Oil and Gas Drilling Automation Market Introduction
- Oil and gas drilling automation is witnessing continuous demand with rapid rise in consumption of fuel across the world.
- Automation techniques are increasingly being adopted in the oil and gas drilling industry to achieve better operational efficiency.
- Extensive implementation of automated drilling technologies in the oil and gas industry is set to change the performance of well drilling, directional drilling, and reconditioning of oil and gas field wells.
Oil and Gas Drilling Automation Market Dynamics
- Integration of automation in the oil and gas industry is expected to be a major factor boosting the growth of the global oil and gas drilling automation market.
- Automation in oil and gas drilling reduces the human presence, thereby minimizing the chances of human errors. It also helps to improve production efficiency through better accuracy and advanced execution, thus reducing associated expenses and leads to time saving.
- Moreover, growing number of oil and gas drilling automation companies are increasingly focusing on research and redevelopment of robotic drilling systems that offer automated technologies across different production sectors including drilling, monitoring, inspection, and repair, maintenance and intervention, to improve the overall process efficiency and reduce operation cost during complex oil and gas drilling automation operations
- In past years, during 2015-2016, fall in prices of crude oil has led to the several offshore oil and gas exploration projects on hold as these exploration projects involve complex deep water drilling operations. However, in late 2017, with rise in price of crude oil lead to an increase in interest in deep water drilling projects among market players to gain profit. Therefore, expansion of oil and gas drilling automation operation and rising investments across the world are expected to boost the growth of oil and gas drilling automation market in the upcoming years.
- However, high cost associated with automation is expected to hamper the growth of the oil and gas drilling automation market in the near future.
- Price fluctuation of crude oil is another key factor responsible for lowering the adoption of automation technology in the drilling industry. This unstable nature of crude oil has eventually made it hard for oil and gas drilling automation companies to invest in automation, thus impeding the development of the oil and gas drilling automation market.
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Oil and Gas Drilling Automation Market: Segmentation Analysis
- Based on type, the oil and gas drilling automation market can be divided into automated drilling, automated underwater vehicles, and others.
- Based on application, the oil and gas drilling automation market can be segmented into onshore and offshore.
- The onshore application segment accounted for major share of the oil and gas drilling automation market in 2018. This application segment is likely to gain market share and is anticipated to maintain its leading position in the global oil and gas drilling automation market over the forecast period.
North America to Lead the Global Market for Oil and Gas Drilling Automation
- In terms of region, the global oil and gas drilling automation market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is likely to dominate the market for oil and gas drilling automation from 2019 to 2027, followed by EMEA and APAC. Although Asia Pacific accounted for least share of the global oil and gas drilling automation market, it is projected to witness rapid increase in its market share over the forecast period followed by the EMEA region.
Key Manufacturers Operating in the Market
The global oil and gas drilling automation market was moderately fragmented in 2018. Key manufacturers operating in the global market include:
- ABB Group
- National Oilwell Varco, Inc.
- Kongsberg Gruppen
- Pason Systems Corp.
- Nabors Industries Ltd.
- Rockwell Automation, Inc.
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Global Oil and Gas Drilling Automation Market: Research Scope
Oil and Gas Drilling Automation Market, by Type
- Automated Drilling
- Automated Underwater Vehicle
Oil and Gas Drilling Automation Market, by Application
Global Oil and Gas Drilling Automation Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.