Robotic Drilling Equipment Market

The robotic drilling equipment market was valued at $804.0 million in 2019, and is expected to reach $1,017.4 million by 2027, registering a CAGR of 8.4% from 2020 to 2027. Robotic drilling, also known as automated drilling, is an automation system that is specially developed for drilling operations in the oil & gas industry. It offers better solution for operations carried out in the oil & gas industry such as less drilling times, multi-sensor measurements, safer operations, and mass production. Robotic drilling companies manufacture robotic hardware as well as software to program and control the robots working on oil & gas rigs. There are mainly two types of robotic drills, onshore, which comprises robotic drilling machines on dry land; and offshore, which comprises robotic drilling on ocean floors or sea beds. These robotic drilling machines are used for building new rigs for extraction of oil & gas in onshore and offshore. They are also used for retrofit purpose on the old rigs during maintenance as well as while replacing the old parts of the system.

The robotic drilling equipment market was hampered owing to lockdown due to COVID-19 as demand for oil was drastically declined and many drilling rigs had to be shutdown.

The robotic drilling equipment market is mainly driven by rise in adoption of automation in the oil & gas industry. Automation gives better data collection, precise & accurate operations, and worker safety. In addition, there is minimum human intervention, which minimizes the probability of human errors. It also increases the efficiency of robotic drilling machines as well as operations carried in onshore and offshore. However, ability of computer systems and software to exchange and make use of information fed to the control system of robotic drilling machines compromises with the data privacy and cyber security risk of the data and operations of robotic drilling machines. Moreover, during the outbreak of COVID-19, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were also stopped or restricted to a huge extent. Construction & transportation activities along with their supply chains hampered on a global level. This led to decline in manufacturing of oil & gas, which directly hampers the robotic drilling equipment market. However, gradually, all industries are resuming their regular manufacturing and services. This is further expected to lead to re-initiation of robotic drilling manufacturing companies at their full-scale capacities, which is expected to help the market to start to recover by the beginning of 2022.

On the contrary, increase in major steps taken toward the safety of workers working on oil & gas rigs in onshore and offshore has opened up new opportunities in the robotic drilling equipment market. Additionally, increase in exploration activities in ultra-deepwater in the Arctic region for extraction of oil & gas is anticipated to drive the robotic drilling equipment market growth during the forecast period.

The robotic drilling equipment market is segmented into application, installation, end-user industry, and region. On the basis of application, the market is divided into land and water. Depending on installation, it is classified into new installation and modernize. By end-user industry, it is bifurcated into oil and gas. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Russia, Norway, and the rest of Europe), Asia-Pacific (China, Malaysia, Australia, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

By application, in 2019, the land segment dominated the robotic drilling equipment market, in terms of revenue, while the water segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of installation, the modernize segment led the market in 2019, in terms of revenue, and is anticipated to register the highest CAGR during the forecast period. By end-user industry, the oil segment led the market in 2019, in terms of revenue, while the gas segment is anticipated to register the highest CAGR during the forecast period.

Competition analysis

The major players profiled in the robotic drilling equipment market include Automated Rig Technologies Ltd., Drillform Technical Services Ltd., Drillmec Inc., Epiroc AB, Herrenknecht Group, Huisman Equipment B.V., KCA Deutag Alpha Limited, Loadmaster Universal Rigs, Inc., Nabors Industries Ltd., and National Oilwell Varco, Inc. Major companies in the market have adopted strategies, such as business expansion, partnership, acquisition, and product launch, to offer better products and services to customers in the robotic drilling equipment market. For instance, in August 2020, Drillform opened a new facility in the UAE in Abu Dhabi to provide service to customers in the Middle East and North Africa regions. It looks after the sales and services of its products through this facility.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging robotic drilling equipment market trends and dynamics. 
• In-depth robotic drilling equipment market analysis is conducted by estimations for the key segments between 2020 and 2027. 
• Extensive analysis of the robotic drilling equipment market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
• The robotic drilling equipment market forecast analysis from 2020 to 2027 is included in the report.
• The key market players operating in the market and their strategies are analyzed thoroughly, which help understand the competitive outlook of the market industry.

 Robotic Drilling Equipment Market Report Highlights