DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Drilling Automation Market by Application and Geography - Forecast and Analysis 2020-2024" report has been added to ResearchAndMarkets.com's offering.
Global Oil and Gas Drilling Automation Market: About this market
The oil and gas drilling automation market analysis considers sales from both onshore and offshore applications. Our study also finds the sales of oil and gas drilling automation in APAC, Europe, MEA, North America, and South America. In 2019, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as lower initial cost will play a significant role in the onshore segment to maintain its market position. Also, our global oil and gas drilling automation market report looks at factors such as O&G price recovery, growth in shale oil production, and rising adoption of drilling automation in offshore O&G projects. However, high ownership costs, imposition of trade tariffs on offshore drilling components, and complexities in system integration may hamper the growth of the oil and gas drilling automation industry over the forecast period.
Global Oil and Gas Drilling Automation Market: Overview
Rapid growth in the production of shale oil and gas over the past few years has resulted in a considerable rise in the adoption of drilling automation in the oil and gas industry. As the extraction of shale oil and gas involves multiple complexities, vendors have started offering advanced automated drilling equipment with better designs. A few vendors, such as RigMinder and Schlumberger, offer automated drilling solutions exclusively for shale oil and gas extraction. automated drilling solutions are making operations efficient in harsh mid-water and deep-water oil and gas drilling environments. This growth in shale oil production will lead to the expansion of the global oil and gas drilling automation market at a CAGR of almost 1% during the forecast period.
The adoption of the internet of things (loT) devices for in-depth monitoring and data capturing in the O&G industry is improving the overall efficiency of O&G operations. With crude oil prices registering considerable recovery over the last two years, rig operators and oil producers are emphasizing on optimizing the energy efficiency of oilfields. loT devices are being increasingly used in the O&G industry for a range of applications, including drilling management, pipeline testing, and monitoring, refinery inspections, and carbon footprint minimization, among others. loT enables oil rig operators and refineries to monitor key performance parameters such as pipe pressure and flow rate. Additionally, loT ensures accurate and real-time data collection at locations that are not easily accessible. This development is expected to have a positive impact on the overall market growth.
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