Increasing Advancement in UAVs is Driving the Growth of Drone for Petroleum Market

Globally, the drone for petroleum market is expected to grow with a CAGR of 13.5% during the forecast period from 2023 to 2030. The market is propelled by the increasing advancement in the drone technology. Over the past five years, UAVs has emerged as the most disruptive tech innovation across the industry sectors. The cost effective nature and high efficiency of the drones makes them an ideal option for wide range of industrial application. Multiple industries including oil & gas industry are exploring the use of drones for several applications. Drones offer several economical and environmental benefits that allow oil & gas industry to enhance their efficiency and reduce the cost of operations. This is the major factor augmenting the demand for drones across the petroleum sector.

The integration of the advance technologies into the drones/UAVs also serves as the major factor driving the market growth. Furthermore, the relaxation by the government authorities for the commercial use of the drones is also one of the key factors augmenting the market growth. However, the data safety and security is estimated to be the major inhibitor in the growth of the market. Moreover, the lack of skilled professional to operate the drone is also acting as a major constraint the market growth.  

Inspection & Monitoring is the Leading Application of the Drone for Petroleum Market  

The drone for petroleum market is segmented based on the application into inspection and monitoring, data gathering, leakage and damage detection, other. The inspection & monitoring held lion’s share of more than 52% in the drone for petroleum market in 2020. The ability of drones and UAVs to effectively monitor the operations sites safety is the primary factor driving their demand across the oil & gas industry. Moreover, the drones can also provide visual images and 3D maps for the surveillance. This is also augmenting the demand of the UAVs for monitoring and inspection application.                 

North America is leading the drone for petroleum market with more than 40% share in the revenue in 2020. The market growth is attributed to large scale adoption of the drones across majority of the industry verticals in the region. The increasing oil & gas exploration activities in the region is also acting as a major force driving the demand of the drones in the oil & gas industry. Furthermore, the relaxation by the Federal Aviation Administration (FAA) for the commercial use of the drones is fostering the market growth.

The major vendors in the drone for petroleum market are Airobotics, Airware Inc, BAE Systems Inc, Cyberhawk Innovations Limited, DJI, Parrot, Phoenix LiDAR Systems, PrecisionHawk, Sharper Shape Inc, Sky-Futures Ltd, SkyX, and Unmanned Experts Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Drones For Petroleum market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Drones For Petroleum market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Drones For Petroleum market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Drones For Petroleum market?
• Which is the largest regional market for Drones For Petroleum market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Drones For Petroleum market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Drones For Petroleum market worldwide?