Press release
Robotic Drilling Equipment Market Worth $1,017.4 Million by 2027 | by Application, Installation
Robotic Drilling Equipment Market
Moreover, on the basis of installation, the modernize segment dominated the robotic drilling equipment market. In addition, on the basis of end-user industry, the oil segment dominated the robotic drilling equipment market and is expected to continue this trend during the forecast period.
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According to a recent report published by Allied Market Research, titled, “Robotic drilling equipment market by Application, Installation, and End-user Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the robotic drilling equipment market was valued at $0.8 billion in 2019, and is expected to reach $1 billion by 2027, registering a CAGR of 8.4% from 2020 to 2027.
The robotic drilling equipment market is mainly driven by rise in adoption of automation in the oil & gas industry. Automation gives better data collection, precise & accurate operations, and worker safety. In addition, there is minimum human intervention, which minimizes the probability of human errors. It also increases the efficiency of robotic drilling machines as well as operations carried in onshore and offshore.
Competition analysis
The major players profiled in the robotic drilling equipment market include Automated Rig Technologies Ltd., Drillform Technical Services Ltd., Drillmec Inc., Epiroc AB, Herrenknecht Group, Huisman Equipment B.V., KCA Deutag Alpha Limited, Loadmaster Universal Rigs, Inc., Nabors Industries Ltd., and National Oilwell Varco, Inc.
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Key Market Segments
By Application
Land
Water
By Installation
New Installation
Modernize
By End-user Industry
Oil
Gas
By Region
North America
Europe
Asia-Pacific
LAMEA
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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