Market Trends of Europe Oil & Gas Drones Industry
This section covers the major market trends shaping the Europe Oil Gas Drones Market according to our research experts:
Low Cost and Increasing Applications to Drive the Market
- The market for drones in oil & gas industry sawa 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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