Robotic Drilling Market to Witness Growth Acceleration During 2018-2025 Nabors Industries, Rigarm, Sekal, Huisman Equipment, Drillmec, Ensign Energy Services

North America is the dominant region in the robotic drilling market and this region is expected to continue its lead during the forecast period. The rise in production of shale gas is significantly driving the market for robotic drilling in the region. Further, North America has over 14% of the crude oil and 6% of the natural gas reserves in the world. The advanced drilling technologies including horizontal direction drilling and hydraulic fracturing have aided North America for sustaining the downturn of oil prices. Furthermore, the enhancements in the drilling technologies including dynamic positioning equipment have driven growth in the offshore drilling. It is expected that the offshore drilling activities would further witness growth owing to the US government support for opening of over 90% of outer continental shelf (OCS).

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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Currently, retrofit is the leading installation type segment, which is also expected to grow at a higher rate during the forecast period. Retrofit drilling solution facilitate instant and customized automated as well as innovative rigs that helps to create unique experience for the user. Retrofit installation type is the supplementary features or modifications done to enhance the operational efficiency of the existing drilling systems. In retrofitting installation type, the traditional hydraulic drill machines are replaced with a new generation of robot or electrical machines.

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.

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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This release was published on openPR.