Outlook on the Robotic Drilling Equipment Global Market to 2027 - Opportunity Analysis and Industry Forecast - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Robotic Drilling Equipment Market by Application, Installation and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

The robotic drilling equipment market was valued at $804.0 million in 2019, and is expected to reach $1,017.4 million by 2027, registering a CAGR of 8.4% from 2020 to 2027.

Robotic drilling is specially developed for automatic drilling operations in the oil & gas industry. These drilling machines are also known as automaticdrilling machines. Robotic drilling offers better solution for the oil & gas industry due to atomization such as less drilling times, better data collection, multi-sensor measurements, safer operations, and mass production.

Robotic drilling companies manufacture robotic hardware as well as software to program and control the robots working on oil & gas rigs. These robotic drilling machines are used for building new rigs for extraction of oil & gas in onshore and offshore. They are also used for retrofit purpose on old rigs during their maintenance as well as while replacing the old parts of the system. There are mainly two types of robotic drills, onshore, which consists of robotic drilling machines on dry land, and offshore, which comprises robotic drilling on ocean floors or sea beds.

The robotic drilling equipment market is mainly driven by continuous increase in the adoption of automation in the oil & gas industry. Automation gives better data collection, faster operation time, precise & accurate operations, and worker safety. In addition, minimum human intervention leads to minimum probability of human errors. Therefore, it increases the efficiency of operations carried out on onshore and offshore through robotic drilling machines. However, the ability of computer systems and software to exchange and make use of information fed to the control system of the robotic drilling machines compromises with the data privacy and cyber security risk of the data and operations of robotic drilling machines.

On the contrary, increase in awareness toward the safety of workers working on oil & gas rigs on onshore and offshore has opened up new opportunities for use of automation in the robotic drilling equipment market. Additionally, increase in exploration activities in ultra-deepwater in the Arctic region for extraction of oil & gas is anticipated to drive the robotic drilling equipment market growth during the forecast period.

The robotic drilling equipment market is segmented into application, installation, end-user industry, and region. On the basis of application, the market is divided into land and water. Depending on installation, it is classified into new installation and modernize. By end-user industry, it is bifurcated into oil and gas. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Russia, Norway, and the rest of Europe), Asia-Pacific (China, Malaysia, Australia, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Key Benefits for Stakeholders

• The report provides an extensive analysis of the current and emerging robotic drilling equipment market trends and dynamics.
• In-depth robotic drilling equipment market analysis is conducted by estimations for the key segments between 2020 and 2027.
• Extensive analysis of the robotic drilling equipment market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
• The robotic drilling equipment market forecast analysis from 2020 to 2027 is included in the report.
• The Key market Players operating in the market and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.

Market Dynamics

Drivers

• Increasing adoption of automation in oil & gas industry.
• Improved operational efficiency.

Restraints

• Risk of data privacy and cyber security owing to interoperability.

Opportunity

• Increased exploration activities in ultra-deepwater and Arctic region

Key Players

• Automated Rig Technologies Ltd.
• Drillform Technical Services Ltd.
• Drillmec Inc.
• Epiroc AB
• Herrenknecht AG
• Huisman Equipment B.V.
• KCA Deutag Alpha Limited
• Loadmaster Universal Rigs, Inc.
• Nabors Industries Ltd.
• National Oilwell Varco, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/o19ghb