The robotic drilling market is expected to grow at a CAGR of 7.01% from 2018 to 2023, to reach a market size of USD 923.2 million by 2023. This market growth is driven by the increased drilling activities due to the development of unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling, which results in higher efficiency drilling and improved safety in rigs.
The target audience of this report includes:
- Drilling equipment manufacturers and suppliers
- Exploration and production companies
- National and international drilling associations
- Oilfield services providers
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Market Ecosystem:
The robotic drilling market is dominated by the local and regional players with established brand names. The leading global players in the robotic drilling market include Nabors (US), National Oilwell Varco (US), Precision Drilling (Canada), Huisman (Netherlands), and Weatherford (Switzerland), among many others.
The market for onshore robotic drilling systems is expected to grow at a higher CAGR during 2018–2023.owing to the less complexity in the installation of drill floor automation systems compared to offshore rigs. Moreover, offshore drilling requires higher capital investments, and offshore rigs operate in dynamic and harsh environments.
The robotic drilling market based on installations has been segmented into new builds and retrofit. The retrofit segment is expected to be the fastest-growing market due to the rising requirement to improve safety and efficiency of existing rigs and increasing focus on less human intervention during the drilling process.
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The robotic drilling market based on region has been segmented into Asia Pacific, Europe, North America, the Middle East, and Rest of the world. North America is estimated to grow at the fastest rate from 2018 to 2023, followed by Asia Pacific. The US, which is the largest shale gas producer in the world, is expected to continue to dominate the robotic drilling market in North America, by witnessing highest CAGR in this market. Asia Pacific is the second-largest segment in which China was the largest contributor in the Asia Pacific robotic drilling market in 2017; the countries in Asia Pacific are continuously developing their oil and gas resources to meet their domestic production demand.
