The global market for robotic drilling 2020 can potentially achieve a healthy growth rate of 7.2% between 2018 and 2023 (appraisal period). In 2017, the market value was close to USD 650 Bn and is likely to gain considerable ground by touching a valuation of over USD 940 Bn by 2023-end, estimates Market Research Future (MRFR).
Growth Drivers and Main Barriers
The sharp rise in the demand for oil & gas in the fossil-fuel dependent world has been the result of the expanding global population and the surge in urbanization. This has prompted a surge in the number of drilling activities across various regions, resulting in the high demand for robotic drilling systems. These systems are gaining immense traction in oil and gas activities as they help bring down human involvement in dangerous drilling operations. Apart from this reason, the increasing number of strict safety regulations in the oil and gas sector has also boosted the adoption of robotic drilling systems.
The latest trend in the Robotic Drilling Market industry is the rising use of hydraulic arm that helps with the removal of drill-pipe from the setback to the well center, while reducing human interference and saving time. Another trend picking up speed in the market is the development of multi-stack robots as well as pipe handling robots. In recent years, the focus in the robotic drilling market has been on the plug and play system for drilling of the floor. This advanced system functions automatically as soon as it is plugged into communication cables and power supplies, in addition to being controlled and monitored offsite, whether on a surface vessel or land.
Other notable developments include the growth in investments by top vendors in the research and development (R&D) of electric roughnecks and electric robots. These systems are used to carry massive weights and conduct human tasks while keeping the quality intact throughout the process. Electric robots now make use of artificial intelligence (AI) to correct the weight of products and also fix the movement and acceleration speed as per the weight and size of materials being lifted. AI has single-handedly transformed the robotics drilling market, by constructing automatic robotized drill floors and also removing external sensors over the rig floor.
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National Oilwell Varco, Sekal, Ensign Energy Services, Automated Rig Technologies, Odfjell Drilling, Nabors – Rds, Rigarm, Weatherford International, Huisman Equipments, Drillmec, are some of the top contenders in the robotic drilling market, as per the MRFR report.
MRFR report outlines the primary segments based on which the research on the robotic drilling market has been conducted, which include installation type, component and application.
Installation types covered are retrofit as well as new builds. Out of these, retrofit is the dominant segment, having seized the biggest share in the market, while exhibiting the potential to achieve the fastest growth rate in the approaching period.
Component-based market segmentation of robotic drilling systems includes hardware as well as software. The hardware segment has shown the most significant growth in the market, however, the software segment can note fast-paced growth in the years ahead.
The primary applications of robotic drilling are onshore and offshore. Onshore applications can grow at a formidable rate, which can make it the leading segment.
Asia Pacific or APAC, North America, the Middle East and Africa or MEA and Europe are the top markets considered for robotic drilling systems.
North America tanks among the top markets for robotic drilling systems, thanks to the boom in the shale gas exploration in recent years. Exploration activities have increased in the Gulf of Mexico, which further complements the regional market growth for robotic drilling systems. In the wake of rising oil prices and the drop in the drilling cost, the United States (U.S.) has observed a surge in offshore oil production as well as offshore rig count, translating to considerable business growth in the region.
The APAC market can progress at a notable pace in the approaching years, backed by factors such as the soaring demand for crude oil, especially in India. The latest technologies like IoT and artificial intelligence have boosted the demand for automation, resulting in market growth for robotic drilling systems in the region.
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Table Of Contents: Global Robotic Drilling Market
- Executive Summary
- Scope Of The Report
- Research Methodology
- Robotic Drilling Market Landscape
- Pipeline Analysis
- Market Sizing
- Five Forces Analysis
- Robotic Drilling Market Segmentation
- Customer Landscape
- Regional Landscape
- Decision Framework
- Drivers And Challenges
- Robotic Drilling Market Trends
- Vendor Landscape
- Vendor Analysis
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