Press release
Robotic Drilling Market to 2025 - Global Analysis and Forecasts by Leading Players Nabors Industries, Rigarm, National Oilwell Varco, Sekal, Huisman Equipment, Automated Rig Technologies, Drillmec, Ensign Energy Services, Abraj Energy Services, Drillform
Robotic Drilling Market
The major players operating in the robotic drilling market are 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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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 market for robotic drilling 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.
Global robotic drilling market is expected to grow from US$ 619.4 million in 2017 to US$ 946.6 million by 2025 growing at a CAGR of 5.6% from 2018 to 2025.
The report focuses on in-depth segmentation of the robotic drilling market by component, installation type, application, and regions. The geographic segmentation of this report covers five major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA). The regional market has been further bifurcated by respective countries. By component, hardware segment accounted for the largest share of the robotic drilling market in 2017, whereas software segment is expected to grow at the highest CAGR during the forecast period.
North America is one of the prominent regions in robotic drilling market which is contributing to the highest revenue globally. 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 favors healthy growth.
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KEY TAKEAWAYS 16
3. ROBOTIC DRILLING MARKET LANDSCAPE 18
3.1 MARKET OVERVIEW 18
3.2 MARKET SEGMENTATION 19
3.2.1 Global Robotic Drilling Market - By Component 20
3.2.2 Global Robotic Drilling Market - By Installation type 20
3.2.3 Global Robotic Drilling Market - By Application 20
3.2.4 Global Robotic Drilling Market - By Geography 20
3.3 PEST ANALYSIS 22
3.3.1 North America - PEST Analysis 22
3.3.2 Europe - PEST Analysis 24
3.3.3 Asia Pacific - Pest Analysis 26
3.3.4 Middle East and Africa - PEST Analysis 28
3.3.5 South America - PEST Analysis 30
4. ROBOTIC DRILLING MARKET - KEY INDUSTRY DYNAMICS 32
4.1 KEY MARKET DRIVERS 32
4.1.1 Increasing oil demands globally propelling integration of automation in the oil & gas sector 32
4.1.2 Growing needs for a safer and high quality drilling system reducing the human interventions 32
4.2 KEY MARKET RESTRAINTS 33
4.2.1 Volatility of the oil & gas industry 33
4.3 KEY MARKET OPPORTUNITIES 33
4.3.1 Higher emphasis being laid for oil extraction in the Arctic based deep-water regions 33
4.3.2 Technological innovations to continually create more opportunities 34
4.4 FUTURE TRENDS 34
4.4.1 Large number of industry partnerships with different stakeholders 34
4.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS 35
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