Inspection Robotics in Oil & Gas Industry Market - Segmented by Type, Application, Location of Deployment and Geography - Growth, Trends, and Forecast (2019 - 2024)

Inspection Robotics in Oil & Gas Industry Market - Segmented by Type, Application, Location of Deployment and Geography - Growth, Trends, and Forecast (2019 - 2024)

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Inspection robotics are used to perform inspection and maintenance operations on industrial assets by reducing human intervention, increasing operational efficiency, and improving safety. There are several types of robotic solutions available in the oil, gas and petrochemical industries, varying from subsea systems to mobile robotic systems. The oil and gas industry accounts for the major market demand of inspection robotics worldwide. The global energy consumption is expected to increase by 28% between 2015 and 2040, with oil & gas accounting for approximately half the demand, along with the increasing investments in exploration, production, and drilling activities and number of upstream projects across the world, by the oil producers like United States and OPEC are expected to drive the inspection robotics market in this sector, over the forecast period.


Demand for Inspection Robotics in Offshore Driving the Market

Oil & Gas industry is highly complex and hazardous in nature. Due to the high cost of pipeline, storage tank, and oil & gas platform inspection using conventional methods, oil and gas industries are compelled to rethink over their present percent for automation of the enterprise. Offshore fields, quite often located in extreme conditions, are posing critical challenges to both human and atmosphere in terms of protection. As the offshore drilling activities move into deep and ultra-deep waters, safety in activities, such as maintenance and underwater inspection, becomes more important. This in turn, results in the increased demand for inspection robotics. Oil & gas industry is currently focusing to optimize their operational cost through investments in latest technologies.

Asia-Pacific is one of the Largest Markets

The oil & gas market is back on its track of recovery, with the rise in oil and gas prices since the mid-2016. Asia-Pacific has already initiated major plans to explore the offshore oil & gas industry. The oilfield operators have also allocated a large sum of money for offshore field development, which in turn, is expected to offer significant business growth opportunity for inspection robotics market. Offshore developments are expected to be responsible for over 90% of Asia’s new gas production in 2025, shallow water fields will bring 5,976mmcfd, deepwater and ultra-deepwater will contribute 2,723 and 1,720mmcfd respectively. Countries like Malaysia, China, India, and Indonesia are expected to increase their offshore projects count by 2025, which results in the demand for inspection robotics market. Increase in offshore platform inspection activities and increasing demand for the pipeline networks anticipates an increase in the demand for the inspection robots in this region.

ROVs – A Huge Market Potential

ROVs are widely used for offshore drilling support and vessel based-services, pipeline inspection and facilities inspection, including subsea hardware installation, and construction, amongst others. In order to operate in deep and ultra-deep waters, operators prefer ROVs over divers as the cost of operation is comparatively less when an ROV is used. With the crude oil price is increasing and reaching USD 80 per barrel mark in May 2018, offshore oil & gas industry has also witnessed an improvement. Thus the inspection robotics market is expected to grow significantly during the forecast period.

The major players include –GE Inspection Robotics, ECA Group, International Submarine Engineering Ltd, Inuktun Services Ltd, Flyability SA, IKM Subsea AS, ING Robotic Aviation, MISTRAS Group Inc., Helix ESG, and OC Robotics, amongst others.

Key Developments in the Market

  • October, 2017:  Kraken Robotics Inc. has announced that its wholly-owned subsidiary, Kraken Robotic Systems Inc. has entered a strategic partnership with Avitas Systems, a GE Venture. 

Reasons to Purchase the Report

  • Current and future inspection robotics in oil & gas industry market outlook in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • Information on the segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market share, and strategies employed by the major market players.
  • 3 months analyst support along with the Market Estimate sheet (in excel)

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1. Executive Summary                                                  

2. Research Methodology                                                           

                2.1 Scope of the Report                               

                2.2 Market Definition                                    

                2.3 Study Assumptions                                 

                2.4 Study Deliveravles                                   

                2.5 Research Phases                                      

3. Market Overview                                                       

                3.1 Introduction                                               

                3.2 Market Size and Demand Forecast until 2023                                              

                3.3 Import-Export Analysis                                          

                3.4 Recent Trends and Developments                                   

                3.5 Government Policies and Regulations                                            

                3.6 Investment Opportunities                                   

                3.7 Cost Analysis                                              

4. Market Dynamics                                                       

                4.1 Drivers                                          

                4.2 Restraints                                    

                4.3 Opportunities                                            

5. Supply Chain Analysis                                                               

6. Industry Attractiveness - Porter's Five Force Analysis                                                

                6.1 Bargaining Power of Suppliers                                            

                6.2 Bargaining Power of Consumers                                       

                6.3 Threat of New Entrants                                         

                6.4 Threat of Substitute Product and Services                                    

                6.5 Intensity of Competitive Rivalry                                        

7. Market Segmentation and Analysis (Overview, Market Size and Demand Forecast until 2023)                                                

                7.1 By Type                                        

                                7.1.1 ROVs                         

                                7.1.2 AUVs                         

                                7.1.2 Others                      

                7.2 By Application                                           

                                7.2.1 Upstream                

                                7.2.2 Midstream                              

                                7.2.3 Downstream                          

                7.3 By Location of Deployment                                 

                                7.3.1 Offshore                  

                                7.3.2 Onshore                   

8. Regional Market Analysis (Overview, Market Size and Demand Forecast until 2023)                                                    

                8.1 North America                                          

                                8.1.1 United States                         

                                8.1.2 Canada                     

                                8.1.3 Mexico                     

                                8.1.4 Rest of North America                       

                8.2 Europe                                         

                                8.2.1 Germany                 

                                8.2.2 United Kingdom                   

                                8.2.3 France                       

                                8.2.4 Spain                         

                                8.2.5 Denmark                  

                                8.2.6 Italy                            

                                8.2.7 Rest of Europe                      

                8.3 South America                                          

                                8.3.1 Brazil                          

                                8.3.2 Argentina                

                                8.3.3 Rest of South America                       

                8.4 Asia-Pacific                                 

                                8.4.1 China                         

                                8.4.2 India                          

                                8.4.3 Japan                         

                                8.4.4 Australia and New Zealand                              

                                8.4.5 Rest of Asia-Pacific                              

                8.5 Middle-East & Africa                                               

                                8.5.1 Saudi Arabia                           

                                8.5.2 South Africa                            

                                8.5.3 Rest of Middle East & Africa                            

9. Key Company Analysis (Overview, Products and Services, Financials**, Recent Developments, and Analyst View)                                                               

                9.1 GE Inspection Robotics                                          

                9.2 ECA Group                                  

                9.3 International Submarine Engineering Ltd                                      

                9.4Inuktun Services Ltd                                

                9.5 Flyability SA                                

                9.6 IKM Subsea AS                                          

                9.7 ING Robotic Aviation                                              

                9.8 MISTRAS Group Inc.                               

                9.9 Helix ESG                                     

                9.10 OC Robotics                                             

                *List not Exhaustive                                       

10. Competitive Landscape                                                         

                10.1 Mergers and Acquisitions                                  

                10.2 Joint Ventures, Collaborations, and Agreements                                    

                10.3 Market Share Analysis                                         

                10.4 Strategies Adopted by Leading Players                                        

11. Future of the Market                                                             

12. Appendix                                                    

                12.1 Contact Us                                

                12.2 Disclaimer                                 

                **Subject to availability on public domain                                                           

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