Drones Market for Energy Industry Future Prospects Market Size of 8,390.5 million at a CAGR 25.53% Forecast 2027
Research Reports
Apr 12, 2022
Prominent Players:
The dominant players operating in the market of global drones for energy industry are AeroVironment Inc. (US), ING Robotic Aviation (Canada), Drone America (US), DJI (China), Ascending Technologies Inc. (Canada), Draganfly Innovations Inc. (US), Aeryon Labs Plc. (UK), Aibotix GmbH Limited (UK), UAVision. (Canada), and Microdrones (Germany) and others.
Market Synopsis:
An Unmanned Aerial Vehicle (UAV), or drone is an aircraft devoid of human pilot and which is flown and controlled by a ground-based controller using wireless communications or may be autonomous by onboard computers. The global drones for energy industry market is projected to grow at a CAGR of 25.53% during the review period of 2017 to 2023.
Market Dynamics:
Drivers
A surge in application expansion such as line-of-sight applications such as aerial photography, offshore oil and wind energy platforms inspection, logistics, security, disaster control etc. is the prime driver of the market. Technological advanacements such as growing autonomy made possible by advances in computational power, three-dimensional thrust vectoring flight control and machine learning are expected to trump the large challenges the industry faces. Advancements in materials such as development of carbon fiber, miniaturization has resulted in cost effectiveness due to low powerful propulsion technologies such as small electric motors and batteries.
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However it is computing capabilities and advances in sensor and software’s which is expected to provide the necessary impetus to propel the market from the realms of science fiction to real application. Thus advances such as system-on-a-chip (SOC) and single-board computers (SBC) are expected to cruise the market. The growing degrees of freedom (DOF) afforded by advances in sensor technology and real time data is further expected to add to the growth of the market.
Restraints
High cost of installation and maintenance coupled with the nascent stage of the technology are the greatest barriers which need to be overcome. The scarcity of trained manpower coupled with the steep learning curve are other bottle necks which are grounding the market. Stringent regulations and licensing are regulatory restraints limiting the usage of drones.
Segmentation:
The global drones for energy industry market has been segmented by drone type, industry type, application, and region so as to provide the reader with an unbiased view of the market potentialities.
Based on the drone type, the market has been sub segmented by fixed wing drone, rotary blade drone and hybrid drone. Fixed wing drone accounted for the largest market share of 49.7 % in 2016, which is projected to grow at a 25.08 ?GR.
Based on the industry type, the market has been sub segmented by oil & gas, power and renewables. Oil & gas possessed the largest market share of 67.2 %, in 2016, which is anticipated to grow at a 25.03 ?GR.
Based on the application, the market has been sub segmented by inspection, leak and spillage response and security and surveillance.
Based on the region, the market has been sub segmented by North America, Europe, Asia Pacific, Middle East and Africa.
Regional Analysis:
North America and Europe dominate the global landscape owing to the presence of large players, large purchasing power, development of shale oil, rapid adoption of technology and others. The development of offshore oil platforms especially in the North Sea and Gulf of Mexico is charging the market.
The Asia Pacific region accounts for the second largest market led by nations such as Russia, China, Japan and others. The Middle East and Africa region is skewed in favor of the Gulf economies of Saudi Arabia, Kuwait and UAE.
Drones Market for Energy Industry: Information by Drone Type (Fixed-Wing Drone, Rotary Blade Drone and Hybrid Drone), By Industry Type (Oil & Gas, and Power and Renewable), by Application (Inspection and Leak and Spillage Response and Security and Surveillance), By Technology (Hardware and Software) and by Region (North America, Europe, Asia-Pacific, Middle East and Africa and Latin America) – Forecast till 2027 by MRFR @ https://www.marketresearchfuture.com/reports/drones-energy-industry-market-3847
The Report Provides Insights On The Following Pointers:
Chapter 1 Study Coverage
Chapter 2 Executive Summary
Chapter 3 Drones Market for Energy Industry Competitor Landscape by Players
Chapter 4 3 Drones Market for Energy Industry Size by Type and Application
Chapter 5 Global and Regional Analysis
Chapter 6 Company Profiles, recent developments, and investments
Chapter 7 Market Opportunities, Challenges, Risks and Influences Factors Analysis
Chapter 8 Value Chain and Sales Channels Analysis with breakthrough product developments
Chapter 9 Research Findings and Conclusion
Chapter 10 Methodology/Research Approach
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