Robotic Drilling Market Size (2021-2031) and Regional Overview
The robotic drilling market size is projected to reach US$ 1378.74 million by 2031 from US$ 850 million in 2023. The market is expected to register a CAGR of 6.2% in 2023–2031. Increased drilling activities primarily drive market expansion due to the development of exceptional hydrocarbon resources and the implementation of automation and robots in oil and gas drilling. This leads to higher efficiency and improved rig safety.
Robotic Drilling Market Analysis
Increased exploration activities, as well as a focus on developing new oil & gas fields in a risk-free, cost-effective, and time-efficient manner, are projected to drive the market for robotic drilling systems. However, the volatility of oil prices in recent years, cybersecurity concerns, and high beginning costs have stifled the growth of the robotic drilling industry.
Robotic Drilling Market Overview
Robotic drilling is a leading technology for autonomous drilling operations. Drilling robot controls ensure safe and efficient operations while reducing human error. As populations and cities grow, the world's reliance on fossil fuels has led to a rapid increase in demand for oil and gas. This has led to an upsurge in drilling activity. The use of robotic drilling in oil and gas exploration is on the rise, with the industry likely to expand due to increased industrialization and the exploitation of unconventional hydrocarbon reserves. The expansion of power generation, particularly in emerging economies, is expected to boost market growth. Furthermore, developments in robotic technology operate as an indirect driver, accelerating the growth trajectory of the robotic drilling market.
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Robotic Drilling Market: Strategic Insights
Robotic Drilling Market
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![](https://www.theinsightpartners.com/assets/images/rd_int_img/cagr.png)
CAGR (2023 - 2031)
6.2%
-
Market Size 2023
US$ 850 Million
-
Market Size 2031
US$ 1378.74 Million
Market Dynamics
GROWTH DRIVERS
- Improving Efficiency and Precision in Drilling Operations
FUTURE TRENDS
- Large number of industry partnership with different stakeholders
OPPORTUNITIES
- Focus on Reducing Human Involvement in Hazardous Activities
Key Players
- Baker Hughes
- Schlumberger
- Halliburton
- Caterpillar
- National Oilwell Varco
- Atlas Copco
- Sandvik
- Mitsubishi Heavy Industries
- Komatsu
- Hitachi Construction Machinery
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
 Component
- Hardware
- Software
Installation Type
- New Build
- Retrofit
Application
- Onshore
- Offshore
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Robotic Drilling Market: Strategic Insights
-
CAGR (2023 - 2031)6.2% -
Market Size 2023
US$ 850 Million -
Market Size 2031
US$ 1378.74 Million
![](https://www.theinsightpartners.com/assets/images/rd_int_img/tip-logo.jpg)
Market Dynamics
- Improving Efficiency and Precision in Drilling Operations
- Large number of industry partnership with different stakeholders
- Focus on Reducing Human Involvement in Hazardous Activities
Key Players
- Baker Hughes
- Schlumberger
- Halliburton
- Caterpillar
- National Oilwell Varco
- Atlas Copco
- Sandvik
- Mitsubishi Heavy Industries
- Komatsu
- Hitachi Construction Machinery
Regional Overview
![](https://www.theinsightpartners.com/assets/images/rd_int_img/ig-regional.png)
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_danger.png)
- Hardware
- Software
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_warning.png)
- New Build
- Retrofit
![](https://www.theinsightpartners.com/assets/images/rd_int_img/cust_bullet_primary.png)
- Onshore
- Offshore
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Robotic Drilling Market Drivers and Opportunities
Improving Efficiency and Precision in Drilling Operations to Favor Market
The constant pursuit of operational efficiency and precision in drilling operations throughout a wide range of industries, including oil & gas, mining, and production. Robotic drilling systems improve accuracy, reduce human errors, and increase standard productivity. The most important factor in drilling operations is safety, as robotic structures reduce human exposure to dangerous settings, particularly offshore and in difficult terrains.
Focus on Reducing Human Involvement in Hazardous Activities
To limit human exposure to dangerous drilling scenarios, firms prioritize safety and risk mitigation in the robotic drilling sector. Traditional drilling operations, typically industries such as oil and gas exploration, mining, and construction, rely on human workers to perform physically demanding and risky tasks. Robotic drilling technology has made drilling operations safer and more secure, transforming the business landscape. Robotic drilling lowers the need for humans to participate in dangerous drilling activities. These operations are often carried out in challenging or remote places, such as dangerous mines, offshore oil rigs, or deep-sea platforms.
Employees in these situations face various risks, including accidents, exposure to toxic products, and extreme weather. Businesses can use robotic drilling equipment to reduce risks and improve employee safety.
Robotic Drilling Market Report Segmentation Analysis
Key segments that contributed to the derivation of the robotic drilling market analysis are component, installation type, and application.
- Based on component, the robotic drilling market is divided into hardware and software.
- By installation type, the market is segmented into new build and retrofit
- In terms of application, the market is segmented into onshore and offshore.
Robotic Drilling Market Share Analysis by Geography
The geographic scope of the robotic drilling market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Because of the recent shale gas development in North America, the market for robotic drilling equipment has grown dramatically. Exploration in the Gulf of Mexico is also increasing, which is driving the regional robotic drilling systems market. Higher lower drilling costs and oil prices have resulted in a large increase in offshore rig count and oil output in the US, signaling to expand offshore drilling, which is projected to be a major driver for the country's robot drilling market.
Robotic Drilling Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 850 Million |
Market Size by 2031 | US$ 1378.74 Million |
Global CAGR (2023 - 2031) | 6.2% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Component
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Robotic Drilling Market News and Recent Developments
The robotic drilling market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In March 2021, Schlumberger received a USD 480 million contract to drill 96 oil wells in southern Iraq for Basra Oil Company and ExxonMobil, which run the massive West Qurna-1 field with partners from Iraq, Japan, Indonesia, and China.
(Source: Schlumberger, Company Website, 2021)
- In October 2021, Nabors Industries Ltd unveiled the PACE-R801 fully automated land drilling rig equipped with Canrig robotics. It achieved complete depth with its first well in the Permian Basin. It designed an autonomous rig floor to eliminate crews from red zone locations and provide constant drilling performance.
(Source: Nabors Industries Ltd, Company Website, 2021)
Robotic Drilling Market Report Coverage and Deliverables
The "Robotic Drilling Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Component , Installation Type , and Application
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global robotic drilling market is expected to reach US$ 1378.74 million by 2031.
The key players holding the majority of shares in the global robotic drilling market are Baker Hughes, Schlumberger, Halliburton, Caterpillar, and National Oilwell Varco.
A large number of industry partnerships with different stakeholders to play a significant role in the global robotic drilling market in the coming years.
Improving efficiency and precision in drilling operations are the major factors that propel the global robotic drilling market.
The global robotic drilling market was estimated to be US$ 850 million in 2023 and is expected to grow at a CAGR of 6.2% during the forecast period 2023 - 2031.