Inspection Robotics in Oil & Gas Market

The global Inspection Robotics in Oil & Gas market was valued at USD 1.1 Billion in 2020 and is projected to reach USD 2.18 Billion by 2028, growing at a CAGR of 8.93% from 2021 to 2028.

Inspection robotics is used to conduct inspection and maintenance responsibilities on modern causes by decreasing human intervention, increasing operational potency, and supporting wellbeing. There are a few species kind of mechanical arrangements available in the oil, gas, and petrochemical industries, ranging from subsea frameworks to versatile automated frameworks.

The global Inspection Robotics in Oil & Gas market is segmented based on by Type, Application, Regions, and Countries. This report provides an analysis of the global Inspection Robotics in Oil & Gas market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report covers exhaustive analysis on the global Inspection Robotics in Oil & Gas industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. The report provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028. 

COVID-19 pandemic led to government of numerous countries across the globe to impose stringent lockdown measures during the primary stages. This led to numerous challenges owing to the supply chain. However, the market witnessed steady growth over the later stages as the governments lifted restrictions on construction activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long-term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The rising investments in investigation, creation, and drilling exercises is anticipated to augment the growth of the inspection robotics in oil & gas market over the forecast period.

The increase in number of upstream projects across the globe is further expected to support the growth of the inspection robotics in oil & gas market in the years to come.

The increasing installation cost is expected to hinder the growth of the inspection robotics in oil & gas market in the years to come.

Type Analysis: Preview

On the basis of Type, the market is segmented into ROVs, AUVs, UAVs, UGVs, Smart PIGs, Others. Virtual Appliance held the highest share in the global Inspection Robotics in Oil & Gas market and is projected to witness the same trend during the forecast period. Companies in this sector are opting to advanced technologies in their supply chain to cater the end user requirements effectively.

Application Analysis: Preview

Based on Application, the market is segmented into Oil and Gas Pipelines, Oil Storage Tanks, Platforms, Rigs, Other Oil and Gas Structures. Healthcare accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028. 

Based on region, the global Inspection Robotics in Oil & Gas market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. Developing economies in the Asia Pacific region such as China and India are expected to make notable contributions in the growth over the coming years. Thus, it is expected that the Inspection Robotics in Oil & Gas market is anticipated to rise over the forecast timespan.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Inspection Robotics in Oil & Gas market are International Submarine Engineering (ISE) Ltd., Seegrid, VDOS, ECA Group, Cyberhawk Innovations Ltd., AeroVironment Inc., FMC Technologies Inc., ING Robotic Aviation, Hydrovision Ltd., Sky-Futures, OC Robotics, MISTRAS Group Inc., ABB Ltd., Inuktun Services Ltd., Flyability S.A., IKM Subsea AS, Alstom Inspection Robots, Honeybee Robotics.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• The global Inspection Robotics in Oil & Gas market was valued at USD 1.1 Billion in 2020
• The global Inspection Robotics in Oil & Gas Market is projected to reach USD 2.18 Billion by 2028
• Asia Pacific held the highest share of the Inspection Robotics in Oil & Gas market in 2020
• Some of the major companies operating in the Inspection Robotics in Oil & Gas market are International Submarine Engineering (ISE) Ltd., Seegrid, VDOS, ECA Group, Cyberhawk Innovations Ltd., AeroVironment Inc., FMC Technologies Inc., ING Robotic Aviation, Hydrovision Ltd., Sky-Futures, OC Robotics, MISTRAS Group Inc., ABB Ltd., Inuktun Services Ltd., Flyability S.A., IKM Subsea AS, Alstom Inspection Robots, Honeybee Robotics.