Drones for Oil and Gas Market size was valued at USD 14.42 billion in 2023 and is likely to cross USD 1.07 trillion by the end of 2036, expanding at more than 39.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of drones for oil and gas is estimated at USD 18.95 billion.
The market is set to witness significant growth during the forecasted period due to the rising adoption of drones across all three oil and gas industry sectors. The development of the market can also be attributed to factors such as improving drone technology globally. In January 2018, the United States awarded 19 deepwater blocks, which led to 39 bids for the 19 blocks. The auction received an approximate investment of USD 1.4 billion.
Author Credits: Dhruv Bhatia
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