Drone-based Inspections Market for Oil and Gas Highlights 2020-2029
The drone-based inspections market for oil and gas is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. The market is set to witness significant growth during the forecasted period due to the rising adoption of drones across all three oil and gas industry sectors. The development of the market can also be attributed to factors such as improving drone technology globally. In January 2018, the United States awarded 19 deepwater blocks, which led to 39 bids for the 19 blocks. The auction received an approximate investment of USD 1.4 billion.
The market is segmented on the basis of end-user into upstream, downstream, and midstream. The upstream application segment is anticipated to grab the most significant share by the end of 2021, as producing and exploratory wells are essential to monitor and maintain cost-effectiveness. However, with the improving drone technology, the drone monitoring market for oil and gas is growing with a high CAGR. CLICK TO DOWNLOAD SAMPLE REPORT
Based on application, the offshore segment in the global drone-based inspections market for oil and gas is projected to grow with a high CAGR over the forecast period. The segment's growth can be attributed to the fact that drone-based inspections are a safe & relatively cost-effective method in isolated areas offshore.
Drone-based Inspections Market for Oil and Gas Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The North American market is predicted to grow at the highest CAGR over the forecast as the region's oil-well drilling rate is increasing. Along with this, the US accounts for the largest share due to global drone companies' presence in the region coupled with the rising adoption of drones across all three sectors of the oil and gas industry.
The global drone-based inspections market for oil and gas is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global drone-based inspections market for oil and gas includes the following segments:
By Application
- Offshore Application
- Onshore Application
By End-User
- Upstream
- Midstream
- Downstream
Growth Drivers
- Rising prevalence of drones in all three sectors of oil and gas
- Increase in well drilling
Challenges
- Expensive drone technology
- Lack of presence of drone companies in lower economic regions
Top Featured Companies Dominating the Market
- PrecisionHawk
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Terra Drone Corp.
- CYBERHAWK
- Viper Drones
- Equinox's Drones
- Airobotics
- Flyability
- DroneDeploy
