Robotic Drilling Market Research Report by Installation Type (Retrofit, New Builds, and Others), Component (Hardware, Software), Application (Onshore, Offshore), and Region (North America, APAC, Europe, RoW)–Global Forecast to 2027
ID: MRFR/E&P/5198-HCR | February 2021 | Region: Global | 100 pages
Robotic Drilling Market Snapshot
Robotic Drilling Market is anticipated to appreciate at a healthy CAGR of 7.2% during the forecast period from 2018 to 2023
Report Overview
The report on the global robotic drilling market provides a comprehensive analysis of the market in tandem with the forecast between the period of 2018 and 2023. A historical analysis is taken into account along with current trends to assess the position of the market in the report. Additionally, the various drivers, opportunities, restraints and other vital factors have been expounded in the report. Various segments of the global market have been analyzed to their fullest extent in an effort to provide a detailed view of the market in its entirety. Segmental analysis of the market has been performed on the basis of installation type, component, application, and region. Several key competitors are included and profiled in the market to provide a competitive assessment of the market.
The Global Robotic Drilling Market is anticipated to appreciate at a healthy CAGR of 7.2% during the forecast period from 2018 to 2023. The market generated an approximate market value of USD 650 Bn in 2017 and is expected to achieve a market value of more than USD 940 Bn by the end of 2023.
Players Covered
The report includes profiles of various key competitors including noted market players such as Sekal, Odfjell Drilling, Ensign Energy Services, Huisman Equipments, Nabors – Rds, Automated Rig Technologies, Drillmec, Weatherford International, National Oilwell Varco, and Rigarm.
Robotic drilling has established itself as a revolutionary robotic technology which has significant applications in unmanned drilling operations. Robotic control systems for drilling help to facilitate seamless operations between drilling machines in a safe manner which also reduces the scope for human error.
Demand for oil & gas in a largely fossil-fuel dependent global scenario has been growing at a rapid pace due to rising populations and the growth of urbanization. This has resulted in an increase in drilling activities. Use of robotic drilling systems reduces the overall involvement of people in unsafe drilling operations. Remote controlling of robotic drilling reduces human error as well as increases safety in drilling operations while improving time efficiency, thus driving the demand for robotic drilling. Notably, safety regulations are becoming stricter, and as such, the increased demand for safety on oil rigs has increased the adoption of robotic drilling. Moreover, deep-water exploration has increased the demand for robotic drilling as deep-water pressure is highly dangerous and expensive for manned operations.
Presently, there is a lack of interoperability of rig control systems which restraint market growth. Technical advancements are expected to help mitigate this to a certain extent in the coming years.
Research Methodology
Market Research Future has initiated the consolidation of the global robotic drilling market report with a relentless pursuit for vast amounts of information about the market. Raw data extracted from primary interviews with key level executives of leading business organizations participating in the global market combined with data from public sources such as industry journals, authenticated databases, white papers, and company reports are primary and secondary sources of raw data that are used to cover every detail during analysis. Market size estimation for the forecast period has been determined using both top-down and bottom-up approaches. Once all data is gathered, MRFR's expert data analysts provide insightful observations using years of industry experience. Consolidation of all obtained information is performed to present a concise and intelligent report on the market for the forecast period from 2018 to 2023.
Segmentation
Installation Type
- Retrofit
- New Builds
Component
- Hardware
- Software
Application
- Onshore
- Offshore
Region
- North America
- Europe
- Asia Pacific
- Rest of World
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2023: USD 940 Billion |
| CAGR | 7.2% CAGR (2020-2027) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Installation Type, Component and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Sekal, Odfjell Drilling, Ensign Energy Services, Huisman Equipments, Nabors – Rds, Automated Rig Technologies, Drillmec, Weatherford International, National Oilwell Varco, and Rigarm |
| Key Market Opportunities |
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| Key Market Drivers |
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Frequently Asked Questions (FAQ) :
North America, Europe, Asia Pacific (APAC) and the rest of the world (RoW), are the primary regions where the market is expected to note varying levels of growth throughout the review period.
Lack of interoperability of rig control systems can act as a market restraint in the coming years. However, technical advancements can help mitigate this to a certain extent during the review period.
Robotic drilling has established itself as a revolutionary robotic technology which has significant applications in unmanned drilling operations. Robotic control systems for drilling help to facilitate seamless operations between drilling machines in a safe manner which also reduces the scope for human error.
Component-based market segments covered in the report are hardware and software.
Robotic drilling has several opportunities on the horizon which are projected to assist market growth in the near future. Increasing deep water exploration activities are expected to increase adoption as manned operations in deep water is highly unsafe.