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Drones For Petroleum Market - By Type ( Fixed Wing, Rotary Blade, Hybrid) By Technology ( Remotely Operated, Semi-autonomous, Autonomous) By Application ( Inspection & Monitoring, Data Gathering, Leakage & Damage Detection, Others) - Growth, Future Prospects, And Competitive Landscape, 2016 - 2028

Market Introduction of Drones for Petroleum Market

Depending on the needs of different businesses, including tourism, logistics, and the defense sector, drones are used in worldwide passenger and cargo transportation. Due to the significant operation and maintenance expenses, in addition to the high upfront expenditures of an unmanned aerial vehicle, they are included in an organization's investment (UAV). Additionally, an increase in defense spending has made it possible for governments from different nations to contract with companies that make drones and parts, including DJI, GoPro, and Controp Precision Technologies Ltd., to provide better and more advanced products. This has aided in the expansion of the drone service market globally.

What is the Market Size of Drones for Petroleum in terms of value?

The market for drones used for petroleum is expected to grow significantly over the next few years, with a CAGR of 13.40%. The market for drones used for petroleum in the world was estimated to be worth USD XX million in 2021 and USD XX million in 2028. The market for Drones for Petroleum is anticipated to grow significantly over the next few years. It is anticipated to create revenue potential for the major industry players worth USD XX million between 2022 and 2028.

Which is the key part segment in the Drones for Petroleum Market?

The Autonomous segment registered a revenue share of over 65.0% of the total Drones for Petroleum in 2021. Drones were once necessary for site operations in the recent past. However, the advancement of A.I. has made it possible for drones to hover outside visual range. Drones can now collect significantly more data without any human effort by flying beyond the visual line of sight (BVLS), thanks to the integration of A.I. The data gathered is more accurate and can aid the oil and gas operator in avoiding accidents or leaks while the operation is underway.

Modern drones process the vast amounts of data generated by the assets more quickly and intelligently. These drones' A.I. capabilities may allow them to independently decide on the further course of action as the A.I. develops. Additionally, the incorporation of A.I. can assist operators in connecting the latest data and previously gathered information and determining the necessary course of action to prevent fatalities in the event of leaks and spills.

In addition, the AI-integrated sensor can now move inside a closed building without assistance from a human and is less likely to collide with barriers. The market is anticipated to be driven by the growing number of drone applications as technology advances.

Interesting Facts about Drones for Petroleum Industry

  • The top countries in the Drones for Petroleum market are the US, Canada, China, Germany, Russia, and the U.K.
  • The development of methane gas detection and thermal imaging, along with the introduction and integration of artificial intelligence (A.I.) with drones, has been a major factor in the growing adoption of drones by oil and gas operators.
  • Throughout the forecast period, drones' market share for oil and gas may be impacted by their high cost. 
  • In terms of volume and value, the North America region dominated the global drones for petroleum market in 2021. It is anticipated to maintain this position of strength over the forecast period.
  • Inspection & Monitoring to witness high growth during the forecast period.

Who are the Top players/companies in the Drones for Petroleum market in terms of value?

The key players in the global Drones for Petroleum market in terms of value include Airobotics, Airware Inc, BAE Systems Inc, DJI, Parrot, Cyberhawk Innovations Limited, Phoenix LiDAR Systems, PrecisionHawk, SkyX, Sharper Shape Inc, Sky-Futures Ltd, and Unmanned Experts Inc.. These major companies are focusing on technology advancements and new product innovations to increase the production of Drones for Petroleum and capture a competitive market share on a global scale. A few regional and national firms are also making significant investments to diversify their product offerings and boost sales. For instance, In February 2021, for a thorough drone magnetic survey of the Northwest site in New Brunswick, X-Terra Resources Inc. hired Vision 4K. The most likely surveying distance for Vision 4K is 82 km or 2.1 square kilometres. This study uses a thorough overprint of minor structures at Rim to pinpoint the drill targets.

Who are the Top 10 Countries in the Drones for Petroleum Market?

The major countries in the global Drones for Petroleum market are China, India, the U.S., Mexico, Canada, the U.K., Germany, France, Italy, and Japan. The United States is the major market for Drones for Petroleum. The United States dominates North America, and throughout the projected period, the region's rising offshore oil and gas operations are anticipated to propel market growth.

Which is the key Application used in the Drones for Petroleum Market?

