Robotic Drilling Market -Overview
Market Research Future (MRFR) expects the robotic drilling market 2020 to post a growth rate of 7.2% between 2018 and 2023 (appraisal period). Since achieving a valuation of approximately USD 650 Bn in 2017, robotic drilling market is all set to touch a valuation of more than USD 940 Bn by 2023-end, despite the COVID-19 impact. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
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Key Drivers and Main Deterrents
Prior to the COVID-19 outbreak, the oil & gas industry had been seeing rapid growth, given the rising demand for fossil-fuel in light of the increasing urbanization and the exploding population in emerging countries like India and China. However, since the advent of SARS-CoV-2 in China and its rapid spread around the world, the oil & gas industry was heavily impacted due to the lockdown that was imposed across countries. The cost and demand of crude oil decreased as a result of the novel coronavirus hitting the drilling activities, which considerably slowed down the growth rate of the robotics drilling market.
The pandemic has shut down several businesses, with the manufacturing facilities halted and productions delayed. These factors have been quite unfavorable for the Robotic Drilling Market. However, as the main benefit of robotic drilling is that it can be used as an alternative to human drilling; it has emerged as a useful tool in the COVID-19 era. These machines help maintain the distance between the workers and anything that can be harmful to their health. Robotic drilling systems also facilitate smooth and safe operations, which also diminishes the scope for errors that are expected from humans. Thus, it is safe to say that the pandemic has boosted the market growth to some extent, post the lockdown.
The robotic drilling industry has been observing a surge in the use of hydraulic arm to remove drill-pipe and reduce human interference while also saving time. Advanced hydraulic arms are being launched continuously in the market, which are fast gaining the attention of more end-users worldwide. This can boost the growth scope of the robotic drilling market in the following years.
Market Segmentation
The robotic drilling market has been considered for installation type, component as well as application.
Installation types included in the market study are retrofit and new builds. The retrofit installation type is the leading segment, and can even gain the fastest expansion rate during the conjectured period.
The key components covered in the report include hardware and software. Between these, the market for the hardware components can observe better growth while the software component market can witness higher growth rate in the years ahead.
The main application areas of robotic drilling include onshore and offshore. Onshore applications are expected to surge at a formidable pace, making it the leading segment in the global market.
Competitive Analysis
The collaboration of competitors in this market is expected to give way to new developments and novel product launches. The development of the market is contingent on the delicate balance of the forces of demand and supply. The consumers in the market are well aware of their requirements and how the market can meet them. The enrichment of the sources of supply is allowing the market players to create products that can be successful in the market effectively. The availability of advantageous policies and regulations by trade bodies and governments is expected to hasten the intensification of the market in the forecast period. The improved economic state of the companies is expected to lead to better research and development trials and activities in the impending period. The upgradation in production capacity is estimated further to accelerate the market expansion in the upcoming period.
The notable players in the Robotic Drilling Market are Odfjell Drilling, Sekal, National Oilwell Varco, Ensign Energy Services, Huisman Equipments, Automated Rig Technologies, Drillmec, Nabors – Rds, Weatherford International, and Rigarm.
Regional Analysis
APAC/Asia Pacific, the Middle East and Africa/MEA, Europe and North America are considered as the key markets for robotic drilling systems.
North America can be one of the biggest gainers in the global robotic drilling market as a result of the escalating number of drilling activities, especially across Canada and the United States/U.S. The U.S. is largely focused on the expansion of the shale gas resources to accelerate the oil and gas productions, which can benefit the market. The major drilling contractors in the region are increasingly imposing safety norms that can also induce growth in the use of robotic drilling.
The APAC market’s growth rate is anticipated to be quite rapid in the coming years, since the demand for crude oil, particularly in India, has risen exponentially in recent years. Apart from this, the fast adoption of advanced technologies such as artificial intelligence and IoT has led to a higher uptake of automation, proving to be favorable for the robotic drilling market in the region.
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