Market Insights
The
demand for oil & gas has been unceasing. Rising demand for
automotive vehicles, power generation and other end-uses for fossil fuel
have greatly influenced an increase in drilling for oil & gas, with
robotic drilling taking the spotlight due to the high demand for
efficiency. The Global Robotic Drilling Market
is slated to appreciate at a CAGR of 7.2% during the forecast period
from 2018 to 2023. In 2017, the market generated a market value of USD
650 Bn and will continue to grow to reach an approximate value of USD
940 Bn by the end of 2023.
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. Faster production processes and reduced human
intervention during drilling are influencing the growth of the Global
Robotic Drilling Market. 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. 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.
Presently,
a dearth of interoperability of rig control systems challenges the
growth of the market. However, the development of software used in
robotic drilling systems is likely to mitigate this in the coming years.
Moreover, robotic drilling has several opportunities on the horizon
which are projected to assist market growth in the near future.
Increasing deepwater exploration activities are expected to increase
adoption as manned operations in deep water is highly unsafe.
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Robotic Drilling Market- Key Players
- Nabors – Rds
- National Oilwell Varco
- Huisman Equipments
- Automated Rig Technologies
- Drillmec
- Ensign Energy Services
- Sekal
- Rigarm
- Weatherford International
- Odfjell Drilling
Market Segmentation
Segmentation
of the global robotic drilling market in MRFR's report has been done on
the basis of Installation Type, Component, Application, and Region.
Installation Types
- Retrofit
- New Builds
Between
these, the retrofit segment has established itself as the key segment
with both the largest share of the market as well as highest CAGR over
the review period.
Components
- Hardware
- Software
The
hardware segment has captured the most sizable share of the market.
However, the software segment is set to grow at a rapid pace and contend
for the leadership position in the coming years.
Applications
- Offshore
- Onshore
Onshore
applications are growing at a formidable pace, making the segment the
most significant as well as the fastest growing one.
Regional Analysis
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 in an effort 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 U.S also homes the Permian
Basin which is a massive sedimentary basin with large reserves of oil.
Increasing onshore oil & gas exploration activities are expected to
increase the adoption of robotic drilling. The North American market for
robotic drilling is both the most significant among all regions and the
fastest growing market.
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Robotic Drilling Market – Table of Content
- Executive Summary
- Market Introduction
2.1. Definition
2.2. Scope of the Study
2.3. Market Structure
2.4. Key Takeaways
2.5. Market Segmentation
- Market Insights
- 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
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5 Market Dynamics
5.1 Introduction
5.2 Drivers
5.3 Restraints
5.4 Opportunities
5.5 Supply Chain Analysis
5.6 Porter’s Five Forces Model
To be Continue ……..,
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