LONDON--(BUSINESS WIRE)--The global robotic drilling market in the oil and gas industry is expected to post a CAGR of close to 7% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing consumption of oil and natural gas. The increase in the consumption of oil and gas will increase the demand for the same and encourage investments in the upstream sectors. The countries such as Canada, the US, China, the UAE, and Russia will account for a significant share of the market growth during the forecast period.
This market research report on the global robotic drilling market in the oil and gas industry 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising investments in renewable energy as one of the key emerging trends in the global robotic drilling market in the oil and gas industry:
Global robotic drilling market in the oil and gas industry: Rising investments in renewable energy
The reduction in fossil fuel reserves and the increasing focus on climate change and environmental protection has led to an increase in the global investments in the renewable energy sector. Global warming, polar ice cap melting, and other such calamities have led to many countries focusing on renewable energy for power generation.
“The countries such as China, the US, India, Japan, the UK, and Germany drive the growth of the global renewable energy market. According to the US EIA, in 2017, China accounted for the highest number of new solar capacity additions. According to the Global Wind Energy Council, in 2016, China increased its wind energy capacity by adding 23,328 MW, which is the highest in the world. Thus, growth in the renewable energy sector in developing countries such as China shows the potential of the market,” says a senior analyst at Technavio for research on engineering tools.
Global robotic drilling market in the oil and gas industry: Segmentation analysis
This market research report segments the global robotic drilling market in oil and gas industry by product (hardware and software), by application (onshore and offshore), and geography (APAC, EMEA, and the Americas).
The major share of the revenue is from the sales of hardware components, where the use of various types of raw materials makes the cost of production high.
The Americas led the market in 2017 with more than 55% of the market share, followed by EMEA and APAC respectively. The market share occupied by the Americas is expected to increase by almost 1% during the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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