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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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.
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
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