Robotic Drilling Market: World Business Growth, Demand, Trends, Key Players and Outlook 2023

Market Research Future published a research report on "Robotic Drilling Market Research Report-Global Forecast till 2023" – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.

Market Scope

The global robotic drilling market is garnering substantial traction. Robotic drilling systems enhance efficiency and increase security in drilling activities while reducing operational costs significantly. Hence, oilfield operators strive to integrate fully automated, unmanned, and remote-operated drilling platforms. The oil and gas sector worldwide is witnessing a robotic revolution with increasing investments for the developments and integration of robotics in offshore & onshore drilling activities.

Moreover, advances in robotic technology escalate market growth. According to Market Research Future (MRFR), the global Robotic Drilling Market is poised to create a valuation of approximately USD 940 BN by 2023, growing at 7.2% CAGR during the review period (2018 to 2023). In 2017 the market had reached USD 650 BN. The demand for robotics in the O&G industry is growing with rising technological upgrades.

Additionally, the augmenting demand for energy due to the continually increasing population and rapid urbanization & industrialization worldwide create substantial market demand. Also, rising crude oil prices increasing drilling and oilfield exploration activities foster the growth of the market. Rising uses of robots in the iron ore industry propel the market growth, improving the efficiency and productivity of iron ore mines, and reducing operational costs.

Moreover, the advantages of robotic drilling systems, such as increased production, efficiency, and safety in drilling operations at reduced costs, human intervention, and error, influence market growth. Besides, stringent safety regulations and increasing demand for safety on oil rigs increase the adoption of robotic drilling systems.

On the flip side, the lack of interoperability of rig control systems is a significant factor projected to impede market growth. Nevertheless, technological advances would support market growth throughout the assessment period, mitigating interoperability issues.

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Global Robotic Drilling Market - Competitive Analysis

Highly competitive, the robotic drilling market appears to be fragmented with the presence of several well-established players. To gain a larger competitive share, players adopt strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/ technology launch.

They invest substantially in product development and geographical expansion. The market is projected to witness relentless innovations and new product launches, which would result in intensifying the market competition further.

Major Players:

Players leading the robotic drilling market include Sekal, Ensign Energy Services, Odfjell Drilling, Nabors – Rds, Automated Rig Technologies, Huisman Equipments, National Oilwell Varco, Weatherford International, Drillmec, and Rigarm, among others.

Market segments

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.

Global Robotic Drilling Market - Regional Analysis

North America leads the global robotic drilling market. The largest market share attributes to huge advancements in autonomous oilfield techniques. The region is the largest consumer of oil & gas. Besides, the presence of several key players who continually work to integrate their robotics in the field of oilfields drives the market growth. Their efforts have paid off well, increasing the drilling activities in the region, widening the uptake of robotics in the oilfields.

Moreover, well-developed technology development centers in the region substantiate market growth, advancing robotics. Also, the increasing demand for fossil fuels boosts the growth of the regional market. The US holds the largest market share, accounting for the largest revenue generator in the regional market. The North American robotic drilling market is projected to retain its dominance throughout the estimated period.

Europe stands second in the global robotic drilling market. Most European countries are working on transforming regulations for the usages of robotics in oilfield applications. This has been leading to increasing the size of the robotic drilling market in the region. Additionally, the market growth is driven by substantial R&D investments made in the modification of drilling systems. The European robotic drilling market is expected to create a considerable revenue pocket during the assessment period.

The Asia Pacific region holds a sizable share in the global robotic drilling market. Factors such as the increasing investments in improving the drilling technologies and robotics in oilfields foster the growth of the regional market. Rapidly developing countries, India and China, lead the regional market growth. Furthermore, the rapid economic growth and the demand for new autonomous technology from the burgeoning O&G sector propel the regional market growth, increasing R&D activities.

Important Features that are under offering & key highlights of the report:

1. Detailed overview of Metal Pipes market
2. Changing market dynamics of the industry
3. In-depth market segmentation by Type, Application etc
4. Historical, current and projected market size in terms of volume and value
5. Recent industry trends and developments
6. Competitive landscape of Metal Pipes market
7. Strategies of key players
8. Potential and niche segments/regions exhibiting promising growth
9. Market players information to sustain and enhance their footprint

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR)