Overview and Scope
Oil and gas drones typically refer to unmanned aerial vehicles (UAVs) or drones specifically designed and utilized within the oil and gas industry. These drones are used to inspect pipelines for leaks, corrosion, and other structural issues, reducing the need for manual inspections, which can be time-consuming and dangerous. It is also useful in monitoring oil and gas facilities, such as refineries and drilling rigs, for security purposes and to detect any operational irregularities.
Sizing and Forecast
The oil and gas drones market size has grown exponentially in recent years. It will grow from $6.9 billion in 2023 to $9.36 billion in 2024 at a compound annual growth rate (CAGR) of 35.5%. The growth in the historic period can be attributed to advancements in drone technology, increasing regulatory approvals for drone usage in oil and gas industry, growing demand for cost-effective inspection and monitoring solutions, rising emphasis on worker safety and risk reduction.
The oil and gas drones market size is expected to see exponential growth in the next few years. It will grow to $31.21 billion in 2028 at a compound annual growth rate (CAGR) of 35.1%. The growth in the forecast period can be attributed to shift towards autonomous drone operations and swarm technology, increasing use of hyperspectral imaging for asset inspection and environmental monitoring, growth of data analytics and predictive maintenance capabilities for drone-collected data, expansion of drone applications beyond inspection. Major trends in the forecast period include integration of artificial intelligence and machine learning in drone systems, development of long-range and endurance drones for extended surveillance, adoption of drones for methane detection and emissions monitoring, expansion of offshore drilling activities.
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Segmentation & Regional Insights
The oil and gas drones market covered in this report is segmented –
1) By Type: Single Rotor, Multi Rotor, Fixed Wing, Hybrid And Nano
2) By Applications: Inspection, Security And emergency response, Surveying And mapping
3) By End-Use: Construction, Agriculture, Mining, Oil And Gas, Other End-Use
North America was the largest region in the oil and gas drones market in 2023. The regions covered in the oil and gas drones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in government investment is expected to fuel the growth of the oil and gas drones market going forward. Government investment refers to the allocation of funds by a government towards various projects, initiatives, or sectors to achieve specific objectives such as economic development, infrastructure improvement, innovation promotion, or social welfare. Government investment plays a crucial role in shaping the trajectory of drone technology adoption in the oil and gas sector by fostering innovation, facilitating collaboration, addressing regulatory challenges, and supporting the development of necessary infrastructure. For instance, in July 2022, according to the Department of Business Energy and Industrial Strategy and the Department of Transport, a UK-based government federal agency, between 2020 and 2022, government grants totaling $43.83 million (£34 million) supported diverse innovative projects, including COVID drone response and hospital logistics solutions, leading to advancements in offshore and onshore oil and gas drone capabilities. Therefore, the increase in government investment is driving the oil and gas drones market.
Key Industry Players
Major companies operating in the oil and gas drones market are The Boeing Company, GE Aviation, BAE Systems plc, Yamaha Motor Co. Ltd., DJI Enterprise, AeroVironment Inc., Yuneec International, Skydio Inc., XAG Co. Ltd., senseFly SA, Microdrones GmbH, Flyability SA, Quantum-Systems GmbH, Shenzhen Autel Robotics Co. Ltd., PrecisionHawk Inc., Teal Drones Inc., Ascending Technologies Inc., Freefly Systems Inc., Aeryon Labs Inc., Vantage Robotics Inc., Garuda Robotics Private Limited, Guangzhou EHang Intelligent Technology Co. Ltd., Volansi Inc
The oil and gas drones market report table of contents includes:
1. Executive Summary
2. Oil And Gas Drones Market Characteristics
3. Oil And Gas Drones Market Trends And Strategies
4. Oil And Gas Drones Market – Macro Economic Scenario
5. Global Oil And Gas Drones Market Size and Growth
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32. Global Oil And Gas Drones Market Competitive Benchmarking
33. Global Oil And Gas Drones Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Oil And Gas Drones Market
35. Oil And Gas Drones Market Future Outlook and Potential Analysis
36. Appendix
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