Robotic Drilling Equipment Market to Reach $1.01 Bn, Globally, by 2027 at 8.4 % CAGR: Allied Market Research
b'Increase in adoption of automation in the oil & gas industry and rise in drilling activities due to the development of unconventional hydrocarbon resourcesdrive the growth of the global robotic drilling equipment market.
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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