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Robotic Drilling Market – 2019 Global Size, Share, Trends, Growth, Regional Analysis With Industry Forecast To 2023

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Robotic Drilling Market – 2019 Global Size, Share, Trends, Growth, Regional Analysis With Industry Forecast To 2023

September 17
06:18 2019
Robotic Drilling Market - 2019 Global Size, Share, Trends, Growth, Regional Analysis With Industry Forecast To 2023

“”Robotic Drilling Market”‘
Robotic Drilling Market 2019 Global Industry Forecast to 2023 is latest report published by Market Research Future. Global Robotic Drilling Market is to grow at 7.2% CAGR by 2023. Global Robotic Drilling Market by Installation Type, Component, Application, and Region with Forecast To 2023.

Robotic Drilling Market 2019 Global Size, Share, Statistics, Regional outlook to 2023 is latest report published by Market Research Future. Global Robotic Drilling Market is to grow at healthy 7.2% CAGR by 2023. Global Robotic Drilling Market by Installation Type (Retrofit, New Builds, and Others), Component (Hardware, Software), Application (Onshore, Offshore), and Region with Forecast To 2023.

Robotic Drilling Key Players Analyzed in Report:

Odfjell Drilling, Sekal, Ensign Energy Services, Nabors – Rds, Huisman Equipments, Automated Rig Technologies, National Oilwell Varco, Drillmec, Weatherford International, and Rigarm among others.

Get Free Sample “Robotic Drilling Market Research Report-Global Forecast till 2023” at: https://www.marketresearchfuture.com/sample_request/6661

Robotic Drilling Market Highlights:

Global Robotic Drilling Market Driven by Advanced & Cost-Effective Technologies. The global robotic drilling market is progressing rapidly. According to Market Research Future (MRFR), the value of this market is expected to reach over USD 940 BN by 2023 from USD 650 BN in 2017. MRFR confirms that this appreciation of market value would be at a healthy CAGR of 7.2% throughout the forecast period (2018 to 2023).

The oil and gas industry is witnessing robotic revolution, investing heavily in the developments and integration of robotics in offshore and onshore drilling activities. A fully automated, unmanned, and remote-operated drilling platform has always been a dream for oilfield operators. Robotic drilling systems help to reduce costs, enhance efficiency, and increase security in drilling activities.

With robotics, the O&G sector has taken a huge technological leap forward. Oilfield companies are investing hugely to gain advantages of accessing robotics in deep-space exploration missions to increase the success of their drilling operation. Indeed, these companies are banking on in step-change robotics has brought in the way they market their portfolio of refined products, increasing the efficiency of operations. 

Due to the robotics, the gas production in various countries such as Russia, Australia, Malaysia, and the North American and Middle Eastern countries have not only increased but also stimulated regional and international trade in liquid natural gas (LNG). The O&G industry is continuously looking to adopt advanced technologies, and the demand for robotics in the industry is growing as the technology becomes more refined.

Additional factors that are substantiating the growth of the market include the augmenting demand for energy and the rising crude oil prices led by the increasing population, urbanization, and industrialization. Also, increasing drilling and oilfield exploration activities driven by the augmenting demand for energy are positively impacting the growth of the market.

Moreover, advantages those robotic drilling systems bring, such as the reduced cost, minimized human intervention and human error while, increased production, efficiency, and safety in drilling operations, are influencing the market growth.  Besides, safety regulations that are becoming stricter and the increased demand for safety on oil rigs have increased the adoption of robotic drilling.

On the other hand, presently, there is a lack of interoperability of rig control systems that restraints market growth. Nevertheless, technical advancements are expected to help mitigate this to a certain extent in the coming years. Deep-water exploration that is potentially highly dangerous and expensive for manned operations due to the water pressure in these areas have been increasing the demand for the automated drilling process.

Global Robotic Drilling Market Segments:

The report segments the market into four key dynamics to widen the scope of understanding,

By Installation Type: Retrofit and New Builds, among others.

By Component: Hardware, Software

By Application: Onshore and Offshore.

By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.

Global Robotic Drilling Market Regional Overview:

North America dominates the Global Robotic Drilling Market, heading with the huge advancements in robotics.  The region is one of the largest consumers of oil & gas and market players have been working on to integrate their robotics in the field of oilfields since long. Their efforts have paid off well bringing the success in increasing the drilling activities, which is driving the regional market growth, widening the uptake of robotics in the oilfields.

Additionally, factors such as the presence of well-developed infrastructure and the increasing demand for fossil fuels in the region are substantiating the market growth. The US accounts not only for the leading market in the region but also the largest revenue generator in the global robotic drilling market.

The robotic drilling market in the European region accounts for the second-largest market, globally.  Most of the European countries are initiating on transforming regulations towards the usage of robotics in oilfield applications which have led to the expansion of the robotic drilling market in the region. Moreover, increasing activities of R&D and modifications in the drilling systems are some of the prominent factors acting as major tailwinds to the growth of the market.

Asia Pacific robotic drilling market has been emerging as a promising market globally. Rapidly developing countries in the APAC such as India and China are increasingly investing in improving the drilling technologies and robotics in oilfields. Furthermore, the rapid economic growth increased R&D activities, and the demand for new autonomous technology from the burgeoning oil &gas sector are propelling the regional market.

Table Of Contents

1 Executive Summary

2 Market Introduction

2.1 Definition

2.2 Scope Of The Study

2.3 Market Structure

2.4 Key Takeaways

2.5 Key Buying Criteria

3 Market Insights

4 Research Methodology

4.1 Research Process

4.2 Primary Research

4.3 Secondary Research

4.4 Market Size Estimation

4.5 Forecast Model

4.6 List Of Assumptions

5 Market Dynamics

5.1 Introduction

5.2 Drivers

5.2.1 Increase In Drilling Activities

5.2.2 Less Human Intervention

5.2.3 Adoption Of Automation In Oil & Gas

5.3 Restraints

5.3.1 Lack Of Interoperability Of Rig Control System

5.3.2 Restraints Impact Analysis

5.4 Opportunities

5.4.1 Safety In Oil Rigs

5.4.2 Increased Exploration Activities In Deep Water

5.5 Supply Chain Analysis

5.6 Porter’s Five Forces Model

5.6.1 Threat Of New Entrants

5.6.2 Bargaining Power Of Suppliers

5.6.3 Bargaining Power Of Buyers

5.6.4 Threat Of Substitutes

5.6.5 Intensity Of Rivalry

Continued…

List of Tables:

TABLE 1 MARKET SYNOPSIS

TABLE 2 LIST OF ASSUMPTIONS

TABLE 3 EUROPE AIR QUALITY STANDARDS

TABLE 4 GLOBAL ROBOTIC DRILLING MARKET, BY INSTALLATION TYPE, 2018-2023 (USD MILLION)

TABLE 5 GLOBAL ROBOTIC DRILLING MARKET, BY COMPONENT, 2018-2023 (USD MILLION)

Continued…

List of Figures:

FIGURE 1 GLOBAL ROBOTIC DRILLING MARKET: MARKET STRUCTURE

FIGURE 2 RESEARCH PROCESS OF MRFR

FIGURE 3 TOP DOWN & BOTTOM UP APPROACH

FIGURE 4 DRO ANALYSIS OF GLOBAL ROBOTIC DRILLING MARKET

FIGURE 5 DRIVERS IMPACT ANALYSIS: ROBOTIC DRILLING MARKET

FIGURE 6 RESTRAINTS IMPACT ANALYSIS: ROBOTIC DRILLING MARKET

FIGURE 7 VALUE CHAIN: ROBOTIC DRILLING MARKET

FIGURE 8 PORTER’S 5 FORCES ANALYSIS

Continued…

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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