Market Trends of North America Oil & Gas Drones Industry
This section covers the major market trends shaping the North America Oil & Gas Drones Market according to our research experts:
Integration of Artificial Intelligence (AI) with Drones to Fuel the Market
- In the recent past, the drone was required to carry out operations within site. However, the development of AI along with the drone can now hover beyond the line of sight. The integration of AI has helped drones fly beyond the beyond-the-visual-line-of-sight (BVLS) and gather much more data without the need for any human efforts. The data collected proves to be more accurate and can help the oil and gas operator prevent mishaps or leakage during the operation.
- Modern drones are faster and smarter in processing the enormous data produced from the assets. As the AI improves, these drones may independently decide for further action through their AI capabilities.
- In addition, the integration with AI can also help operators relate the current data with the past data collected and help them maneuver the action required before fatalities in case of leakage and spills.
- Further, the AI integrated sensor is now easily able to move inside the closed building and is not prone to collisions with the walls, without the help of any human controlling it. As these technologies keep enhancing, the application for these drones would increase, and, thus, it is expected to drive the market.
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United States to Dominate the Market
- United States has been the major market for drones in 2020 across the region, and it is expected to be the largest market in terms of market share during the forecast period. The increase in the offshore oil and gas activities in the nation is expected to drive the growth of the market during the forecast period.
- The country has an estimated 2 million orphaned wells, out of which Pennsylvania has around 600,000 of abadoned oil wells while New York has approximatelly 35,000 abandoned oil well. This in turn, has further raised the demand for proper inspection to initiate the exploration and production activities, which is likely to stimulate market growth of drones during the forecast timeline.
- The recent discoveries in the Gulf of Mexico deepwater are 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.
- Therefore, the increasing investment in the country's upstream sector by foreign companies and the increase in the oil and gas exploration activities are expected to drive the demand for the oil and gas drone services market in the region.
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