Drones For Petroleum Market Is Driven By The Relaxation By The Regulatory Authorities On The Commercial Use Of UAVs

According to a new market research report published by Credence Research “Global Drone for Petroleum Market (Type (Fixed Wing, Rotary Blade, Hybrid); Technology (Remotely Operated, Semi-autonomous, Autonomous); Application (Inspection & Monitoring, Data Gathering, Leakage & Damage Detection, Others)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the drone for petroleum market is set to grow with a CAGR of 13.5% during the forecast period.

Market Insights

The global drone for petroleum market is driven by the supportive government regulation and policies across the globe. The government across the countries has allowed the use of the drones for the certain commercial applications. The governments are constantly working towards the development of regulatory framework to provide the safe and secure environment for the use of UAVs. This is acting as a major driver for the drones for petroleum market. Moreover, the decline in the price of the drones over the past five years is also acting as a major driver for the increasing adoption of drones for industrial applications.

The drone for the petroleum market is categorized based on the types into fixed wing drones, rotary blade drones and hybrid drones. The rotary blade drones are estimated to account for more than 60% share in the market in 2018. The ability of the rotary blade to provide steady take-off and landing is the primary factor driving the growth of the market. Moreover, the design of the rotary blade drone offers better control over the flight as compared to the fixed wing drone. This is also acting as a major factor driving the demand for the rotary blade drone.

The Asia Pacific is projected to grow at a CAGR of over 14.5% during the forecast period. The growth of the market is driven by the supportive government initiatives and policies in the region to promote the use of drone for commercial purpose. Furthermore, the presence of the top drone manufacturers, such as DJI, in the region particularly China is also supporting the growth of the market in the region. Moreover, the increasing adoption of the drones for the commercial applications in the region is also accelerating the growth of the market in the region.

Prominent vendors in the Drone for Petroleum market are Airobotics, Airware, Inc., BAE Systems Inc., Cyberhawk Innovations Limited, DJI, Parrot, Phoenix LiDAR Systems, PrecisionHawk, Sharper Shape Inc., Sky-Futures Ltd, SkyX, and Unmanned Experts Inc.

 

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