Robotic Drilling Market is expected to achieve a market value of more than USD 940 Bn by the end of 2023, with a healthy CAGR of 7.2% during the forecast period.
The global robotic drilling market is garnering substantial traction. Robotic drilling systems enhance efficiency and increase security in drilling activities while reducing operational costs significantly. Hence, oilfield operators strive to integrate fully automated, unmanned, and remote-operated drilling platforms. The oil and gas sector worldwide is witnessing a robotic revolution with increasing investments for the developments and integration of robotics in offshore onshore drilling activities.
Moreover, advances in robotic technology escalate market growth. According to Market Research Future (MRFR), the global robotic drilling market is poised to create a valuation of approximately USD 940 BN by 2023, growing at 7.2% CAGR during the review period (2018 to 2023). In 2017 the market had reached USD 650 BN. The demand for robotics in the OG industry is growing with rising technological upgrades.
Additionally, the augmenting demand for energy due to the continually increasing population and rapid urbanization industrialization worldwide create substantial market demand. Also, rising crude oil prices increasing drilling and oilfield exploration activities foster the growth of the market. Rising uses of robots in the iron ore industry propel the market growth, improving the efficiency and productivity of iron ore mines, and reducing operational costs.
Moreover, the advantages of robotic drilling systems, such as increased production, efficiency, and safety in drilling operations at reduced costs, human intervention, and error, influence market growth. Besides, stringent safety regulations and increasing demand for safety on oil rigs increase the adoption of robotic drilling systems.
On the flip side, the lack of interoperability of rig control systems is a significant factor projected to impede market growth. Nevertheless, technological advances would support market growth throughout the assessment period, mitigating interoperability issues.
Reports @ https://www.marketresearchfuture.com/reports/robotic-drilling-market-6661
Global Robotic Drilling Market - Segmentation
The report segmented into four dynamics;
By Installation Type : Retrofit, New Builds, and others.
By Component : Hardware and Software.
By Application : Onshore and Offshore.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Robotic Drilling Market - Regional Analysis
North America leads the global robotic drilling market. The largest market share attributes to huge advancements in autonomous oilfield techniques. The region is the largest consumer of oil gas. Besides, the presence of several key players who continually work to integrate their robotics in the field of oilfields drives the market growth. Their efforts have paid off well, increasing the drilling activities in the region, widening the uptake of robotics in the oilfields.
Moreover, well-developed technology development centers in the region substantiate market growth, advancing robotics. Also, the increasing demand for fossil fuels boosts the growth of the regional market. The US holds the largest market share, accounting for the largest revenue generator in the regional market. The North American robotic drilling market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global robotic drilling market. Most European countries are working on transforming regulations for the usages of robotics in oilfield applications. This has been leading to increasing the size of the robotic drilling market in the region. Additionally, the market growth is driven by substantial RD investments made in the modification of drilling systems. The European robotic drilling market is expected to create a considerable revenue pocket during the assessment period.
The Asia Pacific region holds a sizable share in the global robotic drilling market. Factors such as the increasing investments in improving the drilling technologies and robotics in oilfields foster the growth of the regional market. Rapidly developing countries, India and China, lead the regional market growth. Furthermore, the rapid economic growth and the demand for new autonomous technology from the burgeoning OG sector propel the regional market growth, increasing RD activities.
Global Robotic Drilling Market - Competitive Analysis
Highly competitive, the robotic drilling market appears to be fragmented with the presence of several well-established players. To gain a larger competitive share, players adopt strategic initiatives such as mergers acquisitions, collaboration, expansion, and product/ technology launch.
They invest substantially in product development and geographical expansion. The market is projected to witness relentless innovations and new product launches, which would result in intensifying the market competition further.
Major Players:
Players leading the robotic drilling market include Sekal, Ensign Energy Services, Odfjell Drilling, Nabors – Rds, Automated Rig Technologies, Huisman Equipments, National Oilwell Varco, Weatherford International, Drillmec, and Rigarm, among others.
Industry/ Innovation/ Related News
April 30, 2020 ----- Universal Field Robots (UFR – Australia), a leading autonomous oilfield technology company, presented its robotic drill bit replacement solution to respond to a real operational challenge at the Fundación Chile open innovation program Expande Demo Day. UFR builds robotic machines for various mine site tasks that can be operated remotely, with assisted automation and fully autonomously.
