Pune, India, Oct. 26, 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.
Key Industry Developments:
- In Jun 2019, Square Robots, a Boston-based robotics company supplied autonomous robot to Phillips 66 the refiner has completed its first inspection of the ground diesel tank. This new technology helps the company to give proper inspection of the refinery and save their time and money.
- In Jun 2019, Mitsubishi Heavy Industries (MHI) has successfully tested a robot for plant inspection. This new robot helps for explosion protection and it will be used by power generation plant.
- In Jun 2019, Subsea has announced that to invest euro 17.3 million for the development of underwater robotics technology. This investment will enhance in the field of inspection technology.
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Market Growth Driver:
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:
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Report Coverage:
The report covers an overview of market analysis, major competitors, factors that would drive market growth and factors hindering market growth are also included in the report. Varied segments and its details are depicted in the report for better understanding of the attributes. Regional analysis is taken up in order to describe the dominant region in the global market. An in-depth research is done to gain insights of the market and its growth in upcoming time. Market dynamics like regional analysis, growth, and trends are discussed.
Inspection Robotic in Oil & Gas Industry Market Segmentations:
Based on the type, the global inspection robotics in the oil & gas industry market can be segmented into AUVs, ROVs, and others. The ROVs are expected to dominating the market in the above segmentation. ROVs are mostly used for offshore drilling activities.
Upstream and midstream are expected to dominating the market in the above segmentation. Upstream refers to searching, recovery, production of crude oil, and natural gas. This process involves the drilling of exploratory wells so; inspection robotics used to detect a problem in the drilling process where humans can’t access easily. Midstream refers to processing, transport, and storage of oil & gas to the refinery.
Based on deployment, the global inspection robotics in the oil & gas industry market is segmented into onshore and offshore. Inspection robotics in offshore is expected to dominate the market in the above segmentation. Oil & gas industry is one of the hazardous industry.
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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Competitive Landscape: Inspection Robotic in Oil & Gas Industry Market
The market report provides a comprehensive overview of prominent players in the global Inspection Robotic in Oil & Gas Industry Market, offering an in-depth understanding of the competitive landscape. It includes detailed company profiles, strategies, capabilities, historical analysis, cost assessment, and prevailing strategies. By examining the company’s total sales, pricing, and production over the forecast period, readers can gain insights into the market presence of these players. The competitive landscape of the market is further elucidated through an analysis of factors such as top manufacturers, pricing trends, and revenue generation.
List of Players Operating in the Inspection Robotic in Oil & Gas Industry 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 Robotic in Oil & Gas Industry Market Segmentation:
By Type:
- AUVs
- RUVs
- Others
By Application:
- Upstream
- Midstream
- Downstream
By Deployment:
- Onshore
- Offshore
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