Every industry is relied on the oil and gas industry, because of its essentials. Power generation is the basis of any industry to function, in which case the oil and gas industry forms the fundamentals principles of the entire Oil and Gas Robotics market. Having robots in the oil and gas industry is a measure to improve safety at the industry, while also ensuring that the robots facilitate efficient operation with as less downtime as possible in case of any problem, which may occur.
The robots used in the oil and gas industry are significantly designed based on the application and its purpose. For example, to detect leaks or detect areas which can cause future obstacles, inspection robots are ideally designed to fit through small spaces and withstand high temperature to detect errors.
Nowadays, robots have become an approach to improve productivity and reduce operating costs.
Technological Advancements to Increase the Global Market Demand
With increasing population, the demand for urbanization and industrialization has increased the demand for the market. Furthermore, technology advancements and the rapid race for innovation among different segments have led the oil companies to adopt robots to perform dangerous tasks in harsh offshore environments.
Furthermore, oil extraction activities like offshore drilling is one of the key factors which have driven the market demand over the forecast period. Continued depletion of onshore resources has given rise to offshore drilling for extracting oil and gas, ensuring the supply to meet the worldwide demand.
Robots in the oil and gas industry save labor costs and improve performance, which ensures safety by reducing the exposure of people to dangerous tasks and situations. For example, Iron Roughneck, the well-known robot used in the oil and gas industry, ensures quite dangerous tasks of connecting drill pipes as they are shoved through miles of ocean water and oil-bearing rock. This task improves effectiveness combined with efficiency for the drilling company and improves safety for the workers on the oil rig.
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Latest Developments by the Key Players to Drive Market Growth
High demand from emerging countries have given rise to deep-water production which is expected to account for 13% of the global output of crude oil and natural gas condensates by 2020, up from 10% last year, as per a report by Norwegian Oil and Gas consultant, Rystad Energy A.S. Moreover, U.S. offshore oil production from all the states, mostly the Gulf of Mexico, is projected to rise 18% from 2011 to 2020, owing to exploration activities as deep as 5,000 feet, stated by the U.S. Department of Energy.
Key players in the global market such as Chevron, Statoil, ASA, and BP are the major companies investing in this technology. A subsidiary of West Group, West Drilling Products AS (a Norwegian Oil Services company), has created a robotic oil rig, which will reduce the drilling time by 50% and drastically reduce the safety risk of drilling by taking most of the people out of the process. This new technology is estimated to give access to an equivalent of an additional 10 billion to 20 billion barrels of oil altogether in the U.S., Azerbaijan, and Egypt.
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It can be said that this emerging technology will give rise to newer concepts in the future, which is expected to increase the demand of the market over the coming years. Companies are moving towards innovation and trying to improve the quality and technology of sensors to achieve a better competitive market edge. This will further boost the market demand in the near future.
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