December 14, 2020 23:37 ET | Source: Fortune Business Insights
Pune, India, Dec. 14, 2020 (GLOBE NEWSWIRE) — The global drone surveillance market for energy and power size is projected to reach USD 415.8 million by 2027, exhibiting a CAGR of 19.6% during the forecast period. Rising deployment of drones for monitoring and inspection in the energy and power industry will be a distinct trend driving this market, shares Fortune Business Insights™ in its report, titled “Drone Surveillance Market for Energy & Power Size, Share & COVID-19 Impact Analysis, By Type (Multirotor, Fixed Wing, and Hybrid), By Application (Pipeline Monitoring and Inspection, Offshore Platform Inspection, Wind Turbine Inspection, Power Plant Inspection, Solar Panel Inspection, and Others), and Regional Forecast, 2020-2027”. Drones, or unmanned aerial vehicles (UAVs), have proven to be a highly efficient and cost-effective technology for conducting surveillance activities in the energy and power industry. The considerable benefits offered by these devices have induced governments and companies to deploy them to perform a range of functions such as gathering data for inspection, security & surveillance, and maritime search & rescue. For example, the UK Royal Navy has been utilizing drones to detect defects in ships so that the issues can be resolved while at sea. On the other hand, the European Maritime Safety Agency (EMSA) is employing UAVs to pollution monitoring, border control, and capturing illegal activities such as drug trafficking. Drone surveillance technology is, thus, is widely applied for a variety of purposes, which bodes well for this market.
The report states that the global market value was at USD 182.7 million in 2019. The highlights of the report include:
- In-depth evaluation of the factors driving and constraining the market;
- Piecemeal study of the different segments of the market;
- Careful examination of the competitive landscape of the market; and
- Detailed analysis of the regional trends and prospects in the market.
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List of the Leading Companies Profiled in the Global Drone Surveillance Market for Energy & Power are:
- Texo DSI (The U.K.)
- Avitas Systems, Inc. (The U.S.)
- Terra Drone Corp. (Japan)
- Sky-Futures Ltd (The U.K.)
- Percepto (Israel)
- Martek Aviation (The U.K.)
- BAE Systems Inc. (The U.K.)
- Airobotics Ltd. (Israel)
- Aerodyne Group (Malaysia)
- Australian UAV Pty Ltd (Australia)
- Viper Drones (The U.S.)
- Sphere Drones (Australia)
- SEIKEY Srl (Italy)
- Mistras Group (The U.S.)
- Cyberhawk Innovations Limited (The U.K.)
- Azure Drone SAS (France)
- Aesthetix Global (UAE)
Increasing Reliance on Drones by Oil & Gas Companies amid COVID-19 to Propel Growth
Even as the coronavirus outbreak ravages the global economy, the Drone Surveillance Market for Energy & Power growth is likely to gain momentum amid the pandemic as oil & companies show increasing dependence on UAVs for managing their rigs in the open seas. In the US, for example, the North Carolina-based drone service specialist SkyScopes is providing its state-of-the-art, LiDAR-powered UAVs to oil & gas companies in the region for the inspection of pipelines and other critical infrastructures. In Europe, Italy-domiciled energy company Snam has been testing ‘beyond the visual line of sight’ (BVLOS) unmanned aircraft systems (UAS) to test its vast network of pipelines. The main factor pushing the adoption of drones in the hydrocarbon industry is the sudden drop in on-site workforce due to the social distancing measures imposed to contain the coronavirus. More importantly, drones are a much safer option to conduct surveillance and inspection activities as they eliminate the need to put workers’ lives in danger and can in fact boost efficiency.
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Rapid Adoption of UAVs to Foster Healthy Growth of the North America Market
North America commanded the Drone Surveillance Market for Energy & Power share in 2019, showcasing a market size of USD 69.3 million, on account of the speedy adoption of drones by utility companies and government agencies in the region. Besides this, growing intensity of exploration and production activities by oil & gas companies in the region will also stimulate the regional market during the forecast period.
While North America will lead the overall market, Asia Pacific is predicted to register the highest CAGR on account of the proliferation of UAV service providers in India and China. The market in the Middle East & Africa is expected to enjoy lucrative prospects owing to the large presence of oil & gas companies in the region.
Launch of Cutting-Edge, Cost-Effective Solutions by Key Players to Spur Competition
Key players in the market for drone surveillance for energy and power are concentrating their energies on developing and introducing drone solutions that are not only top-of-the-line but are also cost-effective for end-users. Apart from this, companies are also investing in new market entrants to leverage their ideas and innovations.
- August 2020: Equinor, the energy company based in Norway, announced the completion of the world’s maiden logistics operation using drones to an offshore construction. Manufactured by Schiebel, the drone carried a 3D-printed component for the lifeboat system on the Troll A platform in the North Sea.
- July 2020: Texo DSI announced the successful delivery 3D digital twins of four offshore platforms – Tern Alpha, Cormorant Alpha, North Cormorant, and Eider Alpha – for its client, TAQA in the North Sea. Texo deployed UAVs to collect survey data from all four assets and the operation was completed in one week.
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights
- Impact of COVID-19 on the Drone Surveillance Market for Energy & Power
- Supply Chain Challenges
- Steps Taken by the Industry/Government/Companies to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities due to COVID-19 Outbreak
- Global Drone Surveillance Market for Energy & Power Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Fixed Wings
- Hybrid Others
- Market Analysis, Insights and Forecast – By Application
- Pipeline Monitoring and Inspection
- Offshore Platform Inspection
- Wind Turbine Inspection
- Power Plant Inspection
- Solar Panel Inspection
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- The Middle East & Africa
- Latin America
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Drone Services Market Size, Share and Industry Analysis, By Type (Fixed-wing and Rotary-wing), By Application (Aerial Photography, Delivery & Pick up, Surveillance & Inspection, Data acquisition & Analytics, and Remote Sensing & Environment Monitoring), By End-use Industry (Agriculture, Homeland Security, Oil & Gas, Logistics, Infrastructure, Media & Entertainment, and Others), and Regional Forecast, 2019- 2026
LiDAR Drone Market Size, Share and COVID-19 Impact Analysis, by Type (Solid-state LiDAR and Mechanical LiDAR), By Application (Fixed Wing, Multirotor, Helicopter, Hybrid Multirotor), and Regional Forecasts, 2020- 2027
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