LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global oil and gas drilling automation market to post a revenue of about USD 83.25 million by 2022.
The growing focus on data in the oil and gas industry is one of the major trends being witnessed in the global oil and gas drilling automation market 2018-2022. Data has become a new source for the oil and gas industry to explore and produce cost-effective hydrocarbon resources while addressing safety and environmental concerns. The oil and gas companies are shifting toward big data due to the focus on analytics.
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According to Technavio’s analysts, one of the key factors contributing to the growth of the global oil and gas drilling automation market is the rising complexity in drilling operations:
Global oil and gas drilling automation market: Rising complexity in drilling operations
Owing to the depleting fossil fuel sources, the oil and gas companies are forced to locate to complex terrains for oil and gas explorations where drilling operations are difficult to sustain because of the harsh operating environment. In such conditions, a project must undergo a great level of analysis and testing for it to become commercially viable.
According to a senior research analyst at Technavio, “Offshore oil and gas exploration has been increasing due to the rise in deepwater drilling activities. For instance, in 2018, the auctions for deepwater oil and gas fields in Mexico received good response from oil and gas companies. Apart from this, the rise in unconventional hydrocarbon resources such as shale gas and oil and oil tar sands has led to an increase in opportunities for oil and gas companies.”
Global oil and gas drilling automation market: Segmentation analysis
The global oil and gas drilling automation market research report provide market segmentation by application (onshore and offshore) and by region (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the onshore segment held the largest market share in 2017, accounting for about 65% of the market. This application segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for close to 46% share. It was followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2018-2022.
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