DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Drone Services Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for Oil and Gas Drone service market is expected to grow at a CAGR of over 60% during the forecast period of 2020-2025. Several oil & gas companies such as BP, Shell, etc. have started to digitalize their operations (drone services are a part of digitalization in oil & gas industry) across all the three sectors. Of the three sectors, midstream is expected to be one of the fastest-growing markets. Though drones offer the most cost-effective and efficient monitoring methods, technological limitations such as shorter flight times, low speed, vulnerability to hackers, and susceptibility to weather are restraining the market growth.
Modern drones are smarter and faster in processing the data produced from assets, and as AI (Artificial Intelligence) improves, these drones may have the capability to independently decide their further course of actions through AI. As these technologies keep improving, the application for these drones can increase and, thus, it is expected to drive the market.
North America has been the major market for drone services in 2018, and it is expected to be the largest market in terms of revenue, during the forecast period owing to increasing adoption of drones across all three sectors of the oil and gas industry.
Key Trends
- In offshore rigs, drones are used for inspection to determine any damage or corrosion and to provide data for structural integrity and visual and infrared photography. An increase in offshore activities is expected to increase the demand for drone services in the United States, over the forecast period.
- As a result of expected stabilized oil prices from the end of 2019 and declining drilling costs, the offshore rig count and offshore oil production of the country are expected to increase, which is expected to be a significant driver for the market.
- The growing refining infrastructure in the country is expected to drive the demand for drone services used for the inspection and monitoring, over the forecast period.
- In the midstream sector, drones are used for pipeline inspection, corrosion checks, security checks, and maintenance issues. In Canada, oil supply in Western Canada exceeds the transport capacity of pipelines serving external markets. As export pipelines operate at full capacity and timing of new capacity remains uncertain, producers are increasingly relying on rail transportation to deliver incremental production to the market. Hence, to inspect the existing pipeline, the demand for drone services is expected to increase over the forecast period.
- Overall, western refineries are operating at the utilization rate of around 60%. Hence, stagnant growth is expected in the market over the forecast period.
- In January 2018, the country awarded 19 out of 29 deep water blocks. A total of 39 bids were received for the 19 blocks. The auction received an estimated investment of USD 1.4 billion, and two tie-break bonus bids resulted in a cumulative USD 0.5 billion offered to the country.
- Increasing investment in the country's upstream sector by foreign companies are expected to create ample opportunity for the drone services market.
Key Topics Covered:
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
1.4 Research Phases
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
- Precisionhawk
- Airobotics Ltd
- Cyberhawk Innovations Limited
- Sky-Futures Limited
- Sharper Shape Inc.
- Phoenix LiDAR Systems
- Viper Drones
- SkyX Systems Corp.
- Terra Drone Corporation
For more information about this report visit https://www.researchandmarkets.com/r/dwfbut
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