An approximately US$600 Bn robotic drilling market awaits a healthy growth outlook for the course of next few years. This study would reveal how the growth of market will unfold during the stipulated tenure.
Growing Adoption in Oil and Gas Industry to Pave the Way of Growth for Robotic Drilling Market
With growing demand for automation in the oil and gas industry, the adoption of robotic drilling in the sector is expected to increase at a significant rate. Factors such as enhanced safety of workers, increased precision, high accuracy, improved data collection and efficiency continue to remain instrumental in driving the need for robotic drilling in the oil and gas industry. In addition, the automated robotic drilling remains an optimum solution in oil and gas rigs that are placed in deep ocean parts and are characterised by changing climatic conditions. Moreover, the use of robotic drilling systems in extracting gas from water and land backed by rising usage of LPG, and CNG in automobile sector continues to influence growth of the robotic drilling market.
Recent technological innovations in robotics have transformed every industry. Robotic drilling has gained significant traction on the back of its perceived benefits including high operational efficiency, increased production and output and lower possibilities or absence of errors. The robotic drilling market is largely driven by increasing drilling activities apropos to oil and gas explorations in a bid to meet the increasing customer demand worldwide. This has propelled the use of robotics and automation in such activities that ensure high performance alongside eliminating accidents by cutting down human intervention.
Increasing Adoption Across Onshore Applications to Fuel Revenue Growth of Robotic Drilling Market
The demand for robotic drilling in onshore applications is expected to witness momentous growth. Onshore drilling requires less operational investment and capital and is comparatively simple. Offshore rigs are associated with large capital sum and investments and are complex in nature. This has pushed the onshore drilling activities, in turn paving new avenues for robotic drilling in such applications. Moreover, the robotic drilling market remains influenced with the growing need for automated systems in a bid to reduce errors and accidents on sites, which has fuelled the use of such systems in onshore drilling activities. In this backdrop, increasing use of robotic drilling in onshore activities is expected to largely contribute towards revenue growth of the market on the global front.
North America to Remain a Revenue Hotbed for Robotic Drilling Market Players
Developed nations across North America are expected to account for a significant value share in the robotic drilling market in the forthcoming years. This can be attributed towards increasing shale gas exploration activities in the region. Moreover, exploration activities in the Gulf of Mexico are also witnessing an upswing, thus fuelling the demand for robotic drilling systems in North America. In addition, in the wake of increasing prices of oil and reducing costs associated with drilling, oil production and offshore rig count in developed countries such as the United States has increased significantly. This has in turn triggered the demand for offshore drilling, thus largely driving the growth of the robotic drilling market in the region.
That said, growing investments in the sector are expected to drive demand for robotic drilling. In 2020, the offshore production increased significantly touching 641 million oil barrels. As of May 2021, BOEM (the Bureau of Ocean Energy Management) manages around 2287 oil and gas leases that are spread over more than 12 million OCS (Outer Continental Shelf) acres in United States. In this background, development of shale exploration activities and growing focus towards reducing cost of drilling activities, reducing time and risk are expected to augur well for the robotic drilling market in North America in the forthcoming years.
Robotic Drilling Market: Competitive Scenario
The robotic drilling market remains moderately consolidated with the presence of few active and major players such as National Oilwell Varco Inc., Drillmec Inc., Nabors Industries Ltd., Huisman Equipment BV, Epiroc AB, Drillform Technical Services Ltd., KCA Deutag Alpha Limited, Automated Rig Technologies Ltd., Herrenknecht Group, and Loadmaster Universal Rigs Inc. Key players in the market have been focusing on growth strategies such as capacity expansions, acquisitions and partnerships to strengthen their position.
Recent Notable Developments
The Global Robotic Drilling Market Is Segmented As Below:
Key Elements Included In The Study: Global Robotic Drilling Market
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