Robotic Drilling Market: Introduction
- Oil and gas fields are often located in remote locations. They undertake hazardous operations. As a result, safety of workers and their surrounding environment is a priority of oil & gas companies. Automation of drilling process ensures safety of systems and workforce.
- Robotic drilling is employed in drilling activities of unconventional hydrocarbon resources. It helps increase efficiency of drilling and improve safety of rigs and workers.
Key Drivers and Restraints of Robotic Drilling Market
- Rise in automation in the oil & gas industry is one of the key drivers of the robotic drilling market. Over the last few years, oil and gas companies have been depending more on the automation process, as the process reduces time and increases profitability. Several companies are taking initiatives to implement digitization in oil fields. This has led to a rise in investment in the modernization of facilities intended to increase productivity and reduce budgets as well as timelines.
- Robotic drilling reduces human contact in the drilling process and also improves the speed of production. Furthermore, drilling can produce dust or other particles in the air during the application process. The usage of a robotic driller helps remove workers from the harmful environment. Thus, demand for robotic drilling is likely to increase during the forecast period.
- Robotic drilling technology is in the development phase. Thus, the cost associated with it is much higher. Furthermore, lack of infrastructure is one of the restraining factors of the global robotic drilling market.
Global Robotic Drilling Market Segmentation
- The global robotic drilling market can be segmented based on application, installation, and component
- In terms of application, the robotic drilling market can be bifurcated into onshore and offshore. The onshore segment dominated the global market in 2020. It is expected to maintain its dominance during the forecast period. Onshore drilling is much simpler and requires less capital as well as operational investment. Thus, demand for robotic drilling is expected to rise in the onshore segment during the forecast period.
- Based on installation, the global robotic drilling market can be divided into new and retrofit. Retrofit was the lucrative segment of the global robotic drilling market in 2020. Demand for robotic drilling in the segment is expected to rise significantly, as it improves safety and efficiency of the existing rigs. It also increases the focus on minimal human intervention during drilling.
- Based on component, the robotic drilling market can be segregated into hardware and software. Companies are investing significantly in development of software as well as hardware. This is projected to boost the demand for robotic drilling in the oil & gas industry during the forecast period.
Global Robotic Drilling Market: Regional Segmentation
- Based on region, the global robotic drilling market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global robotic drilling market in 2020. This trend is projected to continue during the forecast period, due to increase in capacity of oil and gas production in the U.S. and Canada. Presence of a large numbers of private oil companies in North America is likely to drive the robotic drilling market in the region during the forecast period.
- Middle East & Africa is a major oil producing region in the world. Offshore developments and discoveries of new oil and gas fields in countries such as Qatar, the UAE, and Saudi Arabia are anticipated to boost the robotic drilling market in the Middle East during the forecast period.
- The market in Latin America, Europe, and Asia Pacific is estimated to expand at a considerable pace during the forecast period. Increase in investment in offshore exploration activities in developing countries such as China, India, and Brazil is expected to drive the robotic drilling market during the forecast period.
COVID-19 Impact on Robotic Drilling Market
- The COVID-19 pandemic has adversely impacted the world due to the stringent lockdowns implemented to combat the pandemic in most of the countries. It has put the global economy in major distress. Demand for oil and gas has declined significantly due to the lockdowns. Furthermore, the supply of oil and gas has been hampered, as various countries were under lockdown. However, governments of various countries across the world have eased the lockdown restrictions. Demand for petroleum products has been steadily rising. This is expected to drive the demand for robotic drilling during the forecast period.
Key Players Operating in Market:
- NOV Inc.
- SKF Evolution
- Nabors Industries Ltd.
- Ensign Energy Services
- Precision Drilling
- Abraj Energy
Global Robotic Drilling Market: Research Scope
Global Robotic Drilling Market, by Application
Global Robotic Drilling Market, by Installation
Global Robotic Drilling Market, by Component
Global Robotic Drilling Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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