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Drone Surveillance Market for Energy & Power to Surge at 19.6% CAGR till 2027; Increasing Focus on Exploration of Offshore and Onshore Energy Reserves to Accelerate Market Growth

December 09, 2020 | Aerospace & Defense

The global Drone Surveillance Market for Energy & Power size is projected to reach USD 415.8 million by 2027 on account of widening utilization of hybrid drones by oil & gas companies, states 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”. The report further states that the value of this market stood at USD 182.7 million in 2019 and is anticipated to register an impressive CAGR of 19.6% from 2020 to 2027.


The COVID-19 pandemic outbreak is likely to have a moderate impact on the Drone Surveillance Market for Energy & Power growth. This will be witnessed because on the one hand, fluctuations in crude oil prices are hindering investments in the oil industry; on the other hand, reduced workforce on rigs and onshore facilities is forcing companies to adopt drones to conduct monitoring and inspection activities.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/drone-surveillance-market-100511


Cyberhawk Signs 5-year Software Deal with Shell


In June 2020, Cyberhawk, a leading unmanned aerial vehicle (UAV) company based in the UK, entered into a five-year, multimillion dollar agreement with Royal Dutch Shell to become the oil major’s global drone provider and operator. Shell will be utilizing Cyberhawk’s flagship cloud-based asset visualization platform, iHawk, to monitor all of its subsea, offshore, and onshore assets as well as its construction ventures around the globe. Cyberhawk will also provide a comprehensive Internet of Things (IoT) solution, integrating third-part sensors and APIs into the iHawk system designed specifically for Shell. Under the contract, the iHawk platform will be installed at a construction project of Shell’s in the US and will be later rolled out at the company’s sites in Africa, Central America, and the UK.


Growing Interest in Offshore Wind to Brighten Market Prospects


The world is on the cusp of a major energy revolution, spearheaded by massive investments in wind, solar, hydropower, and biofuels. Among these, one area where governments and private organizations are showering their attention is offshore wind. In the US in 2018, for instance, the states of Massachusetts and Rhode Island selected developers to build 1,200 MW of offshore wind in the Atlantic Ocean. Further, countries such as the UK are at the forefront of offshore wind. For example, the UK is home to some of the world’s largest offshore wind projects such as the Hornsea 1 off the Yorkshire Coast in Eastern UK, which has the operating capacity of 1.2 GW. These wind farms require efficient and regular monitoring, surveillance, and inspection, which can be achieved through unmanned aircraft systems (UAS). These devices require little human intervention, can collect precise data, and can be programed to detect faults in critical infrastructures.


Key Players to Cater to Clients’ Demand for Efficiency


Companies operating and managing offshore infrastructures are in dire need of technologies to perform inspection and maintenance activities with efficiency. To cater to this growing demand, which has heightened during the current pandemic, key players in the drone surveillance for the energy & power are focused on developing sophisticated UAV products that are effective, efficient, and reasonably priced. The dominant strategies in the offshore drone surveillance market are therefore geared towards meeting client requirements.


Industry Development:



  • January 2019: Sky-Futures deployed its corrosion-resistant Elios drone to provide Close Visual Inspection (CVI) and General Visual Inspection (GVI) services to BW Offshore. The entire project, which involved inspection of 20 tanks, was completed in 9 days, saving BW 51 days of work.


 List of Key Players Covered in the Market:



Further Report Findings:



  • The multirotor segment is expected to dictate the market during the forecast period owing to the extensive application of multirotor drones for a wide variety of operations such as power plant inspection and wind turbine maintenance. The segment’s 2019 share stood at 68.45%.

  • Strong presence of drone companies in the US will ensure North America’s dominance in the offshore drone surveillance market share. In 2019, the region’s market size stood at USD 69.3 million.


Table of Segmentation:








































ATTRIBUTES    



DETAILS



Study Period



2016-2027



Base Year



2019



Forecast Period



2020-2027



Historical Period



2016-2018



Unit



Value (USD Million)



By Segmentation




 



By Type



  • Multirotor

  • Fixed Wings

  • Hybrid



By Application



  • Pipeline Monitoring and Inspection

  • Offshore Platform Inspection

  • Wind Turbine Inspection

  • Power Plant Inspection

  • Solar Panel Inspection

  • Others



By Region



  • North America (By Type, Application and By Country)




    • The U.S. (By Type)

    • Canada (By Type)




  • Europe (By Type, Application and By Country)




    • The U.K (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Russia (By Type)

    • Rest of Europe (By Type)




  • Asia-Pacific (By Type, Application and By Country)




    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific (By Type)




  • The Middle East & Africa (By Type, Application and By Country)




    • South Africa (By Type)

    • GCC (By Type)

    • Rest of the Middle East & Africa (By Type)




  • Latin America (By Type, Application and By Country)




    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America (By Type)



 Global Drone Surveillance Market for Energy & Power
  • PDF
  • 2019
  • 2016-2018
  • 200

    CHOOSE LICENSE TYPE

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    6850
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