-- Robotic Drilling Market to Rise At 7.2% CAGR and reach $940 billion by 2023, according Global Robotic Drilling Market Analysis Report published by Market Research Future. Robotic drilling has established itself as a revolutionary robotic technology which has significant applications in unmanned drilling operations. Global Robotic Drilling Industry Report analyzes Market for Robotic Drilling by Installation Type (Retrofit, New Builds, and Others), Component (Hardware, Software), Application (Onshore, Offshore), Region with Forecast to 2023.
Major Robotic Drilling Companies covered in the market report include Nabors – Rds, National Oilwell Varco, Huisman Equipments, Automated Rig Technologies, Drillmec, Ensign Energy Services, Sekal, Rigarm, Weatherford International, and Odfjell Drilling.
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Global Market Highlights:
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 soon. Increasing Deepwater exploration activities are expected to increase adoption as manned operations in deep water is highly unsafe.
Robotic Drilling Industry Segments:
Segmentation of the global robotic drilling market in MRFR's report has been done based on installation type, component, application, and region. Installation types of robotic drills have been segmented into retrofit and 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 of robotic drilling systems have been segmented into hardware and 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 of robotic drilling have been segmented into offshore, and 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 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.
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
Continued…
LIST OF TABLES:
Table 1 Global Robotic Drilling Market: By Region, 2018-2023
Table 2 North America Robotic Drilling Market: By Country, 2018-2023
Table 3 Europe Robotic Drilling Market: By Country, 2018-2023
Table 4 Asia-Pacific Robotic Drilling Market: By Country, 2018-2023
Table 5 RoW Robotic Drilling Market: By Country, 2018-2023
Continued…
LIST OF FIGURES:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter's Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Robotic Drilling Market Share, By Application, 2017 (%)
Continued…
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