Oil & Gas Drone Services Market Trends, Industry & Size 2030

Report Description

The oil & gas drone services market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of market is attributed to rapid digitalization in surveillance and security inspection by oil and gas manufacturing companies.

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Oil & gas drone is a vital component for every oil and gas producers as using drones ensure safety and easy inspection of onshore and offshore asset and properties of companies. The drone, also known as unmanned aerial vehicle (UAV), is primarily equipped with high-resolution cameras and sensors to get clear pictures of the inspection sites or targeted spots. A constant supervision and frequent inspection are highly required for the oil & gas manufacturing companies to ensure secured maintenances of online & offline sites including storage tanks, refineries, offline rigs platforms, and chimneys. Among the applications, drones are widely used for pipeline surveillances to ensure proper maintenance and avoid any unwanted consequences related to leakage, crack, and corrosion.

Many advanced drones having thermal cameras are available to use for surveillances for those areas and spots, which are difficult for technicians to reach physically for inspection. Using drones, companies can easily minimize risks involved in production operations, gaining update information of rigs sites, efficient drilling, and ensuring compliance in exploration and refineries. As a result, drones offer efficient inspections and help in avoiding the cost of repairment for tanks, pipelines, and storage terminals; which ultimately leads to improve on-site safety and ensure cost saving operations.

The COVID-19 pandemic affected the global demand and supply of the drone production that had a negative impact on the oil & gas drone services market. The prolonged shutdown of the factories and lack of labor for production associated with non-essential consumer items had delayed the service significantly. However, the market is likely to accelerate its growth in the coming years owing to the re-opening of various production units, due to the sharp decline in the COVID cases worldwide.

Market Trends, Drivers, Restraints, and Opportunities

• Rising needs for oil & gas energy for various commercial activities across industries including transportation presents a key driver of the market.
• Rapid growth of the oil & gas industry and increasing expansion of associated infrastructure such as refinery and pipelines are other key factors boosting the market.
• Increasing innovation in drones such as using the thermal scanners and sensors for effective data collection and better inspections is projected to fuel the market during the forecast period.
• High cost of the drone services and rising burden of regularity checks are major hurdles, which are projected to hinder the market in the coming years.
• Development of faster and smarter drone technology and increasing integration of advanced system such as Artificial Intelligence (AI) in drones are offering key opportunities for market growth.

Scope of the Report

The report on the global oil & gas drone services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Refinery segment to account for a key market share

Based on applications, the oil & gas drone services market is divided into pipelines, storage tanks, chimney/smoke stack, refinery, and offshore rigs. The refinery segment is projected to account for a key market share in the coming years owing to the wide implementation of drones for refinery inspections among oil & gas manufacturers. Refineries are key assets and play a crucial role in the oil & gas production cycle, which require constant monitoring and inspection to avoid any unwanted consequences. Drones, equipped with thermo-sensors and high aerial flight capacity, are extensively used for surveillance around and inside refinery compounds. Rising spending on advanced drones for asset monitoring by key global oil producers present another key driver of the segment.

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North America to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major market share in 2021 and is anticipated to constitute a dominant market share during the forecast period due to increasing investment in the oil & gas exploration and drilling activities in the region. The US is dominating the regional market owing to the presence of key players in the country and their massive expansion in offshore oil rigs activities in the Gulf of Mexico. The US currently holds the largest refinery capacity in the world and had produced 18.14 million barrels per day in 2020. Moreover, early acceptance of drones in the oil & gas exploration by oil manufacturing companies in the region further boost the regional market. On the other hand, the market of Middle East & Africa is expected to expand at a high CAGR during the forecast period owing to the massive oil reserve and increasing adoption of advanced technologies in oil explorations by players in the region.

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