Report : Robotic Drilling Market to 2025 - Global Analysis and Forecasts by Component (Hardware and Software), Installation Type (New Build and Retrofit), and Application (Onshore and Offshore)
According to the new research report published by The Insight Partners, titled “Robotic Drilling Market– Global Analysis and Forecasts to 2025”, the global robotic drilling market is expected to reach US$ 946.6 Mn in 2025, registering a CAGR of 5.6 % during the forecast period 2018-2025.
With robotic drilling being introduced in the oil & gas industry, the sector finally has stepped into the world of automation and digital process control. Unmanned operations at the oil rigs for extraction purposes had been the dire need for the industry and has finally been made possible with Robotic Drilling System AS pioneering in this market. Primarily, the oil & gas sector is characterized by high amount of uncertainty owing to the fluctuating demands for oil & gas products worldwide, environmental impacts, and legislations laid down by several authorities on these operations. Hence, the oil drilling business is also sometimes referred to as highly risky business in financial terms as well as for the human capital involved. Digital Transformation Initiative removed the bottlenecks associated with operational costs, human lives risks, and productivity concerns. The robotic drilling companies today need to comply with environmental legislation, improving worker safety, and also ensuring reliable platform for operation.
The global robotic drilling market has been segmented on the basis of component, installation type, and application. On the basis of component, the market has been bifurcated into hardware, and software. The robotic drilling installations include either a new build or retrofitting, and therefore the market has been segmented into these two types. Robotic drilling is basically done for extracting oil & gas from the oil wells which are basically located either onshore or offshore. Hence, on the basis of application, the robotic drilling market has been segmented into onshore and offshore.
Key findings of the study:
In 2017, North America is led the market with more than one third share of global robotic drilling market. 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).
North America and Europe together contributed to the largest share of market revenue which accounted for more than 60% of overall market.
The global robotic drilling market based on application was led by onshore application segment which held more than two-third of market share in 2017 and is anticipated to continue its dominance during the forecast period. The demand for onshore drilling is growing owing to the lower costs incurred for onshore drilling activities. The new innovations and advanced technologies also boost the onshore drilling system market as several companies are focusing towards the development of the entire ecosystem.
The key companies profiled in this report include 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.
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