Market Size of Latin America Oil & Gas Drone Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 70.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Oil & Gas Drone Services Market Analysis
The market for oil & gas drone services in Latin America is expected to grow at a CAGR of more than 70% during 2020 - 2025. Several oil & gas companies such as BP, Shell, and Exxon Mobil have started to digitalize their operation (drone services are a part of digitalization in oil & gas industry) across all the three sectors. The increasing investment of these companies in the Latin American oil & gas market is expected to drive the demand for drone services. Though drones are cost efficient and saves a lot of time, technological limitation such as shorter flight time, low speed, vulnerability to hackers, and susceptibility to weather are restraining the market growth. Also, lack of availability of sophisticated commercial drones which can perform inspection activity involving higher complexity is currently hindering widespread adoption in the market.
- With the emergence of upstream activities in the region, the demand for associated infrastructure such as pipelines and refinery are also expected to increase in these market, offering greater business opportunities for the drone service providers.
- Brazil is expected to dominate the market over the forecast period owing to the increasing adoption of drones in the upstream, midstream, and downstream oil & gas sectors of the country.
