Market Research Future published a research report on “Robotic Drilling Market Research Report-Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
The global robotic drilling market is progressing rapidly. According to Market Research Future (MRFR), the value of this market is expected to reach over USD 940 BN by 2023 from USD 650 BN in 2017. MRFR confirms that this appreciation of market value would be at a healthy CAGR of 7.2% throughout the forecast period (2018 to 2023).
The oil and gas industry is witnessing robotic revolution, investing heavily in the developments and integration of robotics in offshore and onshore drilling activities. A fully automated, unmanned, and remote-operated drilling platform has always been a dream for oilfield operators. Robotic drilling systems help to reduce costs, enhance efficiency, and increase security in drilling activities.
With robotics, the O&G sector has taken a huge technological leap forward. Oilfield companies are investing hugely to gain advantages of accessing robotics in deep-space exploration missions to increase the success of their drilling operation. Indeed, these companies are banking on in step-change robotics has brought in the way they market their portfolio of refined products, increasing the efficiency of operations.
Due to the robotics, the gas production in various countries such as Russia, Australia, Malaysia, and the North American and Middle Eastern countries have not only increased but also stimulated regional and international trade in liquid natural gas (LNG). The O&G industry is continuously looking to adopt advanced technologies, and the demand for robotics in the industry is growing as the technology becomes more refined.
Additional factors that are substantiating the growth of the Robotic Drilling Market include the augmenting demand for energy and the rising crude oil prices led by the increasing population, urbanization, and industrialization. Also, increasing drilling and oilfield exploration activities driven by the augmenting demand for energy are positively impacting the growth of the market.
Moreover, advantages those robotic drilling systems bring, such as the reduced cost, minimized human intervention and human error while, increased production, efficiency, and safety in drilling operations, are influencing the market growth. Besides, safety regulations that are becoming stricter and the increased demand for safety on oil rigs have increased the adoption of robotic drilling.
On the other hand, presently, there is a lack of interoperability of rig control systems that restraints market growth. Nevertheless, technical advancements are expected to help mitigate this to a certain extent in the coming years. Deep-water exploration that is potentially highly dangerous and expensive for manned operations due to the water pressure in these areas have been increasing the demand for the automated drilling process.
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National Oilwell Varco, Sekal, Ensign Energy Services, Automated Rig Technologies, Odfjell Drilling, Nabors – Rds, Rigarm, Weatherford International, Huisman Equipments, Drillmec, are some of the top contenders in the robotic drilling market, as per the MRFR report.
The report segments the market into four key dynamics to widen the scope of understanding,
By Installation Type : Retrofit and New Builds, among others.
By Component : Hardware, Software
By Application : Onshore and Offshore.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Asia Pacific or APAC, North America, the Middle East and Africa or MEA and Europe are the top markets considered for robotic drilling systems.
North America tanks among the top markets for robotic drilling systems, thanks to the boom in the shale gas exploration in recent years. Exploration activities have increased in the Gulf of Mexico, which further complements the regional market growth for robotic drilling systems. In the wake of rising oil prices and the drop in the drilling cost, the United States (U.S.) has observed a surge in offshore oil production as well as offshore rig count, translating to considerable business growth in the region.
The APAC market can progress at a notable pace in the approaching years, backed by factors such as the soaring demand for crude oil, especially in India. The latest technologies like IoT and artificial intelligence have boosted the demand for automation, resulting in market growth for robotic drilling systems in the region.
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Table Of Contents: Global Robotic Drilling Market
- Executive Summary
- Scope Of The Report
- Research Methodology
- Robotic Drilling Market Landscape
- Pipeline Analysis
- Market Sizing
- Five Forces Analysis
- Robotic Drilling Market Segmentation
- Customer Landscape
- Regional Landscape
- Decision Framework
- Drivers And Challenges
- Robotic Drilling Market Trends
- Vendor Landscape
- Vendor Analysis
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