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.
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:
Our in-depth analysis of the global drone-based inspections market for oil and gas includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising investments in smart grid technologies and smart cities coupled with increasing urban population are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
Costly drone technology and lack of drone manufacturer in lower economic regions are estimated to hamper market growth.
The market in North America region will provide ample growth opportunities owing to the increasing demand of drones across all three sectors of oil and gas industry.
The major players dominating the drone-based inspections market for oil and gas are PrecisionHawk, Terra Drone Corp., Equinox's Drones, and Viper Drones among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user, and region.
With respect to application, the offshore application segment is anticipated to hold the largest market share owing to the growing prevalence of drones in all three sectors of oil and gas industry.
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