Drone inspection for Oil and Gas industry enables the monitoring of the pipeline right-of-ways, inspection of well sites, and management of several oil and gas assets efficiently. It is a flexible, cost-effective way to inspect the oil and gas assets, where traditional methods of inspection prove to be dangerous and time-intensive. These systems deploy an array of visual and advanced sensors to collect data over the assets, which is then processed and analyzed using proprietary algorithms to produce deliverable reports for appropriate action. The prevention of hazards to workers and fast-paced developments in drone-based sensor technology are strengthening the global drone inspection market for oil and gas.
The "Global Drone Inspection Market for Oil and Gas Analysis to 2028" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of Drone Inspection Market for Oil and Gas market with detailed market segmentation by application, immersion technology, platform, end user, and geography. The global Drone Inspection Market for Oil and Gas market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Drone Inspection Market for Oil and Gas market players and offers key trends and opportunities in the market.
- On the basis process type, the market is segmented as upstream, midstream, and downstream.
- On the basis of location, the market is bifurcated into on-shore and off-shore.
- On the basis of application, the market is segmented into Security Monitoring, Gas Emissions Monitoring, Spill Detection, Thermal Monitoring, Surveying and Mapping, and Others.
- Growing incidents of safety hazards in oil and gas industry
- Flexible, time-efficient and operable in complex terrains
- Advancement in drone and drone-based imaging and sensor technologies.
- Replacement of oil and gas by renewable energy sources
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Drone Inspection Market for Oil and Gas by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Drone Inspection Market for Oil and Gas in these regions.
IMPACT OF COVID-19 ON DRONE INSPECTION MARKET FOR OIL AND GAS MARKET
The COVID-19 impacted the global supply chain resulting in the shortage of supply for Drone Inspection Market for Oil and Gas. Moreover, the global oil and gas industry has emerged as the worst performer in the world economy in terms of post-pandemic performance in the second quarter of 2021. However, the oil and gas companies worldwide have been adopting remote work for inspection and monitoring based applications. Drones provide an effective solution for the inspection of oil and gas fields by reducing human interaction and allowing the decision-makers to act according to the data collected. This factor has led to a rise in demand for drone-based inspection solution across the industry. Therefore, the negative impact of COVID-19 pandemic on the market due to plummeting oil and gas industry has been subsided by the growing requirement of technologies assisting in remote operations.
The report covers key developments in the Drone Inspection Market for Oil and Gas market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Drone Inspection Market for Oil and Gas market are anticipated to lucrative growth opportunities in the future with the rising demand for Drone Inspection Market for Oil and Gas in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Drone Inspection Market for Oil and Gas market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Dacon Inspection Technologies
- Equinox's Drones
- Precision Hawk
- Scout Drone Inspection AS
- TERRA DRONE CORPORATION
- Viper Drones
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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to country scope.
3. Dacon Inspection Technologies
4. Equinox's Drones
7. Precision Hawk
8. Scout Drone Inspection AS
9. TERRA DRONE CORPORATION
10. Viper Drones
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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