Market Size of Robotic Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Robotic Drilling Market Analysis
The robotic drilling market is expected to record a CAGR of over 7.1% during the forecast period (2022-2027). The COVID-19 outbreak negatively impacted the oil and gas industry. The decreasing prices and demand for crude oil due to the pandemic significantly reduced various upstream projects in 2020, thus negatively impacting robotic drilling activities. Factors such as increased exploration activity and focus on the development of new oil and gas fields in a risk-free, cost-efficient, and time-efficient manner are expected to help drive the market for robotic drilling systems. However, the volatile nature of oil prices in recent years, cybersecurity concerns, and high initial costs hampered the growth of the robotic drilling market.
- The onshore is expected to have the maximum share in the market. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production.
- The demand for oil and gas production has been increasing, leading to increased exploration activities. This factor is expected to help grow the market during the forecast period. Also, there has been an increasing demand for safe and time-efficient drilling methods, which may create a good opportunity for robotic drilling systems in the future.
North America is the biggest market for robotic drilling due to the increased drilling activity in shale plays in the region. The recent development of shale plays, horizontal drilling, and fracking resulted in increased demand for a faster and time-efficient robotic drilling system in the region.
Robotic Drilling Industry Segmentation
The scope of the robotic drilling market report includes:
| Deployment | |
| Onshore | |
| Offshore |
| Component | |
| Hardware | |
| Software |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Robotic Drilling Market Size Summary
The robotic drilling market is poised for significant growth, driven by the increasing demand for efficient and safe drilling methods in the oil and gas industry. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a decline in crude oil prices and reduced upstream projects, the market is expected to recover and expand. Key factors contributing to this growth include the rising exploration activities and the need for cost-effective and time-efficient drilling solutions. The onshore segment is anticipated to dominate the market, given that onshore drilling accounts for a substantial portion of global oil production. North America stands out as a major market due to heightened drilling activities in shale plays and the Gulf of Mexico, which have spurred demand for advanced robotic drilling systems.
The market landscape is moderately consolidated, with prominent players such as National-Oilwell Varco Inc., Nabors Industries Ltd, and Huisman Equipment BV leading the charge. These companies are at the forefront of technological advancements, such as fully automated land drilling rigs, which enhance efficiency and safety by minimizing human intervention. The stabilization of oil prices is expected to further bolster the market, as it encourages upstream investments and the initiation of new projects. Additionally, the focus on reducing drilling-related risks and accidents is driving the adoption of robotic drilling systems, which promise improved operational efficiency. As global oil production continues to rise, the robotic drilling market is well-positioned for robust growth in the coming years.
Robotic Drilling Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Active Rig Count, till January 2022
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1.4 Global Upstream CAPEX Forecast in USD billion, till 2027
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1.5 Recent Trends and Developments
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitutes Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Component
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2.2.1 Hardware
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2.2.2 Software
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Rest of the World
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Robotic Drilling Market Size FAQs
What is the current Robotic Drilling Market size?
The Robotic Drilling Market is projected to register a CAGR of greater than 7.10% during the forecast period (2024-2029)
Who are the key players in Robotic Drilling Market?
National-Oilwell Varco, Inc. , Huisman Equipment BV, Drillmec Inc., Drillform Technical Services Ltd and Nabors Industries Ltd are the major companies operating in the Robotic Drilling Market.
