Global Oil Drilling Automation Market Forecasts Report 2020-2025 - ResearchAndMarkets.com

The "Oil Drilling Automation Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.

The oil drilling automation market is evaluated at US$486.688 million for the year 2019 growing at a CAGR of 10.01% reaching the market size of US$862.494 million by the year 2025.

Oil drilling automation refers to the automation of sub-processes of operational as well as downhole activities that are necessary for the drilling of oil. In other words, it refers to the integration of surface and downhole measurements with the help of modernized machinery, systems as well as predictive models to improve operational efficiency in a cost-efficient and effective manner.

There are growing requirements of safety as well as efficiency during the drilling process, thus, these tools and equipment further offer enhanced safety and efficiency with the help of predictive tools and models. Automation of drilling are being increasingly adopted due to the fact that it also helps to optimize the surface activities. For this, a combined system is required with a comprehensive understanding of the subsurface and its interactions with the drilling systems that operate under surface drilling.

The market for oil drilling automation is being primarily driven by the fact there has been a significant increase in the exploration activities owing to the increased demand, which is anticipated to be one of the prime factors that are expected to supplement the demand for automation solutions in oil fields.

Furthermore, the increasing focus on the development of new oil fields with reduced risks and enhanced safety and efficiency is a major factor that is paying a significant role in shaping up the market growth throughout the course of the next five years. Additionally, the up-gradation of the existing infrastructure in the oil fields coupled with the growing penetration of automation processes across several industry verticals is further bolstering the oil drilling automation market growth throughout the forecast period.

However, the market may be restrained by the fact that the initial upfront costs of these solutions is further leading to a reluctance in the adoption of these solutions. Also, the risk of security coupled with the volatile nature of the oil industry are some of the additional factors that are projected to inhibit the market growth.

Furthermore, the outbreak of COVID-19 is considered to be a major factor that is expected to hamper the market growth during the short run due to the fact that in many parts of the world the capital expenditure spending on oil and gas has been negatively impacted due to economic crisis. Also, the halt in industrial manufacturing further led to a decline in energy demand as well, which further led to a decline in the production.

Key Topics Covered:

1. Introduction

1.1. Market Definition

1.2. Market Segmentation

2. Research Methodology

2.1. Research Data

2.2. Assumptions

3. Executive Summary

3.1. Research Highlights

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Oil Drilling Automation Market Analysis, by Application

5.1. Introduction

5.2. Offshore

5.3. Onshore

6. Oil Drilling Automation Market Analysis, by Offering

6.1. Introduction

6.2. Hardware

6.3. Software

7. Oil Drilling Automation Market Analysis, by Geography

7.1. Introduction

7.2. North America

7.3. South America

7.4. Europe

7.5. Middle East and Africa

7.6. Asia Pacific

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

9.1. Huisman Equipment B.V.

9.2. Sekal AS

9.3. Drillform Technical Services Ltd.

9.4. National-Oilwell Varco, Inc.

9.5. Rigarm Inc.

9.6. Automated Rig Technologies Ltd.

9.7. Nabors Industries Ltd.

9.8. ABB

9.9. Emerson Electric Co.

9.10. Honeywell International Inc.

For more information about this report visit https://www.researchandmarkets.com/r/rmmw3f

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005833/en/