Market Size of Oil And Gas Drone Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 25.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Drone Services Market Analysis
The global oil and gas drone services market is anticipated to record a CAGR of more than 25% over the forecast period.
- The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels. Over the medium term, the introduction and integration of artificial intelligence (AI) with drones, coupled with the development of methane gas detection and thermal imaging, has been the driving factor leading to the increasing adoption of drones by oil and gas operators, and it is expected to propel the market during the forecast period.
- On the other hand, technological limitations such as low speed, shorter flight time, vulnerability to hackers, and susceptibility to weather are restraining the market growth. Nevertheless, the demand for oil and gas infrastructure, such as pipelines and refineries, is expected to increase due to the soaring energy demand, thus generating more significant business opportunities for the oil and gas drone service providers.
- North America is expected to be the primary oil and gas drone services market during the forecast period. It is projected to be the largest market in revenue in the near future due to the increasing adoption of drones across all three sectors, including upstream, midstream, and downstream. Furthermore, intensifying offshore oil and gas activities across the region are expected to drive the market's growth during the forecast period.
