Market Size of Oil And Gas Drone Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 25.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Oil & Gas Drone Services Market Analysis
The global oil and gas drone services market is anticipated to record a CAGR of more than 25% over the forecast period.
- The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels. Over the medium term, the introduction and integration of artificial intelligence (AI) with drones, coupled with the development of methane gas detection and thermal imaging, has been the driving factor leading to the increasing adoption of drones by oil and gas operators, and it is expected to propel the market during the forecast period.
- On the other hand, technological limitations such as low speed, shorter flight time, vulnerability to hackers, and susceptibility to weather are restraining the market growth. Nevertheless, the demand for oil and gas infrastructure, such as pipelines and refineries, is expected to increase due to the soaring energy demand, thus generating more significant business opportunities for the oil and gas drone service providers.
- North America is expected to be the primary oil and gas drone services market during the forecast period. It is projected to be the largest market in revenue in the near future due to the increasing adoption of drones across all three sectors, including upstream, midstream, and downstream. Furthermore, intensifying offshore oil and gas activities across the region are expected to drive the market's growth during the forecast period.
Oil & Gas Drone Services Industry Segmentation
Drones are used in the oil and gas sector for a wide range of tasks, such as inspecting offshore platforms, processing machinery, finding leaks in pipelines and other midstream infrastructure, responding to emergencies, and moving materials.
The oil and gas drone service market is segmented by geography. The report covers the market size and forecasts for the oil and gas drone service market across all major countries.
For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Oil And Gas Drone Services Market Size Summary
The oil and gas drone services market is experiencing significant growth, driven by advancements in technology such as the integration of artificial intelligence (AI) with drones and the development of methane gas detection and thermal imaging capabilities. These innovations have expanded the operational capabilities of drones, allowing them to perform tasks beyond visual line-of-sight, thereby enhancing their utility in the oil and gas sector. Despite challenges like technological limitations and environmental vulnerabilities, the increasing demand for infrastructure inspection and monitoring, coupled with the rising energy needs, is expected to create substantial opportunities for drone service providers. North America, particularly the United States, is anticipated to lead the market due to its robust offshore oil and gas activities and the growing adoption of drones across various sectors.
The market landscape is moderately fragmented, with key players such as Terra Drones, Airobotics Ltd, PrecisionHawk, and Cyberhawk Innovations Limited actively contributing to the sector's development. Recent strategic partnerships and technological advancements, such as those by American Robotics and Volatus, are further propelling the market forward. These collaborations aim to enhance drone capabilities and expand market reach, particularly in regions like Western Canada. However, challenges in Canada, such as regulatory uncertainties and project decommissioning, may impact the demand for drone services. Overall, the market is poised for growth, driven by technological advancements and increasing investments in oil and gas exploration and infrastructure.
Oil And Gas Drone Services Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD million, till 2028
-
1.3 Recent Trends and Developments
-
1.4 Government Policies and Regulations
-
1.5 Market Dynamics
-
1.5.1 Drivers
-
1.5.2 Restraints
-
-
1.6 Supply Chain Analysis
-
1.7 Industry Attractiveness - Porter's Five Forces Analysis
-
1.7.1 Bargaining Power of Suppliers
-
1.7.2 Bargaining Power of Consumers
-
1.7.3 Threat of New Entrants
-
1.7.4 Threat of Substitute Products and Services
-
1.7.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Geography
-
2.1.1 North America
-
2.1.2 Asia-Pacific
-
2.1.3 Europe
-
2.1.4 South America
-
2.1.5 Middle-East and Africa
-
-
Oil And Gas Drone Services Market Size FAQs
What is the current Oil And Gas Drone Services Market size?
The Oil And Gas Drone Services Market is projected to register a CAGR of greater than 25% during the forecast period (2024-2029)
Who are the key players in Oil And Gas Drone Services Market?
Precisionhawk, Sky-Futures Limited, Cyberhawk Innovations Limited, Terra Drone Corporation and Airobotics Ltd are the major companies operating in the Oil And Gas Drone Services Market.
