Oil and Gas Robotics Market

Global Oil and Gas Robotics Market Size (2024 to 2029)

The size of the global Oil and Gas Robotics market is expected to be worth USD 18462 Million in 2024 and USD 23901 Million by 2029, growing at a CAGR of 5.3% from 2024 to 2029.

Inspection robotics are used to perform inspection and maintenance tasks on industrial resources reducing human intervention, increasing operational productivity, and improving well-being. There are a few types of mechanical arrangements accessible in the oil, gas, and petrochemical industries, ranging from subsea frames to versatile automated frames.

Inspection robots in the oil and gas industry are intelligent robots and devices developed and used for the inspection, monitoring, and surveillance of oil and gas pipelines, platforms, platforms, storage tanks, and other oil and gas structures. Oil and gas examination robots incorporate Unmanned Underwater Vehicles (UUVs), Unmanned Aerial Vehicles (UAVs), and Unmanned Ground Vehicles (UGVs). UUVs incorporate distantly worked submerged vehicles (ROVs) and self-sufficient submerged vehicles (AUVs). The absolute worldwide venture (capital use) of investigation robots in the oil and gas industry will increment to $ 2.85 billion every 2025, addressing a strong development of XX% each year somewhere in the range of 2016 and 2025.

Global Oil and Gas Robotics Market Drivers: 

Increasing investments in research, creation, and drilling exercises and the number of upstream companies around the world are needed by oil manufacturers such as the United States and OPEC to drive inspection robotics in the oil and gas robotics market.

The oil and gas industry is extremely mind-boggling and dangerous by nature. Due to the staggering cost of inspecting oil and gas pipelines, storage tanks, and stages using ordinary strategies, the oil and gas industries are forced to rethink their current percentage of commercial mechanization. Offshore fields, often located in scandalous conditions, pose fundamental safety challenges for both man and the environment. As offshore drilling exercises move into deep and ultra-deepwater, exercise well-being, for example, submerged maintenance and inspection, becomes increasingly important. This, in turn, leads to increased interest in inspection robotics. The oil and gas industry is now focused on increasing its operating expenses by investing in the latest innovations.

Global Oil and Gas Robotics Market Restraints:

A robot automation task can be troublesome, particularly for organizations with no related knowledge. High capital consumption is required for the acquisition of the robot, yet in addition for joining, programming and upkeep. Now and again, a custom mix might be required, which can additionally add to your all-out cost. Organizations don't generally have space and foundation to execute robots.

Impact of COVID-19 on the oil and gas robotics market:

A significant trend that has been observed in the Asia-Pacific region is the displacement of the manufacturing capabilities of many multinational companies outside of China. Although most of the potential destination countries for manufacturing, such as India, Thailand, and the Philippines, among others, belong to the same Asia-Pacific region, investment in manufacturing capacity outside of China will increase. Therefore, this offers a significant growth opportunity for industrial robot suppliers to quickly partner with investors in countries such as India, Thailand and the Philippines to take advantage of the situation. Market players must assess countries 'manufacturing infrastructure and propose end-to-end and integrated robotic solutions to improve the quality and efficiency of countries' production. The COVID-19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increase. The COVID-19 disease has infected more than 1.8 million people worldwide, with the United States accounting for approximately 30% of cases. Globally, the death toll has exceeded 110,860, according to the latest Worldometer statistics (as of April 12, 2020). The number continues to rise and the duration of the pandemic remains difficult to predict. Following a slowdown in global demand for industrial robots due to the COVID-19 pandemic, major suppliers of industrial robots are expected to struggle through 2020.

REPORT COVERAGE:

This research report on the global oil and gas robotics market has been segmented and sub-segmented based on product, application, component, and region.

Global Oil and Gas Robotics Market - By Product:

• Remotely operated vehicles
• Autonomous underwater vehicles
• Unmanned aerial vehicles
• Unmanned ground vehicles

The autonomous underwater vehicles segment is leading with the highest shares of the market. An autonomous underwater vehicle (AUV) is an unmanned submersible vehicle that does not require any real-time input or command from a human operator or driver and therefore operates autonomously. AUVs are robotic vehicles pre-programmed with mission parameters and then deployed to the ocean. An unmanned ground vehicle (UGV) is a vehicle that operates in contact with the ground and without a human presence on board.

Global Oil and Gas Robotics Market - By Application:

• Inspection
• Monitoring
• Surveillance

By application, the inspection segment is leading with the dominant shares of the market. The purpose of the inspection is to verify the climatic conditions; the product is manufactured in accordance with the standards and the specifications by checking the products at random. At the program level, the purpose of monitoring and evaluation is to systematically monitor implementation and results and to measure the effectiveness of programs. It helps determine exactly when a program is on track and when changes may be necessary.

Global Oil and Gas Robotics Market - By Component:

• Hardware
• Software

The hardware segment is anticipated to rule the largest shares of the oil and gas robotics market. PC hardware alludes to the actual pieces of a PC and related peripherals. Internal equipment gadgets incorporate motherboards, hard drives, and RAM. The interior equipment parts of a PC are regularly called segments, while the outer equipment gadgets are by and large called peripherals. Programming is the projects and schedules of a PC or the equipment program of an electronic gadget that makes it work.

Global Oil and Gas Robotics Market - Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

Among these, the Asia-Pacific region is expected to be an important part due to high adoption from countries such as China and India. Asia-Pacific has just launched major projects to investigate the offshore oil and gas industry. The oilfield directors have also distributed a large amount of cash for the advancement of offshore fields, which in turn, is expected to offer an open door to a remarkable business development for robotic inspection in the oil industry market for oil and gas.

KEY MARKET PLAYERS:

Major Key Players in the Global Oil and Gas Robotics Market are ABB Ltd., AeroVironment Inc., Alstom Inspection Robots, Cyberhawk Innovations Ltd., ECA Group, Flyability S.A., FMC Technologies Inc., Honeybee Robotics, Hydrovision Ltd., IKM Subsea AS, ING Robotic Aviation, International Submarine Engineering (ISE) Ltd., Inuktun Services Ltd., MISTRAS Group Inc., OC Robotics, Seegrid, Sky-Futures, VDOS, and others.

RECENT HAPPENINGS IN THE MARKET:

• Honeybee Robotics has long supported NASA exploration missions. The company's systems for drilling, coring, and physical sampling of Mars, the Moon, and asteroids are designed to support scientific research and human exploration.
• FMC Technologies, Inc. (NYSE: FTI) reported today that it had finished the exchange to get the excess 55% of the exceptional portions of Schilling Robotics LLC ("Schilling").
• Flyability will present Elios 2, and a live demonstration of the BVLOS UAS RVI confined space at the ASME Robotics for Inspection and Maintenance Forum in Disaster City, TX.
• AeroVironment, which claims to be the largest drone supplier to the US Army, is also an example of a pure and profitable robotics company.
• ABB India announced on Friday the opening of its new robotics plant in Bangalore to support the digital transformation of manufacturing in India.