Robotic Drilling Market to Observe Strong Development | Market Share, Growth, Statistics, Competitor Landscape, Key Players Analysis, Trends and Forecasts 2023

Market Insights

The demand for oil & gas has been unceasing. Rising demand for automotive vehicles, power generation and other end-uses for fossil fuel have greatly influenced an increase in drilling for oil & gas, with robotic drilling taking the spotlight due to the high demand for efficiency. The global robotic drilling market is slated to appreciate at a CAGR of 7.2% during the forecast period from 2018 to 2023. In 2017, the market generated a market value of USD 650 Bn and will continue to grow to reach an approximate value of USD 940 Bn by the end of 2023.

Request to view Sample Report:
https://www.marketresearchfuture.com/sample_request/6661

Drilling activities have been on the rise, with a growing focus on onshore drilling due to the reduced investments required to set up a drilling rig. The demand for high efficiency in the extraction of oil & gas in onshore applications has prompted oil & gas companies to adopt robotic drilling systems. Faster production processes and reduced human intervention during drilling are influencing the growth of the global robotic drilling market. The desire for reduced human intervention is primarily due to increased safety regulations for oil rigs as well as an effort to reduce human error in the production process. The efficiency and remote control capabilities of robotic drilling have encouraged increased adoption of automation. Emerging technologies such as artificial intelligence, and IoT have begun to establish themselves, the demand for automation is likely to grow.

Presently, a dearth of interoperability of rig control systems challenges the growth of the market. However, the development of software used in robotic drilling systems is likely to mitigate this in the coming years. Moreover, robotic drilling has several opportunities on the horizon which are projected to assist market growth in the near future. Increasing deepwater exploration activities are expected to increase adoption as manned operations in deep water is highly unsafe.

Market Segmentation

Segmentation of the global robotic drilling market in MRFR's report has been done on the basis of installation type, component, application, and region. Installation types of robotic drills have been segmented into retrofit and new builds. Between these, the retrofit segment has established itself as the key segment with both the largest share of the market as well as highest CAGR over the review period.

Components of robotic drilling systems have been segmented into hardware and software. The hardware segment has captured the most sizable share of the market. However, the software segment is set to grow at a rapid pace and contend for the leadership position in the coming years.

Applications of robotic drilling have been segmented into offshore, and onshore. Onshore applications are growing at a formidable pace, making the segment the most significant as well as the fastest growing one.

Regional Analysis

North America is one of the most significant consumers of oil and market players in the region have been conducting exploration activities for a long time in an effort to build reserves. Moreover, the presence of well-developed infrastructure and developed countries such as the U.S and Canada combined with a high number of motor vehicles has stressed the increasing demand for fossil fuels. The U.S also homes the Permian Basin which is a massive sedimentary basin with large reserves of oil. Increasing onshore oil & gas exploration activities are expected to increase the adoption of robotic drilling. The North American market for robotic drilling is both the most significant among all regions and the fastest growing market.

Access Report Details @ https://www.marketresearchfuture.com/reports/robotic-drilling-market-6661

Key Players

Nabors – Rds, National Oilwell Varco, Huisman Equipments, Automated Rig Technologies, Drillmec, Ensign Energy Services, Sekal, Rigarm, Weatherford International, and Odfjell Drilling are among the leading market players that have been included in the competitive analysis of the robotic drilling market in MRFR’s report.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future

+1 646 845 9312

Email: sales@marketresearchfuture.com

This release was published on openPR.