The Inspection & Monitoring category dominated the Drones for Petroleum market in 2021. Drones can be modified to include visual inspection tools like cameras and thermal imagers as well as ultrasonic sensors. These are employed to perform a close-range nondestructive inspection of oil and gas assets in order to find flaws or deficiencies. This method is proving to be particularly effective for inspecting pipelines, storage tanks' external surfaces and subsurfaces, and maritime vessels. Businesses can forecast probable failures and predict the existing health of their equipment by combining drone data with powerful data analytics.

What are the Major Driving Factors for Drones in Petroleum Market?

The development of methane gas detection and thermal imaging, along with the introduction and integration of artificial intelligence (A.I.) with drones, has been a major factor in the growing adoption of drones by oil and gas operators, and it is anticipated that this trend will continue throughout the forecast period. The demand for cost-cutting measures and the creation of high-efficiency solutions has increased due to the global growth in economic intensification across all industries. For the unique requirements of many industries, this increase in demand increases the need for inexpensive, simple-to-implement, and high-value on-demand bespoke systems.

What are the Major Restraints for Drones in Petroleum Market?

Throughout the forecast period, drones' market share for oil and gas may be impacted by their high cost. Due to a lack of insurance coverage, service providers and manufacturers of aerial delivery drones risk losing packages or delivery drones. Service providers and manufacturers must collaborate closely with regulatory agencies to guarantee that aerial delivery drones are used safely. By granting liability during the policy period, insurance assists in loss mitigation. At the moment, insurers are dealing with difficulties related to damage from hacking, delayed delivery of emergency medical aid packages, drone loss of control, air collision, and BVLOS activities.

Which Region Dominated the World Drones for Petroleum Market?

In 2021, North America dominated the global Drones for Petroleum market and accounted for a major market revenue share. The rising popularity of online buying from e-commerce platforms and the favorable FAA regulations in the U.S. are responsible for expanding the regional market. During the projected period, it is also anticipated that growing investments from major companies will aid start-ups in building platforms for parcel delivery services. The United States dominates North America, and it is anticipated that the region's increased offshore oil and gas activities will propel market expansion throughout the projected period. Shell Canada's and BP Canada's respective recent drilling projects are over, and there is no sign of any profitable discoveries. As a result, it is possible to conclude that if the 12 active exploration licenses are not renewed soon, the market for oil and gas drone services in Canada is likely to fall, along with an anticipated decrease in oil and gas development operations.

Additionally, the decommissioning of the Deep Panuke and Sable Offshore Energy projects is now in progress. In the upcoming years, the Canadian offshore oil and gas industry will likely become less competitive due to a lack of adequate market access, growing regulatory uncertainty, and the decommissioning of the two projects mentioned above. This will impact the demand for oil and gas drone services. While the reserves in the shallow water are anticipated to decrease over time, the recent finds in the Gulf of Mexico's deep-water are projected to enhance exploration activity at deep-water and ultra-deep-water sites. As a result, it is anticipated that the need for oil and gas drone services for deep-water operations in the United States will increase.

Segmentation of Global Drones for Petroleum Market-

Global Drones for Petroleum Market – By Type

  •  Fixed Wing
  •  Rotary Blade
  •  Hybrid

Global Drones for Petroleum Market – By Technology

  •  Remotely Operated
  •  Semi-autonomous
  •  Autonomous

 Global Drones for Petroleum Market – By Application

  •  Inspection & Monitoring
  •  Data Gathering
  •  Leakage & Damage Detection
  •  Others

Global Drones for Petroleum Market – By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Frequently asked questions about the global Drones for Petroleum market

Drones for Petroleum Market also suffered from the COVID 19 pandemic. The COVID-19 epidemic caused a number of oil and gas projects to be delayed, which had a moderate effect on the market for drone services.

North America accounted for the highest share in the global Drones for Petroleum market.

The development of methane gas detection and thermal imaging, along with the introduction and integration of artificial intelligence (AI) with drones, has been a major factor in the growing adoption of drones by oil and gas operators.

Autonomous systems had a major share in 2021 with around 50% of the market revenue share.

The Inspection & Monitoring segment had a major share in the global market in 2021.

Drones for Petroleum Market Scope

Report Attribute Details
Market Value in 2021 USD XX million
Market Value in 2028 USD XX million
CAGR 13.40%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Choose License Type
Budget Buying
Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
Published Date:  Aug 2022
Category:  Technology & Media
Report ID:   59999
Report Format:   PDF
Pages:   189
Rating:    4.5 (69)
Delivery Time: 24 Hours to 48 Hours   
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