July 31, 2019 - 2:44 AM EDT
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Robotic Drilling Market to Draw on Opportunities for Progress By 2023 | Robotic Drilling Industry Analysis by Installation Type, Component, Application and Region

Robotic Drilling Market Research Report Segmented by Installation Type (Retrofit, New Builds, and Others), Component (Hardware, Software), Application (Onshore, Offshore), and Region (North America, APAC, Europe, Rest of the World) – Global Forecast till 2023

Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR), the value of this market is expected to reach over USD 940 BN by 2023 from USD 650 BN in 2017. MRFR confirms that this appreciation of market value would be at a healthy CAGR of 7.2% throughout the forecast period (2018 to 2023).

The oil and gas industry are witnessing robotic revolution, investing heavily in the developments and integration of robotics in offshore and onshore drilling activities. A fully automated, unmanned, and remote-operated drilling platform has always been a dream for oilfield operators. Robotic drilling systems help to reduce costs, enhance efficiency, and increase security in drilling activities.

With robotics, the O&G sector has taken a huge technological leap forward. Oilfield companies are investing hugely to gain advantages of accessing robotics in deep-space exploration missions to increase the success of their drilling operation. Indeed, these companies are banking on in step-change robotics has brought in the way they market their portfolio of refined products, increasing the efficiency of operations. 

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Due to the robotics, the gas production in various countries such as Russia, Australia, Malaysia, and the North American and Middle Eastern countries have not only increased but also stimulated regional and international trade in liquid natural gas (LNG). The O&G industry is continuously looking to adopt advanced technologies, and the demand for robotics in the industry is growing as the technology becomes more refined.

Additional factors that are substantiating the growth of the market include the augmenting demand for energy and the rising crude oil prices led by the increasing population, urbanization, and industrialization. Also, increasing drilling and oilfield exploration activities driven by the augmenting demand for energy are positively impacting the growth of the market.

Moreover, advantages those robotic drilling systems bring, such as the reduced cost, minimized human intervention and human error while, increased production, efficiency, and safety in drilling operations, are influencing the market growth.  Besides, safety regulations that are becoming stricter and the increased demand for safety on oil rigs have increased the adoption of robotic drilling.

On the other hand, presently, there is a lack of interoperability of rig control systems that restraints market growth. Nevertheless, technical advancements are expected to help mitigate this to a certain extent in the coming years. Deep-water exploration that is potentially highly dangerous and expensive for manned operations due to the water pressure in these areas have been increasing the demand for the automated drilling process.

Market Segmentation:

The report segments the Robotic Drilling Market into four key dynamics to widen the scope of understanding,

By Installation Type: Retrofit and New Builds, among others.

By Component: Hardware, Software

By Application: Onshore and Offshore.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

Regional Analysis:

North America dominates the global robotic drilling market, heading with the huge advancements in robotics.  The region is one of the largest consumers of oil & gas and market players have been working on to integrate their robotics in the field of oilfields since long. Their efforts have paid off well bringing the success in increasing the drilling activities, which is driving the regional market growth, widening the uptake of robotics in the oilfields.

Additionally, factors such as the presence of well-developed infrastructure and the increasing demand for fossil fuels in the region are substantiating the market growth. The US accounts not only for the leading market in the region but also the largest revenue generator in the global robotic drilling market.

The robotic drilling market in the European region accounts for the second-largest market, globally.  Most of the European countries are initiating on transforming regulations towards the usage of robotics in oilfield applications which have led to the expansion of the robotic drilling market in the region. Moreover, increasing activities of R&D and modifications in the drilling systems are some of the prominent factors acting as major tailwinds to the growth of the market.

Asia Pacific robotic drilling market has been emerging as a promising market globally. Rapidly developing countries in the APAC such as India and China are increasingly investing in improving the drilling technologies and robotics in oilfields. Furthermore, the rapid economic growth increased R&D activities, and the demand for new autonomous technology from the burgeoning oil &gas sector are propelling the regional market.

Key Players:

Key players leading the global robotic drilling market include Odfjell Drilling, Sekal, Ensign Energy Services, Nabors – Rds, Huisman Equipments, Automated Rig Technologies, National Oilwell Varco, Drillmec, Weatherford International, and Rigarm among others.

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Latest Industry News:

April 30, 2019 --- VIST Group (Russia), a subsidiary of Zyfra Group, a multinational company involved in the development and implementation of IT for the mining industry announced the deployment of its autonomous drilling system in Siberia.  The piloted unmanned drilling system is intended to minimize the number of employees involved in hazardous and dangerous work while maintaining or potentially reducing drilling costs.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Source: GlobeNewswire PR (July 31, 2019 - 2:44 AM EDT)

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