Pune, India, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The report on inspection robotics in oil and gas industry market by Fortune Business Insights is titled, “Inspection Robotics in Oil & Gas Industry Market Size, Share and Global Trend By Type (AUVs, RUVs, Others), By Application (Upstream, Midstream, Downstream), By Deployment (Onshore, Offshore) and Geography Forecast till 2030.” The report offers a comprehensive overview of the global market with special emphasis on growth drivers and restraints, trends and opportunities. Companies operating in the market are listed in the report, with key strategies adopted by these players. The information presented in the report is based on primary and secondary research methods. The report is available for sale on the company website.
The testing of robots for plant inspection was successful in June 2019 by Mitsubishi Heavy Industries (MHI). This robot will help to protect explosion and will be used by the power generation plants. Such innovations are anticipated to drive the global inspection robotics in oil and gas industry market, says Fortune Business Insights in their new study. According to the report, the increasing number of upstream undertakings by major oil companies is an important factor boosting the global inspection in oil and gas industry market.
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Growth Factor:
Rise in Operational Productivity to Boost Market
The rise in exploration and drilling activities are considered major factors driving the global inspection robotics in oil and gas industry market growth. Inspection Robotic in oil and gas industries are used for performing maintenance and inspection tasks on industrial resources by improving well-being, reducing human intervention, and increasing operational productivity. This factor is anticipated to promote the global inspection robotics in oil and gas industry market growth in the forthcoming years.
However, the blooming of the oil and gas industry has created major environmental concerns and this may restrict the inspection robotics in oil and gas industry market growth in the coming years. In addition to that, the high cost of stockpiling tank, oil and gas stage inspection, and pipelines may also cause hindrance to the overall market growth in the coming years.
The rise in investments for creation, investigation, and drilling exercises are likely to bode well for the market as well. Furthermore, the rise in the number of upstream undertakings on a global basis will also help the market attract high revenue in the years to follow.
COVID-19 Impact:
The outbreak of COVID-19 has affected various industries, which affected the sales. The global lockdown and stringent restrictions imposed by governments created a long halt on the production operations of several companies. This affected the major key players' sales and revenue generation rate. To maintain social distancing norms imposed by governments, various companies have reduced the operating workforce that affected their production and supply chain.
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Report Coverage:
The report on the Inspection Robotics in Oil & Gas market provides interesting insights into the market. The report emphasizes mainly on current trends and upcoming opportunities that will bode well for both overall market revenue as well as for the vendors. Besides that, the report throws light on major growth trajectories such as strategic collaborations, merger and acquisition, contracts, investments in research and development, and others. Such information will be helpful for market vendors to accordingly invest in the market and earn high Inspection Robotics in Oil & Gas market shares during the forecast period.
Regional Analysis:
North America to Attract High Revenue Owing to Presence of Major Players
As per the report, the market is anticipated to be dominated by Asia Pacific on account of high adoption ability in nations such as India and China. This, coupled with huge investments for exploration activities in offshore oil and gas projects is anticipated to show positive inspection robotics in oil and gas industry market growth in the forecast period.
On the other side, the market in Europe is expected to show significant growth because of the huge investments made in advanced technology. The adoption of advanced technology will help to reduce the risk of accidents and thus help Europe generate high revenue in the forecast duration.
The presence of giant oil and gas companies such as Shell, with a vast network of pipeline, coupled with the continuous progress in exploration activities, the market in North America is anticipated to hold the largest inspection robotics in oil and gas industry market share.
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Key Industry Development:
June 2019 – In order to achieve an enhancement in the field of inspection technology, Subsea announced an investment of 17.3 million euros for developing underwater robotics technology.
June 2019 – A Boston-based company for robotics called Square Robots supplied autonomous robot to Phillips 66. This is a type of refiner with new technology for proper inspection of the refinery, thus saving both money and time.
List of Players Operating in the Inspection Robotics in Oil & Gas Market are as follows:
- Alstom Inspection Robots
- Inuktun Services Ltd.
- MISTRAS Group Inc.
- Flyability S.A.
- AeroVironment Inc.
- Honeybee Robotics
- ECA Group
- ABB Ltd.
- International Submarine Engineering (ISE) Ltd.
- FMC Technologies Inc.
- ING Robotic Aviation
- Cyberhawk Innovations Ltd.
- IKM Subsea AS
- Hydrovision Ltd.
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Inspection Robotics in Oil & Gas Market Segmentation:
By Type:
- AUVs
- RUVs
- Others
By Application:
- Upstream
- Midstream
- Downstream
By Deployment:
- Onshore
- Offshore
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