Oil and Gas Drone Services Market is Expected to reach at a CAGR of 60.95% by 2025

The “Oil and Gas Drone Services Market” report is an in-depth study of the market, along with an analysis of its key segments. The relationship is built through extensive primary and secondary research. In-depth market data is generated through interviews and data collection from industry experts and professionals. The study is a detailed document on key aspects of the markets including trends, segmentation, growth prospects, opportunities, challenges, and competitive analysis.

The global oil and gas drone services market is expected to grow at a CAGR of approximately 60.96% during 2020 - 2025. 

The report is updated with the impact of the currently ongoing COVID-19 pandemic. The pandemic has dynamically affected key market segments and changed the growth pattern and demands in the Oil and Gas Drone Services market. The report covers an in-depth analysis of these changes and provides an accurate estimate of the market growth forecast after the impact of the pandemic.

The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Oil and Gas Drone Services Market: Precisionhawk, Airobotics Ltd, Cyberhawk Innovations Limited, Sky-Futures Limited, Sharper Shape Inc., Phoenix LiDAR Systems, Viper Drones, SkyX Systems Corp., Terra Drone Corporation, and Other.

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Key Market Trend:

Drones Integration with Artificial Intelligence (AI) to Drive the Market

- In the past decade, the operation of a drone required it to remain within the sites. However, with the development of AI, the drone can now hover beyond the line of sight. The integration of AI has helped the drones to fly beyond the beyond-the-visual-line-of-sight (BVLS), and gather much more data without the need of any human efforts and the data collected can be much more analyzed and can help the oil and gas operator to prevent mishaps or leakage, during the operation.
- The modern drones are smarter and faster in processing the humungous data produced from the assets, and as the AI improves, these drones may able to independently decide for further course of actions, through its AI capabilities.
- Further, the AI integrated sensor is now easily able to move inside the closed building and is not prone to collisions with the walls and that too, without the help of any humans controlling it. As these technologies keep improving, the application for these drones would increase and, thus, it is expected to drive the market.

Regional Analysis:

North America to Dominate 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 market share, during the forecast period. The North America is dominated by the United States and the increase in the offshore oil and gas activities in the region is expected to drive the growth of market, during the forecast period.
- 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 cost, 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 studied in the country.
- The recent discoveries in Gulf of Mexico deepwater is expected to increase the exploration activities in the deepwater and ultra-deepwater sites, while the reserves in the shallow water are declining over the period. This, in turn, is expected to increase in demand for oil and gas drone services in deepwater activities in the United States.
- At present, the two separate recent drilling programs, by Shell Canada and BP Canada, are complete and show no evidence of commercial discoveries. As a result, it can be concluded that the oil and gas drone services market in Canada is likely to decline, with expected decrease in oil and gas exploration activities, provided the 12 active exploration licenses are not likely to be renewed in the near future. Moreover, the decommissioning of the Sable Offshore Energy and Deep Panuke projects are now underway. The lack of sufficient market access, increasing burden of regulatory uncertainty, and the decommissioning of the aforementioned two projects are likely to reduce the competitiveness of the Canadian offshore oil and gas industry in the coming years, thereby, affecting the demand for oil and gas drone services
- Therefore, the increasing investment in the country’s upstream sector by foreign companies and the increase in the oil and gas exploration activities is expected to drive the demand for oil and gas drone services market in the region.

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Influence of the Oil and Gas Drone Services market report:

-Comprehensive assessment of all opportunities and risks in the Oil and Gas Drone Services market.

–Oil and Gas Drone Services market recent innovations and major events.

-Detailed study of business strategies for growth of the Oil and Gas Drone Services market-leading players.

-Conclusive study about the growth plot of Oil and Gas Drone Services market for forthcoming years.

-In-depth understanding of Oil and Gas Drone Services market-particular drivers, constraints, and major micro markets.

What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Oil and Gas Drone Services Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

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