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Robotic Drilling Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
| A09030 | Pages: NA | Jun 2021 | 172 Views | | |
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COVID-19
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Robotic Drilling Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Request Now !Robotic drilling involves using machines for drilling activities in the oil & gas industry. Robotic drilling offers benefits to the oil & gas industry such as fewer drilling times, high drilling capacity, safer operations, multi-sensor measurements, mass production, and more predictability than human driven rigs.
Robotic drilling provides increased safety, higher efficiency, and effectiveness as well, since it possesses the expertise for building robotic hardware and software to program and control the robots on oil & gas rigs. Robotic drilling serves as an ideal alternative to manual drilling.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value (USD) |
Segments covered | Installation, Application, Component, and Region |
Regions covered | North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa) |
Companies covered | Major players analyzed include Precision, Nabors, Abraj Energy, Huisman, National Oilwell Varco, Ensign Energy Services, Drillmec, Sekal, Rigarm, Automated Rig Technologies, Drillform Technical, and Weatherford International. |
COVID-19 impact
- The global market for robotic drilling is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of robotic drilling devices, which negatively impact the market growth.
- However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Top impacting factors: market scenario analysis, trends, and drivers
Recent inventions in robotic drilling include the hydraulic arm that removes drill-pipe from setback to well center and thereby reduces human involvement and saves time. Another trend observed in the robotic drilling markets is designing multi-stack robots and pipe handling robots. Pipe-handling robots are capable of picking up a pipe from the horizontal position, bring to vertical position, building and moving stands, handling multiple sizes, and changing all the tools for operating various functions within the boundaries set by the existing drilling structure. Whereas, multi-stack robots reduce the involvement of humans as well as enhance efficiency.
The market growth is majorly driven by the increased drilling activities due to the development of unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling, which results in higher efficiency drilling and improved safety in rigs and is thus anticipated to create great opportunities for revenue generation in robotic drilling market in the forecasted period.
However, the growth of the market may be hinder due to interoperability of rig control systems used in robotic drilling and issues related to cybersecurity for automated systems.
Regional analysis
The Global robotic drilling market is studied across major four regional markets including North America, Europe, Asia-Pacific, and LAMEA. North America is expected to be the largest market over the coming years in response to the rise in drilling activities of unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling. Besides this, Asia-Pacific is expected to register significant growth due to high demand for crude oil from India. Further, in Middle East and Africa, OPEC countries are adopting robotic drilling technology significantly and thus it is anticipated to boost the market over there in the forecasted period.
Key segments covered:
Segments | Subsegments |
Installation |
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Application |
|
Component |
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Key benefits of the report:
This study presents the analytical depiction of the global robotic drilling market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global robotic drilling market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global robotic drilling market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global robotic drilling market analysis depending on competitive intensity and how the competition will take shape in coming years.
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