Latin America Oil and Gas Drone Services Market Report Analysis Based On Growth Trends, Consumption, Market Size & Demand 2019-2024

Latin America

Nov 25, 2019 (The Expresswire) — Latin America Oil and Gas Drone Services Market investigation reports give a significant wellspring of quick information for business strategies and focused examination. It furnishes the India Lead-Acid Battery business review with development investigation and cutting edge cost, income, Demand and supply information.

Market Overview

The market for oil and gas drone services in Latin America is expected to grow at a CAGR of approximately 73.50% during the forecast period of 2019 2024. Several oil and gas companies such as BP, Shell, and Exxon Mobil have started to digitalize their operation (drone services are a part of digitalization in oil and gas industry) across all the three sectors. The increasing investment of these companies in the Latin American oil and gas market is expected to drive the demand for drone services. Though drones are cost efficient and saves a lot of time, technological limitation such as shorter flight time, low speed, vulnerability to hackers, and susceptibility to weather are restraining the market growth. Also, lack of availability of sophisticated commercial drones which can perform inspection activity involving higher complexity is currently hindering widespread adoption in the market.

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– With the emergence of upstream activities in the region, the demand for associated infrastructure such as pipelines and refinery are also expected to increase in these market, offering greater business opportunities for the drone service providers.
– Brazil is expected to dominate the market over the forecast period owing to the increasing adoption of drones in the upstream, midstream, and downstream oil and gas sectors of the country.

Key Market Trends

Brazil to Dominate the Market

– Brazil accounted for almost 40% of the market share in 2018 and is expected to continue its dominance in the coming years.
– In a bid to overcome the oil and gas downturn and attract investment from international oil and gas companies, the country has implemented several measures including implementation of a multi-year transparent bidding process, more flexible local-content policies, and the abolishment of the mandatory requirement that Petrobras be the sole operator in pre-salt oil fields, and has attracted interests from international oil and gas operators such as Shell, Exxon Mobil, BP and Wintershall, particularly for offshore developments.
– The Pre-Salt region of Brazil remains as one of the prominent center of attraction for offshore development, accounting for approximately 63% of the world´s deepwater oil discoveries and 36% of the world´s oil discoveries in the past decade. The region is expected to witness large number of exploration and development activities in the coming years as oil prices pick up coupled with other favorable factors such as favorable government policies and decreased project breakeven prices.
– Moreover, with increasing presence of international EandP companies with experience of using techno-economical technologies such as drones in other regions for the complex oil and gas projects, the demand for drone services for the monitoring of complex installation are expected to increase from the upstream sector.
– Currently, Petrobras controls all the refineries in the country and is using drones for few of its operations in upstream. However, drone is not a popular option for inspection in midstream and downstream operations, despite several accidents at the refinery sites in the past few years.

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– In August 2018, the country witnessed fire in two units in its Replan refinery, owned by Petrobras, a state-run Brazilian oil and gas company, resulting in huge loss of production, time and money. Similarly, in August 2016, a major mishap in the REDUC refinery, resulting in complete shutdown of the refinery, severely affected the country’s fuel output. Such incidents are expected to encourage the downstream sector to turn towards drone for better inspection of their asset and mitigate risks.

Competitive Landscape

The Latin America oil and gas drone services market is consolidated. The key players in this market include Cyberhawk Innovations Limited, SkyX Systems Corp, DATUM INGENIERÍA, and Texo Drone Survey and Inspections Limited.

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