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Market Research Future published a research report on “Robotic Drilling Market Research Report-Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Market Research Future (MRFR) expects the robotic drilling market 2020 to post a growth rate of 7.2% between 2018 and 2023 (appraisal period). Since achieving a valuation of approximately USD 650 Bn in 2017, robotic drilling market is all set to touch a valuation of more than USD 940 Bn by 2023-end, despite the COVID-19 impact. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Key Drivers and Main Deterrents
Prior to the COVID-19 outbreak, the oil & gas industry had been seeing rapid growth, given the rising demand for fossil-fuel in light of the increasing urbanization and the exploding population in emerging countries like India and China. However, since the advent of SARS-CoV-2 in China and its rapid spread around the world, the oil & gas industry was heavily impacted due to the lockdown that was imposed across countries. The cost and demand of crude oil decreased as a result of the novel coronavirus hitting the drilling activities, which considerably slowed down the growth rate of the robotics drilling market.
The pandemic has shut down several businesses, with the manufacturing facilities halted and productions delayed. These factors have been quite unfavorable for the Robotic Drilling Market. However, as the main benefit of robotic drilling is that it can be used as an alternative to human drilling; it has emerged as a useful tool in the COVID-19 era. These machines help maintain the distance between the workers and anything that can be harmful to their health. Robotic drilling systems also facilitate smooth and safe operations, which also diminishes the scope for errors that are expected from humans. Thus, it is safe to say that the pandemic has boosted the market growth to some extent, post the lockdown.
The robotic drilling industry has been observing a surge in the use of hydraulic arm to remove drill-pipe and reduce human interference while also saving time. Advanced hydraulic arms are being launched continuously in the market, which are fast gaining the attention of more end-users worldwide. This can boost the growth scope of the robotic drilling market in the following years.
To illustrate, in June 2020, a group of researchers from Université de Sherbrooke (Canada) built a hydraulic powered robotic arm that is placed at the waist, and is able to move close to nine feet per second. The arm consists of clutches that allows it to grasp objects that weigh up to 11 pounds.
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Renowned Industry Companies
Some of the most renowned industry companies include Odfjell Drilling, Nabors – Rds, Sekal, Weatherford International, Huisman Equipments, Rigarm, Drillmec, Automated Rig Technologies, Ensign Energy Services, National Oilwell Varco, to mention a few.
The report segments the market into four key dynamics to widen the scope of understanding,
By Installation Type : Retrofit and New Builds, among others.
By Component : Hardware, Software
By Application : Onshore and Offshore.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Asia Pacific or APAC, North America, the Middle East and Africa or MEA and Europe are the top markets considered for robotic drilling systems.
North America tanks among the top markets for robotic drilling systems, thanks to the boom in the shale gas exploration in recent years. Exploration activities have increased in the Gulf of Mexico, which further complements the regional market growth for robotic drilling systems. In the wake of rising oil prices and the drop in the drilling cost, the United States (U.S.) has observed a surge in offshore oil production as well as offshore rig count, translating to considerable business growth in the region.
The APAC market can progress at a notable pace in the approaching years, backed by factors such as the soaring demand for crude oil, especially in India. The latest technologies like IoT and artificial intelligence have boosted the demand for automation, resulting in market growth for robotic drilling systems in the region.
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