Increase in adoption of automation in the oil & gas
industry and rise in drilling activities due to the development of
unconventional hydrocarbon resources drive the growth of the
global robotic drilling equipment market. Moreover, by region, the
market across North America
dominated in 2019 with highest market share and is expected to
continue its dominance throughout the forecast period.
PORTLAND, Ore., May 12, 2021 /PRNewswire/ -- Allied Market
Research published a report, titled, "Robotic drilling equipment
Market by Application (Land and Water), Installation (New
Installation and Modernize), and End-user Industry (Oil and Gas):
Global Opportunity Analysis and Industry Forecast, 2020–2027."
According to the report, the global Robotic drilling equipment
industry generated $804 million in
2019, and is expected to garner $1.01
billion by 2027, witnessing a CAGR of 8.4% from 2020 to
2027.
Drivers, restraints, and opportunities
Increase in adoption of automation in the oil & gas industry
and rise in drilling activities due to the development of
unconventional hydrocarbon resources drive the growth of the
global robotic drilling equipment market. However, interoperability
of rig control systems used in robotic drilling and issues related
to cyber security for automated systems restrain the market growth.
On the other hand, increase in major steps taken toward the safety
of workers working on oil & gas rigs in onshore and offshore
and rise in exploration activities in ultra-deep water in the
Arctic region for extraction of oil & gas create new
opportunities in the coming years.
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Covid-19 Scenario
- Owing to the lockdown imposed by governments, the consumer
spending patterns were hindered, which in turn, impacted the demand
for robotic drilling equipment.
- During the pandemic, the national and international transport
has been hampered as well, thereby disrupting the market.
- The government bodies, however, have loosened off the
restrictions thereby assisting the companies to reinitiate their
processes.
The modernization segment to maintain its leadership status
during the forecast period
Based on installation, the modernize segment contributed to the
highest market share, accounting for around half of the global
robotic drilling equipment market in 2019, and will maintain its
leadership status during the forecast period. In addition, the
segment is projected to maintain the highest CAGR of 9.1% from 2020
to 2027. This is owing to adoption of automation in the
pre-installed systems.
The oil segment to maintain its lead position during the
forecast period
Based on end use industry, the oil segment accounted for the
largest share in terms of revenue in 2019, holding more than
four-fifths of the global robotic drilling equipment market, and is
expected to maintain its lead position during the forecast period.
This is owing to its large scale consumption around the world. On
the other hand, the gas segment is expected to witness the highest
CAGR of 9.3% from 2020 to 2027. This is due to use of LPG and CNG
in automobiles.
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North America to maintain
its dominance in terms of revenue by 2027
Based on region, North America
held the highest market share in 2019, accounting for nearly half
of the global robotic drilling equipment market, and will maintain
its dominance in terms of revenue by 2027. This is attributed to
large scale installations of oil & gas rigs by the companies in
the region. However, Asia-Pacific
is expected to manifest the largest CAGR of 11.3% during the
forecast period, owing to rising extraction activities of oil &
gas, carried out by the countries and companies in this region.
Leading market players
- Precision
- Nabors
- Abraj Energy
- Huisman
- National Oilwell Varco
- Ensign Energy Services
- Drillmec
- Sekal
- Rigarm
- Automated Rig Technologies
- Drillform Technical
- Weatherford International.
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