Robotic Drilling Market Prospects Outlook 2017-2026 and Top Key Players - Precision Drilling, Automated Rig Technologies, National Oilwell Varco, Drillmec, Drillform Technical, Sekal, Abraj Energy, Rigarm

Robotic Drilling market is accounted for $612.3 million in 2017 and is expected to reach $1341.8 million by 2026 growing at a CAGR of 9.1%. Raised adoption of automation in oil & gas industry and enhanced operational efficiency and less human intervention are some of the factors boosting the market growth. However, the lack of interoperability of rig control systems is restraining the market growth.

Based on application, onshore segment is expected to witness huge growth rate due to the oil and gas production takes place at onshore oil and gas fields. These fields need less capital investment in contrast with offshore fields and the costs related to automation in these fields are relatively low. By installation, retrofit segment is attributed the large market share due to the rising need to improve safety and efficiency of the existing rigs, coupled with the improved focus on low human intervention during drilling.

Some of the key players in global Robotic Drilling market include:
Precision Drilling, Automated Rig Technologies, National Oilwell Varco, Drillmec, Drillform Technical, Sekal, Abraj Energy, Rigarm, Huisman, Ensign Energy Services and Weatherford International.

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By geography, North America is likely to be the largest and fastest-growing market during the forecast period owing to the raised shale gas production and quicker adoption of advanced technologies in drilling drive the market growth in the region.

Installations Covered:
-Retrofits
-New Builds

Components Covered:
-Software
-Hardware

Applications Covered:
-Offshore
-Onshore

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Current developments in robotic drilling include the hydraulic arm that removes drill-pipe from setback to well center and thereby reduces human involvement and saves time. Another trend observed in the robotic drilling markets is designing multi-stack robots and pipe handling robots. Multi-stack robots reduce the involvement of humans as well as enhance efficiency. Pipe-handling robots are capable of picking up a pipe from the horizontal position, bring to vertical position, building and moving stands, handling multiple sizes, and changing all the tools for operating various functions within the boundaries set by the existing drilling structure.

Leading market players are largely investing in research and development of electric robots and electric roughnecks for the oil & gas industry that are capable of lifting large weights and perform human tasks without compromising on quality. Electric robots use artificial intelligence that can fix the weight of items and adjust the acceleration speed and movements in accordance with the size and weight of materials that are being lifted. This technology is fueling the robotics drilling market by creating fully automatic robotized drill floors and eliminating outside sensors on the rig floor.

Table of Contents

1 Executive Summary
2 Preface
3 Market Trend Analysis
4 Porters Five Force Analysis
5 Global Robotic Drilling Market, By Installation
6 Global Robotic Drilling Market, By Component
7 Global Robotic Drilling Market, By Application
8 Global Robotic Drilling Market, By Geography
9 Key Developments
10 Company Profiling

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Important Features that are under offering & key highlights of the report:

-Market share assessments for the regional and country level segments
-Market share analysis of the top industry players
-Strategic recommendations for the new entrants
-Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
-Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
-Strategic recommendations in key business segments based on the market estimations
-Competitive landscaping mapping the key common trends
-Company profiling with detailed strategies, financials, and recent developments
-Supply chain trends mapping the latest technological advancements

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This release was published on openPR.