Market Size of North America Oil & Gas Drones Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 15.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Oil & Gas Drones Market Analysis
The North America oil and gas drones market is anticipated to grow at a CAGR of around 15.7% from 2022-2027. The COVID-19 outbreak witnessed a significant impact on the oil and gas drone services market due to delays in multiple oil and gas projects. For instance, ADNOC delayed the USD 20 billion Hail and Ghasha offshore sour-gas development project in 2020 due to the COVID-19 pandemic. Major leading companies, such as BP and Shell, have started digitalizing their operation by monitoring and recording data on all three sectors. In addition, rising technological developments toward the enhancement of efficient drones are liekly to drive the market growth. Midstream is expected to be the fastest-growing markets in oil and gas industry. Although drones offer most efficient monitoring and cost-effective methods, technological limitations such as low speed, shorter flight time, vulnerability to hackers, and susceptibility to weather are restraining the market growth.
- The introduction and integration of Artificial Intelligence (AI) with the drone coupled with the development of methane gas detection and thermal imaging has been the driving factor leading to the increasing adoption of the drones by the oil and gas operators, and it is expected to propel the market during the forecast timeframe.
- The demand for oil and gas infrastructure such as pipelines and refineries is expected to increase due to the soaring energy demand, thus offering more significant business opportunities for the oil and gas drone service providers.
- United States is expected to be the primary oil and gas drone services market in 2020. It is projected to be the largest market in terms of revenue during the forecast period due to the increasing adoption of drones across all three sectors, including upstream, midstream, and downstream. Intensifying offshore oil and gas activities across the region is expected to drive the market's growth during the forecast period.
North America Oil & Gas Drones Industry Segmentation
North America oil and gas drones market includes:
North America Oil & Gas Drones Market Size Summary
The North American drones for oil and gas market is poised for significant growth, driven by technological advancements and increasing demand for efficient monitoring solutions. The integration of Artificial Intelligence with drone technology has enhanced capabilities, allowing for beyond-visual-line-of-sight operations and improved data accuracy. This technological evolution is expected to propel market expansion, as drones become integral in monitoring and inspecting oil and gas infrastructure. Despite challenges such as technological limitations and cybersecurity concerns, the market is set to benefit from rising energy demands and the need for efficient inspection methods, particularly in the midstream sector.
The United States is anticipated to lead the market, fueled by increased offshore oil and gas activities and the need for inspection of abandoned wells. The discovery of new reserves in the Gulf of Mexico is expected to further stimulate demand for drone services in deepwater exploration. The market is moderately fragmented, with key players like Terra Drones, Viper Drones, and PrecisionHawk driving innovation and service offerings. As the industry continues to embrace digitalization and advanced technologies, the market for drones in the oil and gas sector is expected to experience robust growth during the forecast period.
North America Oil & Gas Drones Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION - BY GEOGRAPHY
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2.1 United States
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2.2 Canada
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2.3 Mexico
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North America Oil & Gas Drones Market Size FAQs
What is the current North America Oil & Gas Drones Market size?
The North America Oil & Gas Drones Market is projected to register a CAGR of greater than 15.70% during the forecast period (2024-2029)
Who are the key players in North America Oil & Gas Drones Market?
Terra Drones, Viper Drones, PrecisionHawk, Cyberhawk Innovations Limited and Sky Futures are the major companies operating in the North America Oil & Gas Drones Market.
