Drones for Oil and Gas Market growth, to Grow at 35.24% CAGR by 2027 :
Market Research Future has published a Half-Cooked Research Report on the Global Drones for Oil and Gas Market growth.
Market Highlights
The global market for drones for oil and gas is projected to be valued at USD 16.72 Billion by 2025, with 35.24% CAGR during the forecast period, 2019–2025. Drones for oil and gas is a combination of hardware and software which provides actionable information for downtime prevention and cost-effectiveness within the power network. In 2018, North America dominated the global Drones for Oil and Gas Market growth in terms of share: MRFR
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The market is segmented into five regions, namely Asia-Pacific, Europe, North America, Middle East & Africa, and South America. North America holds the largest market share in the drones for oil and gas owing to increasing adoption of Drones by major oil & gas operators within the region. Moreover, increasing need for transformation in the inspection ways and maintenance of assets such as well sites, pipelines, and offshore platforms in the region would positively trigger the demand of Drones for Oil and Gas Market growth.
In Europe, Germany is expected to be the largest and the fastest growing country in the Drones for Oil and Gas Market growth owing to increasing oil consumption. According to the BP Statistical Review of World Energy 2018, oil consumption in Germany has been increasing significantly with 115 Mtoe, 117.3 Mtoe, and 119.8 Mtoe in the year 2015, 2016, and 2017, respectively. Hence, the rising rate of oil consumption leads to an increase in energy demand. Inspection is an important part of oil and gas production activities, of which drone is a significant part.
In Asia-Pacific, China is projected to be the largest market owing to owing to increasing demand for oil. China is emerging in terms of production of shale oil. Due to more inaccessible areas, the authorities in the country are in a process of conducting seismic surveys to develop detailed images of local geology in order to discover the locations and size of potential oil & gas fields. All these factors are likely to drive drones for oil and gas industry.
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In the Middle East & Africa, Saudi Arabia, is projected to be the largest and the fastest growing country in the Drones for Oil and Gas Market growth owing to fact that the Saudi Arabian Oil Co. has taken considerable steps to enhance production rates. All these factors will boost the demand for drones as they enable oil and gas companies to reduce cost and improve efficiency.
In South America, Brazil is expected to be the largest and the fastest growing country in the Drones for Oil and Gas Market growth owing to increasing energy demand that has led to more exploration and production activities of oil and gas to meet the energy demand, thereby boosting demand for drones in the country.
The global Drones for Oil and Gas Market growth is segmented based on type and application. By type, the global market is segmented into single-rotor, multi-rotor, fixed wing, and hybrid & nano. The multi-rotor segment is projected to be the largest market share in the global Drones for Oil and Gas Market growth. By application, the global market is segmented as inspection, surveying & mapping, and security and emergency response. The inspection segment is expected to hold the largest market share in the global Drones for Oil and Gas Market growth.
The global Drones for Oil and Gas Market growth is expected to grow at 35.24% CAGR during the forecast period.
Scope of the Report
This report provides an in-depth analysis of the global Drones for Oil and Gas Market growth, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for South America, North America, the Middle East & Africa, Europe, and Asia-Pacific. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Drones for Oil and Gas Market growth by type, application, and region.
BY TYPE
Single-Rotor
Multi-Rotor
Fixed Wing
Hybrid & Nano
BY APPLICATION
Inspection
Surveying & Mapping
Security and Emergency Response
By Region
North America
Asia-Pacific
Europe
Middle East & Africa
South America
Key Players
The players operating in the Global Drones for Oil and Gas Market growth are Cyberhawk Innovations Limited (Scotland), PrecisionHawk (US), SkyScape Industries (US), Airobotics (US), AeroVironment, Inc (US), Airborne Drones (South Africa), Sky-Futures (UK), Terra Drone (Japan), Insitu Pacific Pty Ltd (Australia), Intel Corporation (US), Delair (Denmark), Aerodyne Group (Malaysia), Aerialtronics DV B.V. (the Netherlands), Flyability (Switzerland), and ideaForge (India).
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