The drone for petroleum market is set to grow with a CAGR of 13.5% during the forecast period.
Market Insights
The global drone for petroleum market is driven by the supportive government regulation and policies across the globe. The government across the countries has allowed the use of the drones for the certain commercial applications. The governments are constantly working towards the development of regulatory framework to provide the safe and secure environment for the use of UAVs. This is acting as a major driver for the drones for petroleum market. Moreover, the decline in the price of the drones over the past five years is also acting as a major driver for the increasing adoption of drones for industrial applications.
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The drone for the petroleum market is categorized based on the types into fixed wing drones, rotary blade drones and hybrid drones. The rotary blade drones are estimated to account for more than 60% share in the market in 2018. The ability of the rotary blade to provide steady take-off and landing is the primary factor driving the growth of the market. Moreover, the design of the rotary blade drone offers better control over the flight as compared to the fixed wing drone. This is also acting as a major factor driving the demand for the rotary blade drone.
The Asia Pacific is projected to grow at a CAGR of over 14.5% during the forecast period. The growth of the market is driven by the supportive government initiatives and policies in the region to promote the use of drone for commercial purpose. Furthermore, the presence of the top drone manufacturers, such as DJI, in the region particularly China is also supporting the growth of the market in the region. Moreover, the increasing adoption of the drones for the commercial applications in the region is also accelerating the growth of the market in the region.
Prominent 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.
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 2018. The ability of the 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.
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North America is Leading the Drone for Petroleum Market
North America is leading the drone for petroleum market with more than 40% share in the revenue in 2018. 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.
Key questions answered in this report
- What was the market size of drone for petroleum in 2018 and forecast up to 2027?
- Which is the largest regional market for drone for petroleum?
- What are the major trends followed in drone for petroleum market across different regions?
- Who are the key companies in the drone for petroleum market?
- What are the key strategies adopted by the leading drone for petroleum companies in market?
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