Growth of the robotic drilling equipment market is majorly driven by increasing adoption of automation in the oil & gas industry

WILMINGTON, DE, UNITED STATES, November 27, 2024 /EINPresswire.com/ -- Robotic Drilling Equipment Market Overview: Opportunities and Forecast (2020–2027)

A recent report by Allied Market Research titled "𝐑𝐨𝐛𝐨𝐭𝐢𝐜 𝐃𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 by Application, Installation, and End-user Industry: Opportunity Analysis and Industry Forecast, 2020–2027" highlights significant growth potential for the robotic drilling equipment market. Valued at $0.8 billion in 2019, the market is projected to reach $1 billion by 2027, with a compound annual growth rate (CAGR) of 8.4% from 2020 to 2027. In 2019, the onshore segment held a dominant share in the market.

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What Is Robotic Drilling Equipment?
Robotic drilling equipment, often referred to as automated drilling equipment, is a sophisticated automation system designed for the oil and gas industry. It primarily consists of two categories:

Onshore robotic drills: Operate on dry land.
Offshore robotic drills: Operate on ocean floors or seabeds.
These machines are utilized for constructing new rigs for oil and gas extraction as well as for retrofitting older rigs during maintenance or replacement of outdated parts. Key advantages of robotic drilling include reduced drilling times, enhanced operational safety, multi-sensor measurements, and increased production efficiency. Manufacturers provide both the robotic hardware and the software needed to program and control these systems.

Market Drivers and Challenges
The growth of the robotic drilling equipment market is fueled by the increasing adoption of automation in the oil and gas sector, which offers several benefits:

Enhanced data collection and accuracy: Automation ensures precision and reduces human errors.
Improved worker safety: Robotic systems minimize human intervention in high-risk operations.
Operational efficiency: Robots deliver faster and more consistent results in both onshore and offshore applications.
However, certain challenges hinder market expansion:

Cybersecurity concerns: Interoperability in control systems raises risks related to data privacy and cyber threats.
COVID-19 impact: The pandemic caused disruptions in supply chains and halted construction and manufacturing activities globally.
Despite these challenges, the market is expected to recover as industries resume normal operations and vaccines mitigate pandemic-related setbacks. Furthermore, increasing focus on worker safety and rising exploration activities in ultra-deepwater regions, such as the Arctic, are anticipated to drive future market growth.

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Market Segmentation
The robotic drilling equipment market is segmented based on application, installation, end-user industry, and region:

By application: Onshore and offshore.
By installation: New builds and retrofits.
By end-user industry: Oil and gas.
By region:
North America (U.S., Canada, Mexico)
Europe (UK, Russia, Norway, rest of Europe)
Asia-Pacific (China, Malaysia, Australia, rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
Key Findings

The onshore segment led in revenue generation in 2019.
The retrofit segment accounted for the highest revenue in terms of installation.
The oil industry was the largest revenue contributor among end-user industries in 2019.
Major Players
Key companies shaping the robotic drilling equipment market include:

Automated Rig Technologies Ltd.
Drillform Technical Services Ltd.
Drillmec Inc.
Epiroc AB
Herrenknecht Group
Huisman Equipment B.V.
KCA Deutag Alpha Limited
Loadmaster Universal Rigs, Inc.
Nabors Industries Ltd.
National Oilwell Varco, Inc.

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David Correa
Allied Market Research
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