Drones for Petroleum Market Size, Share, Growth, and Industry Analysis by Type (Micro Drones, Mini Drones, Other Drones), by Application (Flare Stack Inspection, Pipeline Inspection, Offshore Oil & Gas Platform Inspection, Tailings Pond Inspection, Oil Spill and Damage Detection, Gas Emissions Inspection, Others), and Regional Insights and Forecast To 2031

Updated On: 29 April 2024

drones for petroleum market Report Overview

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The global drones for petroleum market size was 51641.92 million in 2021 and is expected to reach USD 75491.59 million in 2027, exhibiting a CAGR of 6.53% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with drones for petroleum market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

An unmanned aerial vehicle is an aircraft without a human pilot on board and a type of unmanned vehicle. UAVs are a constituent of an unmanned aircraft system; which include a UAV, a ground-based controller, and a system of communications between the two. Drones are being organised for a variability of uses, including inspection of offshore platforms, refining equipment, leak detection in pipelines and other midstream assets, emergency response, and material handling. Several industries including oil & gas industry are exploring the use of drones for numerous uses. Drones offer several economical and conservational benefits that allow oil & gas industry to augment their efficiency and reduce the cost of operations. Drones for Petroleum provides untraceable human eye and maintain assets such as well sites, pipelines, storage tanks, and offshore platforms. This technology has very fast and precise investigations to scrutiny of hard-to-reach areas saving substantial amount of time and costs. Drones, equipped with thermo-sensors and high aerial flight capacity, are widely used for observation 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.  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 and others. Participating are fixing their efforts on encouraging R&D. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Technological development are supporting the regional market growth.

COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

drones for petroleum market Segmentation

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• By Type Analysis

According to type, the market can be segmented into drones, mini drones, other drones.

Drones will capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into flare stack inspection, pipeline inspection, offshore oil & gas platform inspection, tailings pond inspection, oil spill and damage detection, gas emissions inspection, others.

Drones for petroleum market players cover segment as offshore oil & gas platform inspection will dominate the market share during forecast period.

Driving Factors

"Increase in demand for monitoring and inspection to boost the market growth"

The ability of drones and UAVs to effectively monitor the operations sites safety is the key factor motivating their demand across the oil & gas industry. Moreover the drones can also provide visual images and 3D maps for the surveillance. This is also enhancing the demand of the UAVs for monitoring and inspection presentation. The demand is motivated by the growth of these industry which is anticipated to enhance market growth.

"Technological advancement and development to upsurge the market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the drones for petroleum market growth. Growing investment in research and development activities and growing awareness about benefits of drones for petroleum are expected to deliver profitable opportunities for the market. Constant development in coating practices are one of the trends in the coating tool market in variety of practices. The incorporation of the advance technologies into the drones also supports as the major factor motivating the market growth.

Restraining Factors

"Lack of trained professional to hamper the market growth"

Lack of trained professional is hampering development of drones for petroleum market. The data safety and security is probable to be the major hamper in the growth of the market. Furthermore, the lack of skilled professional to operate the drone is also performing as a major limitation the market growth.  Technical difficulties will reduce the industry revenue.

drones for petroleum market Regional Insights

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"Asia Pacific to dominate the region due to increasing oil & gas exploration activities"

Asia Pacific is further expected to witness growth in the drones for petroleum market share. The region is dominating the market due to increasing oil & gas exploration activities in the region. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• AeroVironment (U.S.)
• Microdrones (Germany)
• Draganfly Innovations Inc. (Canada)
• Flyability (U.S.)
• Aerialtronics (Netherlands)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.