London, 27 October 2015: Technavio, the independent tech-focused global research firm, has published a report on the global inspection robots market in oil and gas industry 2015-2019, which is expected to grow at a CAGR of 20.46% during the forecast period 2014-2019.
Inspection robots play an important part in the oil and gas industry by taking the invaluable role of inspection, monitoring, and surveillance of complex structures and, thereby averting any disasters that may occur otherwise. The use of these robots helps in reducing human intervention, increases operational efficiency, reduces cost and improves safety.
“It is expected that inspection robots could find huge demand in the oil and gas industry in the coming years due to ageing pipelines, storage tanks, and an increasing number of drilling projects, particularly in the offshore segment,” says Faisal Ghaus, Vice President of Technavio.
“ROVs for inspection and monitoring are expected to have the highest demand during the forecast period, with inspection drones anticipated to have the highest year-over-year growth depending on expected relaxation of government regulations for commercializing drones.”
Key Market Drivers
- Increase in offshore drilling
- High cost of pipeline, storage tank and oil and gas platform inspection using conventional methods
- Growing interest in UAV/UAS not only by US and European countries but also by emerging countries
Key Market Trends
- Focus on developing application specific sensors
- Demand for mini/small ROVs and hybrid ROVS (HROVs)
- Longer mission life, reduced power requirements and miniaturization
Key Market Vendors
- ALSTOM Inspection Robotics
- Honeybee Robotics
- Inuktun
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Inspection Robots Market in Oil and Gas industry 2015-2019, please send an e-mail to media@TechNavio.com.
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