Impact of the Covid-19 Outbreak on the Global Robotic Drilling Market
Robotic drilling is an alternative to human drilling. It helps in enhancing the speed of production and helps in cutting down labor costs. During the process of drilling, dust and other particles are produced. Robotic drilling prevents the workers from coming into contact with harmful environments. Before the outbreak of COVID-19, the demand for oil & gas as a fossil-fuel was increasing owing to the rise in urbanization and the growing populations in emerging economies such as China and India. The robotic drilling system reduces the overall involvement of people in unsafe drilling operations. However, the COVID-19 virus originated in China and has spread across the world, which has profoundly impacted the oil & gas industry. The decreasing prices and demand for crude oil due to the COVID-19 pandemic have significantly reduced drilling activities, which, in turn, is hindering the growth of the global robotics drilling market. The world is struggling due to the COVID-19 pandemic, as governments of various countries have initiated partial or complete lockdowns and have shut down businesses to contain the spread of the pandemic. The halting of manufacturing facilities has resulted in the delayed production of the products, which is also hampering the growth of the market.
WORLDWIDE SHIPMENT OF INDUSTRIAL ROBOTS BETWEEN 2015 AND 2018
The COVID-19 virus spreads when people come in close contact with an infected person suffering from respiratory-borne illness. Here, robotic drilling plays a vital role. Robotic drilling is expected to help manufacturing companies maintain social distancing during production activities, as per the precautionary measures imposed by the governments. Robotics drilling reduces the interaction between human operators and thus helps in containing the spread of the pandemic. Besides, robotic control systems facilitate seamless operations using drilling machines in a safe manner, which also decreases the scope for human error. The market is expected to grow significantly post the lockdown period.
Source: Primary Experts, Secondary Sources and MRFR Analysis
Source: Secondary Sources