Press release
Robotic Drilling Market to reach US$ 946.6 million by 2025 | Lead By Rigarm, National Oilwell Varco, Huisman Equipment B.V., Automated Rig Technologies, Drillmec, Ensign Energy Services, Drillform Technical Services
Robotic Drilling Market
The key companies profiled in this report include 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 has been segmented on the basis of component, installation type, and application. On the basis of component, the market has been bifurcated into hardware, and software. The robotic drilling installations include either a new build or retrofitting, and therefore the market has been segmented into these two types. Robotic drilling is basically done for extracting oil & gas from the oil wells which are basically located either onshore or offshore. Hence, on the basis of application, the robotic drilling market has been segmented into onshore and offshore.
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 robotic drilling market 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.
In 2017, North America is led the market with more than one third share of global robotic drilling market. 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).
North America and Europe together contributed to the largest share of market revenue which accounted for more than 60% of overall market.
The global robotic drilling market based on application was led by onshore application segment which held more than two-third of market share in 2017 and is anticipated to continue its dominance during the forecast period. The demand for onshore drilling is growing owing to the lower costs incurred for onshore drilling activities. The new innovations and advanced technologies also boost the onshore drilling system market as several companies are focusing towards the development of the entire ecosystem.
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