Drone Surveillance Market for Energy & Power to Reach USD 476.5 Million by 2028; Indian Oil Corp (IOC) to position Drones across Nation Set to gain Momentum

The global drone surveillance market size for energy and power was USD 118.8 million in 2020. The market is projected to grow from USD 142.0 million in 2021 to USD 476.5 million in 2028 at a CAGR of 18.9% in the 2021-2028 period. This information is provided by 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, 2021-2028.” The rising installations of wind turbines and growing inclination towards drone inspection methods are likely to bolster the market growth.

COVID-19 Pandemic to Impede Demand for Drone Surveillance Services

The COVID-19 pandemic has had an adversarial influence on the oil and gas industry. Oil and gas rigs are running in constrained numbers owing to the spread of the coronavirus. After the COVID-19 outbreak, drone service operators observed a decline in the demand for drone surveillance services for uses such as pipeline inspection and monitoring as well as offshore platform examination.

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Pertamina, Pelita Air Develop Drones for Mining Functions

T Pertamina Hulu Energi (PHE), which is a subsidiary of state-run oil firm PT Pertamina, is partnering up with PT Pelita Air Service to form unmanned aerial vehicles (UAVs), or drones, intended for their upstream oil and gas mining functioning. Alpius Dwi Guntara, the vice president of Pertamina Upstream Innovation explained that the partnership deal was a form of interaction to strengthen proficiency and share knowledge relating to drones that the company was involved in earlier.

Growing Inclination towards Drone Inspection Methods to Boost Growth

Conventional inspection methods such as scaffolding, helicopter inspection, as well as rope access are time-consuming, while the drone inspection process is time and cost-efficient. Consequently, drone inspection technology is extensively favored across industries, ranging from oil and gas to energy and naval defense to utility.

Procurements Initiated by Significant Companies to Sponsor Market Growth

The leading players in the market repetitively opt for resourceful approaches to bolster their brand value as well as promote the global drone surveillance market growth for energy and power with least possible hindrances. One such effective approach is acquiring competitive companies and further safeguarding a profit for both the companies.

Industry Development

• August 2021- Indian Oil Corp (IOC) is positioning drones to monitor its enormous network of pipelines across the nation. The country's top oil company at present utilizes an amalgamation of cultured technology and patrolling to identify any leakage from the pipeline network covering over 15,000 kilometers.

List of Key Players Covered in the Market Report

• Aerodyne Group (Malaysia)
• Aesthetix Global (UAE)
• Airobotics Ltd. (Israel)
• Azure Drone SAS (France)
• BAE Systems Inc. (U.K.)
• Cyberhawk Innovations Limited (U.K.)
• Martek Aviation (U.K.)
• Mistras Group (U.S.)
• Percepto (Israel)
• SEIKEY Srl (Italy)
• Sky-Futures Ltd (U.K.)
• Sphere Drones (Australia)
• Terra Drone Corp. (Japan)
• Viper Drones (U.S.)
• Avitas Systems, Inc. (U.S.)
• Australian UAV Pty Ltd (Australia)
• Qualcomm Technologies (U.S)
• Texo DSI (U.K.)

Further Report Findings

• On the basis of type, the market is classified into multirotor, fixed-wing, and hybrid. Among these, the multirotor drone type segment documented the highest market share in 2020.
• North America dominates the drone surveillance market share for energy & power. This dominance is accredited to the extensive adoption of drone technology in the U.S. for pipeline examination and monitoring applications.

Table of Segmentation