Drones for Energy Industry Market Advancements such as three-dimensional thrust vectoring flight control is expected to generate a large CAGR owing to technological gains

April 2021 Market Research Future Research Report on Global Unmanned Aerial Vehicle Market

Market Synopsis:Drones Market for Energy Industry Estimated at USD 69.4 Billion By 2030 at a CAGR Of 14.30%.Forecast period 2022-2030

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 14.30% during the review period of 2023 to 2030.

Market Dynamics

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.

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 % CAGR.

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 % CAGR.

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.

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.