Sarasota, FL -- (SBWIRE) -- 10/20/2018 -- Global Robotic Drilling Market: Overview
Robotic drilling involves using machines for drilling activities. Robotic drilling provides increased safety and higher efficiency and effectiveness. The need to adopt alternative sources of energy is fuelling the development of oil and gas production companies, which, in turn, contributes to the increased adoption of robotic drilling and automation. The development of alternative hydrocarbon resources is increasing the popularity of the robotic drilling market.
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Global Robotic Drilling Market: Growth Factors
The major growth driver in the global robotic drilling market is the rise in the drilling activities, owing to the growth of new hydrocarbon resources. Oil and gas companies are increasingly using automation and robotics, as it results in better rigs' safety and improved drilling efficiency. This also fuels the growth of the market for robotic drilling. There is an increase in the number of alternative drilling activities. In counties like Canada, the U.S., China, etc., infiltration of automation in onshore drilling is also rising. These factors contribute to the expansion of the global robotic drilling market. The increased demand for low human intervention in drilling activities is also driving the growth of this market.
Cybersecurity issues related to automated systems and rig control system's interoperability that are used in robotic drilling activities are some factors that might restrain the growth of the robotic drilling globally.
Global Robotic Drilling Market: Segmentation
The global robotic drilling market can be divided based on application, component, and installation. On the basis of application, the robotic drilling market can be fragmented into onshore and offshore. The onshore application of robotic drilling is anticipated to hold a larger share in comparison to the offshore application in the upcoming years. This is due to the facts that offshore drilling application needs huge capital investments and offshore rigs require harsh and dynamic environments for their operation. Based on the component, the robotic drilling market can be categorized into hardware and software. On the basis of installation, the robotic drilling market can be segmented into new builds and retrofit.
Global Robotic Drilling Market: Regional Analysis
Based on regions, the global market for robotic drilling can be divided into five main regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The North American region is anticipated to hold a substantial share in the global market for robotic drilling in the upcoming years, owing to the growing number of drilling activities in Canada and the U.S. Furthermore, the U.S. is focusing on expanding its shale gas resources for advancing its oil and gas productions and drilling contractors in the country are establishing higher efficiency and safety norms, which are also popularizing the use of robotic drilling. In the Asia Pacific region, developed countries, like Japan, have an increased demand for keeping human intervention in drilling activities to the bare minimum. Thus, this region shows a good growth rate in the market for robotic drilling.
Global Robotic Drilling Market: Competitive Players
The key market players of the global market for robotic drilling include Precision, Nabors, Abraj Energy, Huisman, National Oilwell Varco, Ensign Energy Services, Drillmec, Sekal, Rigarm, Automated Rig Technologies, Drillform Technical, and Weatherford International, among several others.
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Global Robotic Drilling Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa