The global robotic drilling market is valued at US$ 485 billion in 2023 and is projected to increase at a CAGR of 8% to reach US$ 985 billion by 2033-end, according to this latest market study by skilled analysts at Fact.MR.
Automated drilling, known as robotic drilling, is a widely adopted method in the global oil and gas industries. These automated systems provide efficient solutions that can seamlessly integrate into both new and existing onshore and offshore installations. They introduce an unmanned, robotic-based drill-floor solution known for its swift, precise, and reliable operations.
The utilization of robotic drilling is on the rise in oil and gas exploration, with the market expected to grow positively due to increased industrialization and the exploitation of unconventional hydrocarbon resources. The expansion of power generation, especially in emerging economies, is predicted to contribute to market growth. Additionally, advancements in robotic technology serve as an indirect factor further enhancing the growth trajectory of the robotic drilling market.
Key Takeaways from Market Study
- The global market for robotic drilling is valued at US$ 485 billion in 2023.
- Worldwide demand for robotic drilling is predicted to increase at a high-value CAGR of 8% through 2033.
- By the end of 2033, the global market is projected to reach US$ 985 billion.
- The oil & gas segment expected to rise at a CAGR of 8.5% through 2033.
- The market in North America is forecasted to increase at a CAGR of 8% through 2033.
- The new builds category is forecasted to advance at a CAGR of 9% from 2023 to 2033.
“Demand for robotic drilling is primarily driven by increased emphasis on the exploration of new oil and gas extraction sites, particularly in developing economies, expanding use of robotic drilling for a variety of end-user industries, including oil and gas, and acceleration of industrialization, particularly in developing countries,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Drillmec Inc.
- Automated Rig Technologies Ltd.
- Epiroc AB
- KCA Deutag Alpha Limited
- National Oilwell Varco Inc.
- Huisman Equipment BV
- Sekal As
- Rigarm Inc.
A competitive edge lies in the ability to customize robotic drilling systems according to specific customer needs. Companies that provide flexible and adaptable solutions not only meet customer requirements but also capture a larger market share. A crucial aspect of competitiveness is the investment in research and development. Companies continuously enhance their robotic drilling technology, focusing on improving automation and creating intelligent drilling systems.
In October 2021, Nabors Industries Ltd. unveiled the PACE-R801 drilling rig, a groundbreaking fully automated land drilling rig utilizing Canrig robots. This innovative rig successfully reached total depth in its inaugural well in the Permian Basin. It features an autonomous rig floor, enhancing safety and ensuring reliable drilling performance by eliminating employee exposure to hazardous zones
.More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global robotic drilling market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on application (onshore, offshore), installation (retrofit, new builds), component (hardware, software), and end use (oil & gas, construction, mining), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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These insights are based on a report on Robotic Drilling Market by Fact.MR.