Robotic Drilling Market Analysis | 2022-2027

Robotic Drilling Market Analysis | 2022-2027

Robotic Drilling Market Analysis | 2022-2027
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Robotic Drilling Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opp See more...

Market Insights

The Robotic Drilling Market is likely to grow at a promising CAGR of 7.1%, in the long run, to reach US$ 7.5 billion in 2027.

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What is robotic drilling?

Robotic drilling has made a name for itself as a cutting-edge robotic technology with important uses in unmanned drilling operations. Drilling robot controls serve to provide safe, seamless operations between drilling machines while also minimizing the possibility of human error. Due to increasing populations and urbanization, the demand for oil and gas has been rising quickly in a world that is primarily dependent on fossil fuels. Drilling activities have increased as a result of this.

Market Dynamics

Increased exploration activity and a focus on the creation of new oil and gas resources in a risk-free, cost-effective, and time-efficient manner are expected to drive the market for robotic drilling systems. The surge in exploration activities has increased the demand for oil and gas production. This factor is expected to aid the growth of the market during the forecast period. Furthermore, there has been an increase in the demand for quick and risk-free drilling techniques, which may point to a bright future for robotic drilling systems.

Robotic Drilling Market Features

Market Size in 2027

US$ 7.5 billion

Market Growth (2022-2027)

7.1% CAGR

Base Year of Study

2021

Trend Period

2016-2020

Forecast Period

2022-2027

 

Covid-19 Impact

The oil and gas sector was adversely affected by the COVID-19 pandemic. The pandemic's impact on crude oil prices and their demand led to a major reduction in the number of upstream projects in 2020, which had a detrimental effect on robotic drilling operations. Also, the recent volatility in oil prices, concerns about cybersecurity, and high starting costs have stifled the market growth for robotic drilling.

Segments Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories-

By Deployment Type

  • Onshore 
  • Offshore 

By Component Type

  • Hardware 
  • Software 

By Region

  • North America 
  • Europe 
  • Asia-Pacific 
  • Rest of the World 

By Deployment Type

The robotic drilling market is segmented as onshore and offshore. Onshore is expected to remain the larger deployment type in the market during the forecast period. The current volatility in oil prices has slowed the growth in the market for robotic drilling systems. However, as oil prices begin to stabilize, the industry is expected to grow during the forecast period. Drilling companies are under increasing pressure to reduce the industry's risk and frequency of accidents. As a result, operator businesses are shifting to robotic drilling technologies to improve efficiency and eliminate human error.

By Component Type

The market is segmented into hardware and software. Companies are investing heavily in the development of both hardware and software. This is expected to increase the demand for robotic drilling in the oil and gas sector during the forecast period.

Regional Analysis

North America is expected to remain the largest market for robotic drilling during the forecast period. Increased exploration in the Gulf of Mexico is driving the demand for robotic drilling systems in the region. The number of offshore rigs and oil production in the United States increased dramatically as a result of rising oil prices and falling drilling costs, indicating increased offshore drilling, which is expected to be a major factor in the country's robotic drilling market.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the robotic drilling market.

  • Abraj Energy Services SAOC
  • Automated Rig Technologies Ltd
  • Drillform Technical Services Ltd
  • Drillmec Inc. 
  • Ensign Energy Services Inc.
  • Huisman Equipment BV
  • Nabors Industries Ltd
  • National-Oilwell Varco Inc.
  • Rigarm Inc.
  • Sekal AS

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s robotic drilling market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

In-depth Analysis of the Robotic Drilling Market

How lucrative is the future?

Market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional, and country level historical data and forecasts

Which are the most attractive market segments?

Market segment analysis and forecast

Which are the top players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & challenges

Will I get the information on my specific requirement?

10% free customization

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

Frequently Asked Questions (FAQs)

Robotic drilling has made a name for itself as a cutting-edge robotic technology with important uses in unmanned drilling operations. Drilling robot controls serve to provide safe, seamless operations between drilling machines while also minimizing the possibility of human error.

The robotic drilling market is expected to grow at a CAGR of 7.1% by 2027, driven by the rising demand for oil and gas production as exploration activities increase.

The robotic drilling market is likely to reach US$ 7.5 billion in 2027.

North America is estimated to remain dominant in the robotic drilling market in the foreseen future. Increased exploration in the Gulf of Mexico is driving the demand for robotic drilling systems in the region.

Onshore is expected to remain the larger deployment type in the market during the forecast period.

National-Oilwell Varco Inc., Huisman Equipment BV, Drillform Technical Services Ltd, Drillmec Inc., and Nabors Industries Ltd, are the leading players in the robotic drilling market.

The market is studied from 2016-2027.