According to “Robotic Drilling Market 2019 Global Industry Outlook Report” published by Market Research Future, The Global Robotic Drilling Market to reach over $940 Billion by 2023 from $650 Billion in 2017. Robotic Drilling Industry Report Segments Market For Robotic Drilling by Installation Type (Retrofit, New Builds, and Others), Component (Hardware, Software), Application (Onshore, Offshore), and Region.
Global Robotic Drilling Key Players Analyzed in Report –
Key players leading the global robotic drilling market include Odfjell Drilling, Sekal, Ensign Energy Services, Nabors – Rds, Huisman Equipments, Automated Rig Technologies, National Oilwell Varco, Drillmec, Weatherford International, and Rigarm among others.
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Global Market Highlights:
Drilling activities have been on the rise, with a growing focus on onshore drilling due to the reduced investments required to set up a drilling rig. The demand for high efficiency in the extraction of oil & gas in onshore applications has prompted oil & gas companies to adopt robotic drilling systems. The oil and gas industry is witnessing robotic revolution, investing heavily in the developments and integration of robotics in offshore and onshore drilling activities. A fully automated, unmanned, and remote-operated drilling platform has always been a dream for oilfield operators. Robotic drilling systems help to reduce costs, enhance efficiency, and increase security in drilling activities.
The desire for reduced human intervention is primarily due to increased safety regulations for oil rigs as well as an effort to reduce human error in the production process. With robotics, the O&G sector has taken a huge technological leap forward. Oilfield companies are investing hugely to gain advantages of accessing robotics in deep-space exploration missions to increase the success of their drilling operation. Indeed, these companies are banking on in step-change robotics has brought in the way they market their portfolio of refined products, increasing the efficiency of operations.
The efficiency and remote-control capabilities of robotic drilling have encouraged increased adoption of automation. Emerging technologies such as artificial intelligence, and IoT have begun to establish themselves, the demand for automation is likely to grow.
Market Segmentation:
The report segments the market into four key dynamics to widen the scope of understanding,
By Installation Type: Retrofit and New Builds, among others.
By Component: Hardware, Software
By Application: Onshore and Offshore.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Regional Analysis:
Asia Pacific robotic drilling market has been emerging as a promising market globally. Rapidly developing countries in the APAC such as India and China are increasingly investing in improving the drilling technologies and robotics in oilfields. Furthermore, the rapid economic growth increased R&D activities, and the demand for new autonomous technology from the burgeoning oil &gas sector are propelling the regional market.
North America is one of the most significant consumers of oil and market players in the region have been conducting exploration activities for a long time to build reserves. Moreover, the presence of well-developed infrastructure and developed countries such as the U.S and Canada combined with a high number of motor vehicles has stressed the increasing demand for fossil fuels.
The robotic drilling market in the European region accounts for the second-largest market, globally. Most of the European countries are initiating on transforming regulations towards the usage of robotics in oilfield applications which have led to the expansion of the robotic drilling market in the region. Moreover, increasing activities of R&D and modifications in the drilling systems are some of the prominent factors acting as major tailwinds to the growth of the market.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.3 Market Structure
2.4 Key Takeaways
2.5 Key Buying Criteria
3 Market Insights
4 Research Methodology
4.1 Research Process
4.2 Primary Research
4.3 Secondary Research
4.4 Market Size Estimation
4.5 Forecast Model
4.6 List Of Assumptions
5 Market Dynamics
5.1 Introduction
5.2 Drivers
5.2.1 Increase In Drilling Activities
5.2.2 Less Human Intervention
5.2.3 Adoption Of Automation In Oil & Gas
5.3 Restraints
5.3.1 Lack Of Interoperability Of Rig Control System
5.3.2 Restraints Impact Analysis
5.4 Opportunities
5.4.1 Safety In Oil Rigs
5.4.2 Increased Exploration Activities In Deep Water
5.5 Supply Chain Analysis
5.6 Porter’s Five Forces Model
5.6.1 Threat Of New Entrants
5.6.2 Bargaining Power Of Suppliers
5.6.3 Bargaining Power Of Buyers
5.6.4 Threat Of Substitutes
5.6.5 Intensity Of Rivalry
6 Global Robotic Drilling Market, By Installation Type
6.1 Overview
6.1.1 Retrofit
6.1.1.1 Market Estimates & Forecast, 2018-2023
6.1.1.2 Market Estimates & Forecast By Region/Country, 2018-2023
6.1.2 New Builds
6.1.2.1 Market Estimates & Forecast, 2018-2023
6.1.2.2 Market Estimates & Forecast By Region/Country, 2018-2023
7 Global Robotic Drilling Market, By Component
7.1 Overview
7.1.1 Hardware
7.1.1.1 Market Estimates & Forecast, 2018-2023
7.1.1.2 Market Estimates & Forecast By Region/Country, 2018-2023
7.1.2 Software
7.1.2.1 Market Estimates & Forecast, 2018-2023
7.1.2.2 Market Estimates & Forecast By Region/Country, 2018-2023
8 Global Robotic Drilling Market, By Application
8.1.1 Onshore
8.1.1.1 Market Estimates & Forecast, 2018-2023
8.1.1.2 Market Estimates & Forecast By Region/Country, 2018-2023
8.1.2 Offshore
8.1.2.1 Market Estimates & Forecast, 2018-2023
8.1.2.2 Market Estimates & Forecast By Region/Country, 2018-2023
10 Global Robotic Drilling Market, By Region
Continued…
For more Robotic Drilling Market news visit: https://www.reuters.com/brandfeatures/venture-capital/article?id=128480
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