DUBLIN--(BUSINESS WIRE)--The "Robotic Drilling Market to 2025 - Global Analysis and Forecasts by Component, Installation Type, and Application" report has been added to ResearchAndMarkets.com's offering.
Robotic drilling market is expected to grow US$ 946.6 million by 2025 from US$ 619.4 million in 2017
The demand for robotic drilling is largely influenced by the increase in global oil demands and 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.
The oil & gas sector is characterized by a high amount of uncertainty owing to the fluctuating demands for oil & gas products worldwide, environmental impacts, and legislation laid down by several authorities on these operations. Hence, the oil drilling business is also sometimes referred to as a highly risky business in financial terms as well as for the human capital involved. Digital Transformation Initiative removed the bottlenecks associated with operational costs, human lives risks, and productivity concerns.
The US is an early and major adopter of this service and is still in its growing phase with the implementation of several tools, and techniques pertaining to robotic drilling. The presence of some of the world's largest business firms coupled with huge competition in the region has driven the demands from the end-user industry for adoptions of robotic drilling services.
Additionally, 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 prevalent across 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.
Key Industry Dynamics
Key Market Drivers
- Increasing Oil Demands Globally Propelling Integration Of Automation In The Oil & Gas Sector
- Growing Needs For A Safer And High Quality Drilling System Reducing The Human Interventions
Key Market Restraints
- Volatility Of The Oil & Gas Industry
- Key Market Opportunities
- Higher Emphasis Being Laid For Oil Extraction In The Arctic Based Deep-Water Regions
- Technological Innovations To Continually Create More Opportunities
Future Trends
- Large Number Of Industry Partnerships With Different Stakeholders
Companies Mentioned
- Nabors Industries Ltd.
- Rigarm
- National Oilwell Varco, Inc.
- Sekal AS
- Huisman Equipment B.V.
- Automated Rig Technologies Ltd.
- Drillmec Inc.
- Ensign Energy Services Inc.
- Abraj Energy Services
- Drillform Technical Services Ltd.
For more information about this report visit https://www.researchandmarkets.com/research/f6lfkv/946_million?w=4
