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Robotic Drilling - Global Market Outlook (2020-2028)

Robotic Drilling - Global Market Outlook (2020-2028)

4.0 (86 reviews)
Published: June 2021 ID: SMRC20659
4.0 (86 reviews)
Published: June 2021 ID: SMRC20659

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Robotic Drilling Market is accounted for $799.03 million in 2020 and is expected to reach $1,603.83 million by 2028 growing at a CAGR of 9.1% during the forecast period. Factors such as improved operational efficiency and less human intervention, increasing adoption of automated systems in oil and gas industries, coupled with focus on lower intervention of humans during the extraction process on account of safety concerns, and increasing development of unconventional hydrocarbon resources, coupled with increasing consumption of oil and natural gas are driving the market growth. However, interoperability of rig control systems may hamper the market growth.

 

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Robotic drilling is an automation system developed for drilling operations in the oil & gas industry. This system offers benefits to the oil & gas industry such as less drilling times, safer operations, mass production, multi-sensor measurements, high drilling capacity, and more predictability than human driven rigs. The robotic drilling is the best alternative to manual drilling. It can be integrated into new or existing onshore and offshore installation.

Based on the application, the onshore segment is expected to grow at the significant rate during the forecast period, due to increased onshore exploration activity worldwide. The installation of drill floor automation in onshore rigs is less complex compared to offshore rigs. Globally ~70% of the oil and gas production takes place at onshore oil and gas fields. These fields require less capital investment in comparison with offshore fields and the costs related to automation in these fields are relatively low. Formations in onshore wells are more stable during the drilling process than those in offshore; therefore, the adoption of automation in such areas is faster for improving the drilling efficiency. The US and China with vast onshore reserves present ample opportunities for the providers of onshore robotic drilling systems.

 By geography, the North America region is expected to have considerable market growth during the forecast period, owing to the rise in the shale gas production and the higher safety and efficiency norms provided by drilling contractors. Exploration in Gulf of Mexico is also on rise further complimenting the robotic drilling systems market in the region. According to the Canadian government report published in 2018, oil production from Canada is anticipated to reach 4.5 mmbpd by 2020, and production is expected to increase from an offshore well situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 bbl of oil and 20.6 tcf of gas. As a result of higher oil prices and declining drilling cost, the offshore rig count and offshore oil production in the United States has increased significantly, indicating growing offshore drilling which is expected to be the major driver for the robotic drilling market in the country.

Some of the key players profiled in the Robotic Drilling Market include National Oilwell Varco, Inc., Weatherford International, Nabors Industries Ltd., Sekal AS, Drillmec Inc., Abraj Energy Services, Huisman Equipment B.V., Drillform Technical Services Ltd., Automated Rig Technologies Ltd., Ensign Energy Services Inc., Precision Drilling Corporation, and Rigarm Inc.

Report Coverage

Details

Published Year:

2021

Estimated Market Size in 2020:

USD 799.03 million

Estimated Period:

2020

Compound Annual Growth Rate (CAGR)  from 2020 to 2028:

9.1%

Predicted 2028 Value:

USD 1,603.83 million

Forecast Years:

2021-2028

Tables, Graphs & Figures

82

Chapters Covered:

Installation, Component, Sales Channel, and Application

Core Drivers and Opportunities:

  • Improved operational efficiency and less human intervention
  • Increasing adoption of automated systems in oil and gas industries
  • Increased exploration actives in ultra-deepwater and arctic region
  • Improving safety in rigs

Restraining Factors & Market Threats:

  • Interoperability of rig control systems
  • Increasing data privacy & cybersecurity risk


Installations Covered:
• New Builds
• Retrofit

Components Covered:
• Software
• Hardware

Sales Channels Covered:
• Distributor
• Direct Sales

Applications Covered:
• Offshore
• Onshore

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Key Questions Answered In The Report

The Global Robotic Drilling Market is majorly driven by increased exploration activity, increasing development of unconventional hydrocarbon resources, and focus on the development of new oil and gas fields in a risk-free, cost-efficient, and time-efficient manner.

The onshore segment is growing at a highest CAGR owing to increased onshore exploration activity worldwide, the installation of drill floor automation in onshore rigs is less complex, and the lower costs incurred for onshore drilling activities.

North America dominated with a significant market share due to increasing oil and natural gas extraction activities in the region coupled with quicker adoption of advanced technologies in the region, and growing number of drilling activities in Canada and the U.S.

Asia Pacific market is growing at a highest CAGR owing to increasing demand for crude oil from emerging economies and increased demand for keeping human intervention in drilling activities to the bare minimum.

Key players profiled in the Robotic Drilling Market include National Oilwell Varco, Inc., Weatherford International, Nabors Industries Ltd., Sekal AS, Drillmec Inc., Abraj Energy Services, Huisman Equipment B.V., Drillform Technical Services Ltd., Automated Rig Technologies Ltd., Ensign Energy Services Inc., Precision Drilling Corporation, and Rigarm Inc.

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