The burgeoning demand for automation in the oil gas industry is positively influencing the adoption of robotic drilling across the sector. The implementation of automation has resulted in enhanced safety for workers, increased precision, high accuracy, and improved data collection and efficiency. In this context, the robotic drilling market is expected to witness robust expansion over the forecast period. Apart from that, robotic drilling is deployed in submerged parts of oil gas rigs and enables automated drilling. This factor, in turn, is also likely to propel the demand for robotic drilling. Additionally, the growing use of LPG and CNG in the automobile sector has increased the adoption of robotic drilling for the extraction of gas. All these trends are expected to unlock novel growth and revenue opportunities in the global robotic drilling market.
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Numerous Benefits of Robotic Drilling Aids in Market Expansion
The oil gas sector is increasingly becoming aware of the extraordinary benefits of the inculcation of robotics drilling in the oil and gas industry. For instance, the deployment of robotic drilling eliminates continuous human intervention, thereby reducing the risk of accidents lapses. In addition to this, the sector has been able to increase operational efficiency by accelerating the process of drilling, significantly reducing errors, and increasing production. Now with the rise in oil and gas exploration activities, the demand for robotic drilling is projected to witness a steady rise. Considering these factors, the global robotic drilling market is expected to reach sound maturity.
Growing Onshore Applications to Increase Growth Prospects for Robotic Drilling Market
Robotic drilling has found application in both the onshore and offshore rigs as it facilitates less risky, more efficient, and more profitable drill floor operations. However, in recent times, onshore drilling platforms have emerged as the major driving factor for the robotic drilling market. Onshore rigs are gaining significant traction in the oil and gas industry owing to comparatively less operational investment and more convenience associated with it. On the other hand, offshore drilling activities require large capital and are comparatively complex. Throughout the projection period, the global robotic drilling market is likely to stay lucrative with the rising onshore activities in the oil gas industry.
North America to Forge itself as Key Region Owing to Increased Shale Gas Exploration Activities
North America is expected to hold a lion’s share in the global robotic drilling market over the forecasted period. The growing shale gas exploration activities, particularly in the Gulf of Mexico, a major economy in the region, are soaring the demand for robotic drilling in the region. Furthermore, oil production and offshore rig have increased due to the burgeoning oil prices and growing emphasis on reducing costs associated with drilling. All these trends are expected to bode well for North America’s robotic drilling market.
Prominent Market Players
Some of the major players such as Drillform Technical Services Ltd., Drillmec Inc., Nabors Industries Ltd., National Oilwell Varco Inc., KCA Deutag Alpha Limited, Automated Rig Technologies Ltd., Huisman Equipment BV, Epiroc AB, Herrenknecht Group, and Loadmaster Universal Rigs Inc.
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