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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.
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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.
List of Key Players Covered in the Market:
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Value (USD Million)