Robotic Drilling Market share To Grow Due To Growing Adoption of Automation in Oil Gas:
Market Research Future has published a half-cooked research report on the Global Robotic Drilling Market share.
Market Insights
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 share 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.
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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 share.
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 in the near future. Increasing deepwater exploration activities are expected to increase adoption as manned operations in deep water is highly unsafe.
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Market Segmentation
Segmentation of the global Robotic Drilling Market share in MRFR's report has been done on the basis of 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 in an effort to build reserves. Moreover, the presence of well-developed infrastructure and developed countries such as the US and Canada combined with a high number of motor vehicles has stressed the increasing demand for fossil fuels. The US 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.
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Key Players
Nabors - Rds, National Oilwell Varco, Huisman Equipments, Automated Rig Technologies, Drillmec, Ensign Energy Services, Sekal, Rigarm, Weatherford International, and Odfjell Drilling are among the leading market players that have been included in the competitive analysis of the Robotic Drilling Market share in MRFR's report.
