Robotic Drilling Equipment Market To Reach $ 1.01 Billion Globally By 2027 At 8.4% CAGR: Allied Market Research
PORTLAND, Oregon., May 12, 2021 / PRNewswire / – Allied Market Research published a report titled, “Robotic Drilling Equipment Market by Application (Land and Water), Installation (New Installation and Modernization), and End User Industry (Oil and Gas): Global Opportunity Analysis and Industry Forecast, 2020-2027.” According to the report, the global robotic drilling equipment industry has generated $ 804 million in 2019, and should collect $ 1.01 billion by 2027, with a CAGR of 8.4% from 2020 to 2027.
Drivers, constraints and opportunities
The growing adoption of automation in the oil and gas industry and the increase in drilling activity due to the development of unconventional hydrocarbon resources are driving the growth of the global robotic drilling equipment market. However, the interoperability of rig control systems used in robotic drilling and cybersecurity issues of automated systems are limiting the growth of the market. On the other hand, the increase in major measures taken for the safety of workers working on oil and gas platforms on land and at sea and the increase in ultra-deep water exploration activities in the arctic region to oil and gas extraction create new opportunities in the years to come.
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- Due to the government-imposed lockdown, consumer spending patterns were hampered, impacting demand for robotic drilling equipment.
- During the pandemic, national and international transport was also hampered, thus disrupting the market.
- Government bodies, however, have eased restrictions, helping companies jump-start their processes.
The modernization segment to maintain its leading status during the forecast period
On the basis of installation, the modernization segment contributed the highest market share, accounting for about half of the global robotic drilling equipment market in 2019, and will maintain its leading status during the period. forecast. In addition, the segment is expected to maintain the highest CAGR of 9.1% from 2020 to 2027. This is due to the adoption of automation in preinstalled systems.
Oil segment will retain leading position during forecast period
On the basis of end-use industry, the petroleum segment accounted for the largest share in terms of revenue in 2019, holding more than four-fifths of the global robotic drilling equipment market, and is expected to maintain its leading position over the course of of the forecast period. This is due to its large-scale consumption around the world. On the other hand, the gas segment is expected to experience the highest CAGR of 9.3% from 2020 to 2027. This is due to the use of LPG and CNG in automobiles.
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North America maintain its dominant position in terms of turnover by 2027
Based on region, North America held the highest market share in 2019, accounting for almost half of the global robotic drilling equipment market, and will maintain its dominance in terms of revenue by 2027. This is attributed to large-scale rig installations oil and gas by companies in the region. . however, Asia Pacific is expected to post the highest CAGR of 11.3% during the forecast period, owing to the increase in oil and gas extraction activities, carried out by countries and companies in this region.
Main market players
- Abraj Energy
- National Oilwell Varco
- Ensign Energy Services
- Automated rigging technologies
- Drilling technique
- Weatherford International.
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