Oil and gas drilling automation Market Emerging Trend & Future Outlook- 2020-2027

Drilling is a process in which drill bit is used to bore a hole so that it will create a well for the production of oil and natural gas. An equipment of oil and gas drilling consists of number of components such as mud tank, mud pump, motor, and hose. Companies in oil and gas drilling industry are using the equipment which are technologically advanced. It is providing better efficiency as compare to conventional equipment.

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Automated oil and gas drilling equipment requires less human interference, hence the errors which are caused by human can be reduced. Use of more automation is expected to drive the growth of oil and gas drilling market.

COVID-19 scenario analysis:

The demand for oil and gas drilling equipment is expected to decrease in the year 2020 due to low demand from oil and gas industry.

COVID-19 pandemic has shut-down the production of various products in the oil and gas drilling automation industry, mainly owing to the prolonged lockdown in major global countries.
This has hampered the growth of oil and gas drilling automation market significantly from last few months, as is likely to continue during 2020.

COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.

Top impacting factors:

Drilling is one of the most important process in extraction of oil and natural gas from the earth’s ore. There is growing demand for fuel globally, because of which oil and gas drilling automation market is growing. New technologies have been introduced in oil and gas drilling equipment.

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Key Segments

By Type

Automated Drilling
Automated Underwater Vehicle
Others

By Applications

Onshore
Offshore

By Industry

Oil Industry
Natural Gas Industry

Key Players

Major players analyzed include ABB Ltd., Akastor ASA, Ensign Energy Services Inc., Honeywell International Inc., Kongsberg Gruppen ASA, Nabors Industries Ltd., National Oilwell Varco Inc., Rockwell Automation Inc., Schlumberger Ltd., Siemens AG

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