Oil and Gas Industry to Drive Global Drone Market to $89.6 Billion in 2030

Oil and Gas Industry to Drive Global Drone Market to $89.6 Billion in 2030

The global drone market is set to grow from $13.7 billion in 2021 to $89.6 billion in 2030. The market share of commercial drones is expected to increase from 34% to 64% during the period, aided by significant adoption in the oil and gas industry, forecasts GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Drones in Oil & Gas,” reveals that the recent regulatory changes across key markets have boosted the scope for drone deployment in the oil and gas industry. The March 2022 US Federal Aviation Administration (FAA) update on beyond visual line of sight (BVLOS) drones is expected to benefit drone manufacturers as well as industrial users in the country. It might provide an impetus to the technology development, especially in BVLOS drones.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Drones have been conventionally flown within the visual line of sight (VLOS) at industrial sites, wherein the drone is visible to the operator on the ground. BVLOS offers extended coverage by expanding the purview of drones beyond the visibility of the operator. Earlier, BVLOS capabilities of the drone were seldom utilized for commercial deployment due to regulatory skepticism towards potential incursions.”

In the oil and gas industry, drones are being deployed for a variety of applications, including the inspection of offshore platforms, refining equipment, leak detection in midstream assets, emergency response, and material handling.

Puranik continues: “In the past decade, the oil and gas industry tentatively experimented with drone deployment to monitor field equipment scattered over large areas. The industry then began collaborating with drone manufacturers to develop devices suitable for industry specific deployment. Over time, newer use cases were identified and implemented for drones, such as methane management.”

Image sensors or cameras with visual (RGB), infrared (IR), and lidar (light detection and ranging) capabilities offer enhanced data collection capabilities for drones. Besides, gas detectors installed on drones enable to collect emission related datapoints.

Puranik concludes: “Advances in drone-based imaging, sensing, and data transmission are helping the oil and gas industry to devise newer use cases for drones. The role of drones in inspection has expanded from capturing RGB pictures/video to using infrared and laser technologies to record corrosion, weathering, and spacing characteristics of the asset under consideration.”

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

Related posts

Subscribe to OILMAN TodayDelivered to your inbox

Subscribe to OILMAN Today, a biweekly newsletter delivered to your inbox covering oil and gas business news, current events and industry information you need to know about.