Global Robot Drilling Market was valued at US$ XX Mn in 2019 and is expected to reach US$ XX Mn at a CAGR of 7.37% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Robot Drilling MarketGlobal Robot Drilling Market Dynamics:
Robotic drilling is one of the most sought-after a substitute for the task of the manual drilling system. It is expected to become a significant feature of the next generations of drilling rigs and new drilling technical solutions.
Global Robotic Drilling Market is estimated to witness lucrative growth over 2019-2027 thanks to growing consumption of oil & natural gas. The use of robotic drilling systems decreases the total involvement of people in unsafe drilling processes. Remote controlling of robotic drilling reduces human error. Also, it increases safety in drilling operations while improving time efficiency, thus fueling the demand for the robotic drilling market. On the flip side, the lack of interoperability of rig control systems may provide a challenge for robotic drilling market growth. Technical developments are likely to help mitigate this to a certain extent in the future. Likewise, The MMR report contains a detailed study of factors that will drive and restrain the growth of the robot drilling market globally.
Global Robot Drilling Market Segment Analysis:
The MMR report covers the segments in the robot drilling market such as installation type, component, and application. By installation type, retrofit is expected to hold the largest XX% share in the robotic drilling market over the forecast period, thanks to increasing requirements to improve efficiency and safety of existing rigs.
Based on application, the onshore segment is expected to grow at the highest CAGR of XX% during the forecast period. This growth is attributed to less complexity in the installation of drill floor automation systems compared to offshore rigs.
Global Robot Drilling Market Regional Insights:
Geographically, North America accounted for the largest robot drilling market share of xx% in 2019, with a market value of US$ XX.57 Mn. The regional market is expected to register a CAGR of XX.45% during 2019-2027. This growth is because of the recent shale gas exploration in North America in recent years. The U.S. has the biggest robot drilling market in the world.
As per the report of the Canadian government, oil production from Canada is expected to reach ~XX.10 mmbpd by 2022, and production is expected to upsurge from an offshore well placed in the West Orphan Basin, offshore Newfoundland, and Labrador.
The Asia Pacific accounted for the second-highest market share of xx% in 2019. The economies in Asia-Pacific are continuously developing their oil & gas resources to meet their national production demand. China is dominating the APAC robot drilling market with a market size of US$ XX.18 Mn. in 2019 and will be US$ XX.05 Mn. in 2027, with a CAGR of XX.18% during the forecast period.
Companies such as Precision Drilling, Nabors Drillmec, and Abraj Energy are involved in adopting sustainable strategies to gain competitive edges such as new product launches, product up-gradation, and collaborative agreements.
The objective of the report is to present a comprehensive analysis of the Global Robot Drilling Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
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The report also helps in understanding Global Robot Drilling Market dynamics, structure by analyzing the market segments and projects the Global Robot Drilling Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Robot Drilling Market make the report investor’s guide.
Global Robot Drilling Market Scope:
Global Robot Drilling Market, by Installation Type
• New Builds
Global Robot Drilling Market, by Component
Global Robot Drilling Market, by Application
Global Robot Drilling Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Global Robot Drilling Market Key Players:
• Precision Drilling
• National Oilwell Varco
• Abraj Energy
• Drillform Technical
• Automated Rig Technologies
• Ensign Energy Services
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