Robotic Drilling Industry Worth US$ 946.6 Million in 2025
Robotic Drilling Market to 2025 - Global Analysis and Forecasts by Component (Hardware and Software), Installation Type (New Build and Retrofit), and Application (Onshore and Offshore)
The demand for robotic drilling is largely influenced by the increase in global oil demandsand surge in need for safer and high-quality drilling system. On the basis of component, hardware accounted for the largest share of the Robotic Drilling Market in 2017 in terms of revenue.
According to the new research report published by The Insight Partners, titled “Robotic Drilling Market to 2025 - Global Analysis and Forecasts by Component (Hardware and Software), Installation Type (New Build and Retrofit), and Application (Onshore and Offshore) is expected to grow from US$ 619.4 Mn in 2017 to US$ 946.6 Mn by 2025 growing at a CAGR of 5.6% from 2018 to 2025.
The oil & gas sector is characterized by a high amount of uncertainty owing to thefluctuating demands for oil & gas products worldwide, environmental impacts, and legislation laid down by several authorities on these operations. US is also considered to be the hub of innovations and therefore, the technological disruptions take place in this part of the world first before spreading to the other regions. Robotic drilling market is becoming prevalentacross other developed and developing economies including Europe and MEA. Also, countries in APAC are experiencing a high growth in the industrial sector thus, propelling the growth of robotic drilling market.
The overall robotic drilling market size has been derived using both primary and econdarysource. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the robotic drilling market. It also provides the overview and forecast for the global robotic drilling market based on all the segmentation provided with respect to five major reasons such as North America,Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America was the leading revenue generating region in 2017 and US is anticipated to lead the adoptions of robotic drilling across the North American region through the forecast period. Increase in technological developments paired with shale exploration activities in the region is fueling the robotic drilling market in the region. The major reason for this is the presence of a huge number of companies coupled with some favorable Government policies encouraging the setup of businesses in the region.
The key players profiled in the report are Nabors Industries Ltd., Rigarm, National OilwellVarco, Inc., Sekal AS, Huisman Equipment B.V., Automated Rig Technologies Ltd.,Drillmec Inc., Ensign Energy Services Inc., Abraj Energy Services, and DrillformTechnical Services Ltd.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics,Aerospace and Defense, Automotive and Transportation, Biotechnology, HealthcareIT, Manufacturing and Construction, Medical Device, Technology, Media andTelecommunications, Chemicals and Materials.
If you have any queries about this report or if you wouldlike further information, please contact us:
Contact Person: Sameer Joshi