The robotic drilling market size is projected to reach US$ 1378.74 million by 2031 from US$ 850 million in 2023. The market is expected to register a CAGR of 6.2% in 2023–2031. Increased drilling activities primarily drive market expansion due to the development of exceptional hydrocarbon resources and the implementation of automation and robots in oil and gas drilling. This leads to higher efficiency and improved rig safety.
Robotic Drilling Market Analysis
Increased exploration activities, as well as a focus on developing new oil & gas fields in a risk-free, cost-effective, and time-efficient manner, are projected to drive the market for robotic drilling systems. However, the volatility of oil prices in recent years, cybersecurity concerns, and high beginning costs have stifled the growth of the robotic drilling industry.
Robotic Drilling Market Overview
Robotic drilling is a leading technology for autonomous drilling operations. Drilling robot controls ensure safe and efficient operations while reducing human error. As populations and cities grow, the world's reliance on fossil fuels has led to a rapid increase in demand for oil and gas. This has led to an upsurge in drilling activity. The use of robotic drilling in oil and gas exploration is on the rise, with the industry likely to expand due to increased industrialization and the exploitation of unconventional hydrocarbon reserves. The expansion of power generation, particularly in emerging economies, is expected to boost market growth. Furthermore, developments in robotic technology operate as an indirect driver, accelerating the growth trajectory of the robotic drilling market.
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Robotic Drilling Market: Strategic Insights
Market Size Value in US$ 619.4 Million in 2017 Market Size Value by US$ 946.6 Million by 2025 Growth rate CAGR of 5.6% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Robotic Drilling Market: Strategic Insights
| Market Size Value in | US$ 619.4 Million in 2017 |
| Market Size Value by | US$ 946.6 Million by 2025 |
| Growth rate | CAGR of 5.6% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Robotic Drilling Market Drivers and Opportunities
Improving Efficiency and Precision in Drilling Operations to Favor Market
The constant pursuit of operational efficiency and precision in drilling operations throughout a wide range of industries, including oil & gas, mining, and production. Robotic drilling systems improve accuracy, reduce human errors, and increase standard productivity. The most important factor in drilling operations is safety, as robotic structures reduce human exposure to dangerous settings, particularly offshore and in difficult terrains.
Focus on Reducing Human Involvement in Hazardous Activities
To limit human exposure to dangerous drilling scenarios, firms prioritize safety and risk mitigation in the robotic drilling sector. Traditional drilling operations, typically industries such as oil and gas exploration, mining, and construction, rely on human workers to perform physically demanding and risky tasks. Robotic drilling technology has made drilling operations safer and more secure, transforming the business landscape. Robotic drilling lowers the need for humans to participate in dangerous drilling activities. These operations are often carried out in challenging or remote places, such as dangerous mines, offshore oil rigs, or deep-sea platforms.
Employees in these situations face various risks, including accidents, exposure to toxic products, and extreme weather. Businesses can use robotic drilling equipment to reduce risks and improve employee safety.
Robotic Drilling Market Report Segmentation Analysis
Key segments that contributed to the derivation of the robotic drilling market analysis are component, installation type, and application.
- Based on component, the robotic drilling market is divided into hardware and software.
- By installation type, the market is segmented into new build and retrofit
- In terms of application, the market is segmented into onshore and offshore.
Robotic Drilling Market Share Analysis by Geography
The geographic scope of the robotic drilling market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Because of the recent shale gas development in North America, the market for robotic drilling equipment has grown dramatically. Exploration in the Gulf of Mexico is also increasing, which is driving the regional robotic drilling systems market. Higher lower drilling costs and oil prices have resulted in a large increase in offshore rig count and oil output in the US, signaling to expand offshore drilling, which is projected to be a major driver for the country's robot drilling market.
Robotic Drilling Market Report Scope
Robotic Drilling Market News and Recent Developments
The robotic drilling market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In March 2021, Schlumberger received a USD 480 million contract to drill 96 oil wells in southern Iraq for Basra Oil Company and ExxonMobil, which run the massive West Qurna-1 field with partners from Iraq, Japan, Indonesia, and China.
(Source: Schlumberger, Company Website, 2021)
- In October 2021, Nabors Industries Ltd unveiled the PACE-R801 fully automated land drilling rig equipped with Canrig robotics. It achieved complete depth with its first well in the Permian Basin. It designed an autonomous rig floor to eliminate crews from red zone locations and provide constant drilling performance.
(Source: Nabors Industries Ltd, Company Website, 2021)
Robotic Drilling Market Report Coverage and Deliverables
The "Robotic Drilling Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component , Installation Type , and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global robotic drilling market is expected to reach US$ 1378.74 million by 2031.
The key players holding the majority of shares in the global robotic drilling market are Baker Hughes, Schlumberger, Halliburton, Caterpillar, and National Oilwell Varco.
A large number of industry partnerships with different stakeholders to play a significant role in the global robotic drilling market in the coming years.
Improving efficiency and precision in drilling operations are the major factors that propel the global robotic drilling market.
The global robotic drilling market was estimated to be US$ 850 million in 2023 and is expected to grow at a CAGR of 6.2% during the forecast period 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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