The Global Robotic Drilling Market was worth USD 720 million in 2022 and is anticipated to reach a valuation of USD 1120 million by 2028 and is predicted to register a CAGR of 7.88% during 2023-2028.
Increased drilling activities due to the development of unconventional products, Hydrocarbon resources, and the adoption of automation and robotics in oil and gas drilling, resulting in more efficient drilling and greater safety in platforms-forms, are the main factors of market expansion. Today, the robotic drilling market is highly focused on the plug-and-play rig floor system. The plug-and-play system can work automatically just by plugging it into power supplies and communication cables and can be remotely controlled off-site in an offshore office, on land, or on a surface ship. Robotic drilling is an automation system made for drilling works in the oil and gas industry. Robotic drilling offers advantages for the oil and gas industry, such as reduced drilling times, safer operations, multi-sensor measurements, mass production, high drilling capacity, and greater predictability than human rigs. Robotic drilling companies have experience in building robotic hardware and software to program and control robots on oil and gas rigs.
Current developments in robotic drilling include the hydraulic arm that removes the drill rod from the notch in the centre of the hole, thereby reducing human involvement and saving time. Another trend observed in the robotic drilling markets is the design of multi-stacking robots and pipe-handling robots. Multi-stack robots reduce human involvement and improve efficiency. Pipe handling robots can lift a pipe from a horizontal position, bring it to a vertical position, build and move shelves, manipulate various sizes, and change all tools to operate various functions within the limits established by the existing drilling structure.
Market Drivers:
Major market players invest heavily in the research and development of electric robots and electric boobies for the oil and gas industry capable of lifting heavy weights and performing human tasks without compromising quality. Electric robots use artificial intelligence that can fix the weight of objects and adjust the speed of acceleration and movements based on the size and weight of the materials being lifted. Robotic drilling provides incredible precision, improved productivity, and greater flexibility, facilitating the oil extraction process, and leading to increased calls for robotic drilling systems, which in turn is predicted to drive expansion in the market. robotic drilling world during the foreseen period. Reducing cycle times, improving quality, making better use of floor space, and reducing waste are some of the additional benefits of robotic drilling, which are predicted to drive worldwide market expansion over the course of the estimated period.
Market Restraints:
The main factors holding back the expansion of the market are the lack of interoperability of the drilling control systems employed in robotic drilling and the cybersecurity problems of the automated systems.
Market Opportunities:
The worldwide robotic drilling market is predicted to register significant expansion over the foreseen period, due to the escalating adoption of automated systems in the oil and gas industries, coupled with a focus on less human intervention during the drilling process. The escalating development of unconventional hydrocarbon resources, coupled with increased consumption of oil and natural gas, is also predicted to drive expansion in the worldwide robotic drilling market. In addition, robotic drilling is gaining popularity as oil and gas drilling becomes more efficient and safe using robots, even in extreme environmental conditions. The advantages of robotic drilling over traditional drilling include higher efficiency, better health and safety (HSE) statistics, low operating costs, etc. All of these factors are predicted to drive the expansion of the worldwide robotic drilling market during the foreseen period. The rapid return on investment overcomes the challenges of the high initial cost and is an expansion driver of the worldwide robotic drilling market during the foreseen period. Furthermore, the escalating investment in renewable energy has a positive impact on the worldwide robotic drilling market in the oil and gas industry. Investments in renewable energy are growing rapidly due to the depletion of fossil fuel reserves and escalating attention to the environment. Robotic drilling performs drilling operations to obtain renewable resources, which can be converted into renewable energy, thus escalating its call and stimulating its market.
Market Challenges:
The high initial cost associated with adopting robots in the oil extraction process can affect worldwide market expansion to some extent during the foreseen period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
7.88% |
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Segments Covered |
By Application, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Weatherford International, Nabors – Rds, Ensign Energy Services, Huisman, Drillmec, Precision Drilling, Sekal, Abraj Energy, Drillform Technical, Automated Rig Technologies, Rigarm, and Others. |
Market Segmentation:
Based on the application, the onshore segment had the largest share of the worldwide oil and gas industry robotic drilling market in 2021. The market share of this segment will increase and continue to dominate the market for the past five years. next years.
Market Regional Analysis:
The Robotic Drilling Market Report includes
North America is predicted to dominate the worldwide market during the foreseen period due to increased shale gas production and higher standards of safety and efficiency provided by drilling contractors. North America is also predicted to be the fastest-growing market, followed by Asia-Pacific. The worldwide call for robotic drilling is predicted to grow at a sustained rate due to increased drilling activity for unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling. The Asia-Pacific region market is predicted to expand rapidly in the near future due to the high call for crude oil in India.
The North American market is currently predicted to dominate the worldwide robotic drilling market during the foreseen period, due to increased oil and natural gas extraction activities in the region, along with faster adoption of advanced technologies in the region. The United States market in the North American region is focused on the development of shale gas resources to increase oil and gas production, which is predicted to drive the call for robotic drilling, leading to regional market expansion during the foreseen period. Asia-Pacific is predicted to record the fastest expansion rate during the foreseen period, due to the growing call for crude oil from emerging economies.
India's oil and gas (O&G) industry is remarkable in the worldwide context: it contributes 5.2% of worldwide oil calls, ranks among the top three markets for expansion in the call, and is fourth in the world in refinery capacity (~ 249 MTPA). India is also heavily dependent on imports, with oil imports at 84% and gas at 53% of their respective annual calls. By the way, O&G imports accounted for around 25% of India's import bill in the fiscal year 2019. Hence, the impact of COVID-19, either due to destruction, widespread call, or the spiral of declining oil prices is a major concern for all participants in the Indian O&G industry. The Indian O&G business is usually competent in disaster response and its effectiveness has been explained in a range of disaster scenarios in the past years. With COVID-19, the industry has worked very well till now, as proven by near-continuous operations and the presence of various fuels, almost throughout the nation. Nevertheless, most O&G CXOs believe that the sector's recovery is probable to be longer than a predicted time period.
Market Recent Developments:
Market Key Players:
The key players in the Robotic Drilling Market include
Frequently Asked Questions
The Global Robotic Drilling Market is expected to grow with a CAGR of 7.88% between 2023-2028.
The Global Robotic Drilling Market size is expected to reach a revised size of US$ 1120 million by 2028.
Weatherford International, Nabors–Rds, and Ensign Energy Services, are the three Robotic Drilling Market key players.
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