DUBLIN--(BUSINESS WIRE)--The "Robotic Drilling Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The robotic drilling market is expected to record a CAGR of over 6% during the forecast period of 2020 - 2025.
Factors, such as increased exploration activity and focus on development of new oil and gas fields in a risk free, cost efficient, and time efficient manner, are expected to help drive the market for robotic drilling systems. However, the volatile nature of oil prices in recent years, concerns over cyber security, and high initial cost have hampered the growth of robotic drilling market.
The onshore is expected to have the maximum share in the market. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production.
The demand for oil and gas production have always been on an increase, which have led to increased exploration activities, this in turn is expected to help grow the market in the forecast period. Also, there has been an increasing demand of a safe and time efficient drilling method, such as robotic drilling systems. The total rig count increased by 18% from 933 in beginning of 2017 to 1104 by the end of 2019, in the same time period the offshore rig count increased by 24% from 206 to 257.
North America is the biggest market for robotic drilling, owing to the increased drilling activity in shale plays in the region. The recent development of shale plays, horizontal drilling and fracking have resulted in an increase in demand of a faster and time efficient robotic drilling system in the region.
The market for robotic drilling systems saw a growth slowdown owing to the volatile oil prices in recent years, but with the oil prices becoming stable the market is expected to show a growth in the forecast period.
North America is a major market for robotic drilling systems, owing to the recent shale gas exploration in the region in recent years. Exploration in Gulf of Mexico is also on rise further complimenting the robotic drilling systems market in the region.
The robotic drilling market is consolidated with few active players. Some of the key players being National-Oilwell Varco Inc., Nabors Industries Ltd, Drillform Technical Services Ltd, Huisman Equipment BV, Drillmec Inc., among others.
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.4 Historic and Demand Forecast of Upstream CAPEX in USD billion, by Onshore and Offshore, 2017-2025
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
For more information about this report visit https://www.researchandmarkets.com/r/xbdrao