DUBLIN, June 14, 2018 /PRNewswire/ --
The "Robotic Drilling Market Application (Onshore and Offshore), Installation (New Builds and Retrofits), Components (Hardware and Software), and Region (North America, Asia Pacific, Europe, Middle East) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global robotic drilling market is estimated to grow at a CAGR of 7.01% from 2018 to 2023, to reach at an estimated market size of USD 923.2 Million by 2023 from USD 658.0 Million in 2018
The increased drilling activities due to the development of unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling, which results in higher efficiency drilling and improved safety in rigs are the major factors driving the robotic drilling market growth.
In the report, the robotic drilling market based on application has been segmented into onshore and offshore. The onshore application accounted for a larger market share in 2017 as the installation of drill floor automation in onshore rigs is less complex compared to offshore rigs. Moreover, offshore drilling requires higher capital investments, and offshore rigs operate in dynamic and harsh environments.
The robotic drilling market based on installation has been segmented into new builds and retrofit. The retrofit segment is expected to account for a larger market share due to the increasing need to improve safety and efficiency of the existing rigs, coupled with the increased focus on low human intervention during drilling.
In this report, the robotic drilling market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, Middle East, and Rest of the World. North America is expected to dominate the global robotic drilling market during the forecast period due to the rise in the shale gas production and the higher safety and efficiency norms provided by drilling contractors. North America is also expected to be the fastest-growing market, followed by Asia Pacific.
The major factors restraining the growth of the robotic drilling market are the lack of interoperability of rig control systems used in robotic drilling and issues related to cybersecurity for automated systems.
Some of the leading players in the robotic drilling market include Nabors (US), Precision Drilling (Canada), Weatherford (Switzerland), Huisman (the Netherlands), and National Oilwell Varco (US). Contracts and new product launches were the most common strategies adopted by top players, followed by mergers and collaborations.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Robotic Drilling Market During the Forecast Period
4.2 Robotic Drilling Market, By Application
4.3 Robotic Drilling Market, By Components
4.4 Robotic Drilling Market, By Installation
4.5 North American Robotic Drilling Market, By Application
5 Market Overview
22.214.171.124 Increased Adoption of Automation in Oil & Gas Industry
126.96.36.199 Improved Operational Efficiency and Less Human Intervention
188.8.131.52 Interoperability of Rig Control Systems
184.108.40.206 Improving Safety in Rigs
220.127.116.11 Increased Exploration Actives in Ultra-Deepwater and Arctic Region
18.104.22.168 Increasing Data Privacy & Cybersecurity Risk
6 Robotic Drilling Market, By Application
7 Robotic Drilling Market, By Components
8 Robotic Drilling Market, By Installation
8.2 New Builds
9 Robotic Drilling Market, By Region
10 Competitive Landscape
10.2 Market Shares of Leading Players & Market Structure
10.3 Competitive Scenario
10.3.1 New Product Launches
10.3.2 Mergers & Acquisitions
10.3.3 Investments & Expansions
10.3.4 Contracts & Agreements/ Joint Ventures/Partnerships & Collaborations
11 Company Profiles
- National Oilwell Varco
- Weatherford International
- Nabors - Rds
- Ensign Energy Services
- Precision Drilling
- Abraj Energy
- Drillform Technical
- Automated Rig Technologies
For more information about this report visit https://www.researchandmarkets.com/research/2stx76/900_million?w=5
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets