Robotic Drilling Market Valuation to Touch USD $940 Billion by 2023 Registering 7.2% CAGR - MRFR

30/nov/2018 22:18:46 Vivek T Contatta l'autore

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The demand for oil & gas has been unceasing. Rising demand for automotive vehicles, power generation and other end-uses for fossil fuel have greatly influenced an increase in drilling for oil & gas, with robotic drilling taking the spotlight two to the high demand for efficiency. The global robotic drilling market is 7.2% during the forecast period from 2018 to 2023. In 2017, the market generated a market value of USD 650 Bn by the end of 2023.

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Drilling activities with drilling rig. The demand for high efficiency in the extraction of oil & gas in onshore applications has prompted oil & gas companies to adopt robotic drilling systems. Faster production processes and human intervention during drilling are influencing the growth of the global robotic drilling market. The desire for reduced humanitarian intervention The efficiency and remote control capabilities of robotic drilling have encouraged increased adoption of automation. Emerging technologies such as artificial intelligence, and IoT have begun to establish themselves,

Presently, a dearth of interoperability of rig control systems. However, the development of software used in robotic systems is likely to mitigate this in the coming years. Moreover, robotic drilling has several opportunities on the horizon which are projected to assist market growth in the near future. Deepwater exploration activities are expected to increase adoption as well as deep water is highly unsafe.

Market Segmentation

Segmentation of the global robotic drilling market in the MRFR report has been done on the basis of the installation type, component, application, and region. Into the retrofit and new builds. Cf. rt. The Group has established itself as the key segment with both the largest share of the market as well as the highest CAGR over the review period.

Components of robotic drilling systems have been segmented into hardware and software. The hardware segment has captured the most sizable share of the market. However, the software is set to grow at a pace and contend for the leadership position in the coming years.

Applications for robotic drilling have been segmented into offshore, and onshore. Onshore applications are growing at the formidable peace, making the segment the most significant as well as the fastest growing one.

Regional Analysis

North America is one of the most significant consumers of oil and market players in the region. Moreover, the presence of well and developed as the United States and Canada combined with a high number of motor vehicles has stressed the increasing demand for fossil fuels. The US also homes the Permian Basin which is a massive sedimentary basin with large reserves of oil. Increasing onshore oil & gas exploration activities are expected to increase the adoption of robotic drilling. The North American market for robotic drilling is both the most important and the fastest growing market.

Key Players

Nabors - Rds, National Oilwells Varco, Huisman Equipments, Automated Rig Technologies, Drillmec, Ensign Energy Services, Sekal, Rigarm, Weatherford International, and Odfjell Drilling are among the leading players that have been included in the competitive analysis of the robotic drilling market in MRFR's report.

Browse the market data and information spread across 100 pages with 59 tables and 18 figures date of the report " Robotic Drilling Market Research Report - Forecast 2017-2023" in-depth alongside table of content (TOC) at: https: // www.

Regional Analysis

Robotic Drilling markets include North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).

The RoW had dominated the Robotic Drilling market with a 40.90% share in 2016. It is projected to grow at CAGR of 7.48% during the forecast period. This can be credited to undergoing development in the Middle East, Africa, and Latin America. For instance, Lebanon received his third Robotic Drilling from the Turkish firm, Karadeniz, to take care of its energy demands.

The APAC region was the second largest in 2016 and predicted to grow at 11.78% CAGR over the forecast period. But the Europe region can surprise the market with 12.03% CAGR thanks to the sustainable energy policies mandated by the European Union.

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