The global robotic drilling market is expected to grow from US$ 619.4 Mn in 2017 to US$ 946.6 Mn by 2025 growing at a CAGR of 5.6% from 2018 to 2025.
The global robotic drilling market is experiencing an exponential growth with regards to the innovations, strategic partnerships, investments, and deployment in the current scenario and is anticipated to rise in the coming years. The robotic drilling market consists of some well-established players across the globe, which invest huge amounts in order to deliver the most advanced product. Companies are also inclined towards technological developments for robotic drilling in order to deliver different solutions for the customers to solve the complex situations and put in-line the driller operations strategies with different hardware and software combination solutions. The major factors boosting the growth of robotic drilling market are the increase in global oil demands and surge in need for safer and high-quality drilling system.
Exhibit: Robotic Drilling Market- Regional Analysis
Retrofits in North America to gain traction during the forecast period
Owing to the limited oil and gas reserves in the world, the market for new build drilling equipment would saturate in the coming years. However, retrofitting on the equipment is anticipated to gather pace as the market for new build saturates. A robotic drilling system comprises of various components. Timely inspections, and repair work ensures lesser downtimes of the operations and thereby yield better productivity. Weather conditions in the North American region also result in the wear and tear of the drilling equipment, and therefore, retrofits installation by robotic drilling players foresee a steady opportunity during the forecast period. Further, higher technological advancements in North America, and especially in the US region favors healthy growth of robotic drilling market.
Onshore drilling applications in Middle East and Africa to garner largest market share during the forecast period
Middle East and African market is characterized by huge oil reserves in the Sub-Saharan regions. The Middle East continues to witness challenges including drilling efficiency improvement, workforce development, security & safety, and maintenance of equipment. Nonetheless, the growth in the offshore drilling activities is expected to bolster the growth of the robotic drilling market. The oil companies in Qatar and the UAE have ramped up in new projects of drilling. The rigs used for drilling have evolved over the years for improving both safety and operational aspects. 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 robotic drilling market as several companies are focusing towards the development of the entire ecosystem.
Exhibit: Robotic Drilling Market by Geography
Market initiative was observed as the most adopted strategy in global robotic drilling Market. Few of the recent strategies by some of the players in robotic drilling market landscape are listed below-
2018: The NOV's MPowerD managed pressure drilling group has offers an integrated MPowerD MPD control system on Cyberbase drilling control system to manage the operations of deepwater drillship. An integration of managed pressure drilling controls into Cyberbase system facilitates efficiency of MPD and safety during the course of drilling to the drilling contractor.
2018: Ensign Energy Services Inc. unveiled its plan to acquire all of the issued and outstanding common shares of Trinidad Drilling Ltd. for US$1.68 in cash per Common Share.
2018: Huisman is awarded with a contract from China Merchants Heavy Industries (CMHI) for engineering and fabrication of a drilling system. The system would be combined and deployed on the moored drilling semi-submersible which is constructed at CMHI Haimen. The drilling system would be used in oil & gas drilling activities in Asia, majorly South East Asia.
Global Robotic Drilling Market Segmentation
By Installation type