Europe Oil and Gas Drones Market - Growth, Trends, and Forecast (2020-2025)
The market is segmented by Geography (United Kingdom, Norway, and Rest of Europe)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The Europe oil and gas drones market is expected to grow at a CAGR of over 55% during the forecast period of 2020 – 2025. Factors such as cost-effectiveness and efficient inspection and monitoring methods are expected to help drive the market for drone services in the region. However, the security risk associated with the use of drone for attacks on oil and gas infrastructure has pushed back the government approval for the use of drones in various countries and it is expected to restrain the growth of the market, during the forecast period.
Low cost and increasing applications of drone services in the oil & gas industry are expected to be the major driving force for the market being studied in forecast period.
Norway is expected to dominate the market, owing to the increase in demand for oil and gas drone services in the country for the surveillance, inspection, and monitoring of the oil and gas platform.
The demand for oil and gas production has always been on an increase, but due to volatility of oil & gas prices the companies are forced to look for alternative cost and time efficient methods of inspection, surveillance, etc. this in turn is expected to help grow the market in the forecast period.
Scope of the Report
The Europe oil gas drones market report include:
Rest of Europe
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Key Market Trends
Low Cost and Increasing Applications to Drive the Market
The market for drones in oil & gas industry saw a growth slowdown owing to the volatile oil prices in recent years, but with the oil prices becoming stable the market is expected to show a significant growth in the forecasted period.
The drones have existed for long, but the high cost and the lack of technology have restricted the use of drone in the oil and gas industry. However, with technological advancement, the drones have come a long way and now are more reliable and provide cost-effective solutions to the oil and gas operators.
Drone provides a cost-effective and safe solution in existing and new onshore and offshore sites. In particular, the drones can help oil and gas companies to ease out the aerial, underground, and undersea inspection activities. In addition to providing visual images, they can carry out other functions, such as creating 3D maps of prospective sites and surrounding and water sampling.
By providing regular, inexpensive, and fast inspections, the drones improve efficiency and productivity. The drone application can also help identify existing and potential faults, thus enabling maintenance teams to rectify them in a good time.
As the crude oil prices are increasing, investment in oil & gas industry is expected to grow significantly and bring several projects online, thereby, driving the drone market.
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Norway to Dominate the Market
Norway is expected to maintain its dominance in the region in the forecast period, the increased pressure on oil & gas companies to do more in limited money and become more cost-efficient has been driving the market.
In February 2018, four Norwegian companies (Olympic Subsea, Griff Aviation, Norut, and STABLE) investigated the use of unmanned aerial vehicles or drones to transport cargo between offshore vessels and offshore installations.
Norway’s oil and gas industry is now back on its feet. Oil companies have increased their spending for the first time in 2018, since 2014. As of 31 December 2018, there were 85 discoveries where the licensees have yet to submit a PDO to the government. The total investment required to develop the whole portfolio is estimated to be in the order of NOK 400 billion in 2018 value.
The new market conditions forced the industry to cut costs and improve operational efficiency, which, in turn, made several unprofitable projects feasible. This trend is expected to increase the demand for oil and gas drone services in the country for the surveillance, inspection, and monitoring of the oil and gas platform.
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The Europe oil and gas drones market is partially fragmented with a number of small and big players operating in the market. Some of the major companies are Cyberhawk Innovations Limited, Airobotics Ltd, Terra Drone Corporation, Sky-Futures Limited, Viper Drones, among others.