Surging need for a safer and high quality drilling system with the reduction in the human intervention is projected to escalate the market growth at a CAGR of 5.6%
Latest market study on “Robotic drilling Market to 2025 by Component (Hardware and Software), Installation Type (New Build and Retrofit), and Application (Onshore and Offshore) – Global Analysis and Forecast”, the robotic drilling market is estimated to reach US$ 946.6 million by 2025 from US$ 619.4 million in 2017. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
North America is the dominant region in the robotic drilling market and this region is expected to continue its lead during the forecast period. The rise in production of shale gas is significantly driving the market for robotic drilling in the region. Further, North America has over 14% of the crude oil and 6% of the natural gas reserves in the world. The advanced drilling technologies including horizontal direction drilling and hydraulic fracturing have aided North America for sustaining the downturn of oil prices. Furthermore, the enhancements in the drilling technologies including dynamic positioning equipment have driven growth in the offshore drilling. It is expected that the offshore drilling activities would further witness growth owing to the US government support for opening of over 90% of outer continental shelf (OCS).
Currently, retrofit is the leading installation type segment, which is also expected to grow at a higher rate during the forecast period. Retrofit drilling solution facilitate instant and customized automated as well as innovative rigs that helps to create unique experience for the user. Retrofit installation type is the supplementary features or modifications done to enhance the operational efficiency of the existing drilling systems. In retrofitting installation type, the traditional hydraulic drill machines are replaced with a new generation of robot or electrical machines.
The major players operating in the robotic drilling market are Nabors Industries Ltd., Rigarm, National Oilwell Varco, Inc., Sekal AS, Huisman Equipment B.V., Automated Rig Technologies Ltd., Drillmec Inc., Ensign Energy Services Inc., Abraj Energy Services, and Drillform Technical Services Ltd.
The report segments the global robotic drilling market as follows:
Global Robotic Drilling Market– By Component
Global Robotic drilling Market– Installation Type
Global Robotic drilling Market– By Application
Global Robotic drilling Market– By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SA)
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