more production and exploration activities of oil and gas to cater to the energy demand.
Key Players
The eminent players profiled in the drones for oil and gas market report include ideaForge (India), Aerialtronics DV B.V. (the Netherlands), Insitu Pacific Pty Ltd (Australia), Flyability (Switzerland), Sky-Futures (UK), Aerodyne Group (Malaysia), AeroVironment, Inc (US), Intel Corporation (US), Terra Drone (Japan), Airborne Drones (South Africa), Airobotics (US), Delair (France), PrecisionHawk (US), and Cyberhawk Innovations Limited (Scotland), among others.
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