[Update Available] Robotic Drilling Equipment Market to Reach $1.01 Bn, Globally, by 2027

Allied Market Research has released a report titled "Robotic Drilling Equipment Market: Global Opportunity Analysis and Industry Forecast, 2020-2027." The report reveals that the global robotic drilling equipment industry, which generated $804 million in 2019, is projected to reach $1.01 billion by 2027, exhibiting a CAGR of 8.4% from 2020 to 2027.

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Key Highlights:

Market Growth Factors:

The global robotic drilling equipment market is driven by the increased adoption of automation in the oil & gas industry and the surge in drilling activities propelled by the development of unconventional hydrocarbon resources.

Market Drivers, Restraints, and Opportunities:

Drivers: Adoption of automation in the oil & gas sector, and increased drilling activities due to the development of unconventional hydrocarbon resources.

Restraints: Challenges related to interoperability of rig control systems and cybersecurity issues for automated systems.

Opportunities: Focus on safety measures for workers on oil & gas rigs, and increased exploration activities in ultra-deep waters in the Arctic region.

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Covid-19 Scenario:

The lockdowns imposed by governments during the COVID-19 pandemic disrupted consumer spending patterns, impacting the demand for robotic drilling equipment.

National and international transport restrictions hampered the market, but governments loosening restrictions have allowed companies to resume operations.

Installation Segmentation:

The "modernize" segment, contributing to about half of the global market share in 2019, is expected to maintain its leadership status during the forecast period. It is projected to have the highest CAGR of 9.1% from 2020 to 2027 due to increased adoption of automation in pre-installed systems.

End-Use Industry Segmentation:

The "oil" segment, accounting for over four-fifths of the global market in 2019, is expected to maintain its lead position during the forecast period. The "gas" segment is anticipated to witness the highest CAGR of 9.3% from 2020 to 2027 due to increased use of LPG and CNG in automobiles.

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Regional Analysis:

North America, with nearly half of the global market share in 2019, is expected to maintain dominance in terms of revenue by 2027. Asia-Pacific is projected to have the largest CAGR of 11.3% during the forecast period, driven by rising oil & gas extraction activities.

Leading Market Players:

Key players profiled in the report include Precision, Nabors, Abraj Energy, Huisman, National Oilwell Varco, Ensign Energy Services, Drillmec, Sekal, Rigarm, Automated Rig Technologies, Drillform Technical, and Weatherford International.

This comprehensive report provides valuable insights for industry participants, investors, and stakeholders, offering a detailed analysis of the current state and future prospects of the robotic drilling equipment market.



For More Information: https://www.prnewswire.com/news-releases/robotic-drilling-equipment-market-to-reach-1-01-bn-globally-by-2027-at-8-4--cagr-allied-market-research-301289665.html

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