Press release
Insights into the Robotic Drilling Equipment Market: Revolutionizing Oil & Gas Exploration
In 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," the global robotic drilling equipment market demonstrated its potential by reaching a value of $0.8 billion in 2019, with projections to hit $1 billion by 2027. This growth is expected to register a significant CAGR of 8.4% from 2020 to 2027. The market dynamics are primarily influenced by the increasing adoption of automation in the oil & gas industry.
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Robotic drilling equipment, also referred to as automated drilling equipment, is a specialized automation system designed for drilling operations within the oil & gas sector. The market is divided into two main types: onshore, involving drilling machines on dry land, and offshore, comprising drilling operations on ocean floors or sea beds. These robotic drilling machines play a crucial role in constructing new rigs for oil & gas extraction, retrofitting old rigs during maintenance, and replacing outdated system components. Their advantages include reduced drilling times, multi-sensor measurements, enhanced safety, and streamlined mass production.
The growth of the robotic drilling equipment market is fueled by the surge in automation adoption within the oil & gas industry, offering solutions such as improved data collection, precise operations, and enhanced worker safety. The land segment dominated the market in 2019 based on application, while the modernize segment led in terms of installation. The oil segment emerged as the dominant end-user industry and is expected to maintain this trend in the forecast period.
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Despite these positive trends, challenges such as interoperability issues in the control systems compromise data privacy and pose cybersecurity risks. The outbreak of COVID-19 disrupted construction and manufacturing activities globally, impacting logistics services and hindering supply chains. However, the industry is on a path to recovery as efforts are made to increase worker safety and exploration activities in ultra-deepwater in the Arctic region gain momentum.
The robotic drilling equipment market is segmented based on application, installation, end-user industry, and region. The key findings of the study indicate that the land segment, modernize installation, and oil end-user industry were the highest revenue contributors in 2019.
Key Players: The major players in 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., and National Oilwell Varco, Inc.
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As the industry continues to innovate and evolve, the robotic drilling equipment market is set to play a pivotal role in revolutionizing oil & gas exploration, offering unprecedented efficiency and safety standards.
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Fax: +1-800-792-5285
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Download PDF Sample https://www.alliedmarketresearch.com/request-sample/9715
Robotic drilling equipment, also referred to as automated drilling equipment, is a specialized automation system designed for drilling operations within the oil & gas sector. The market is divided into two main types: onshore, involving drilling machines on dry land, and offshore, comprising drilling operations on ocean floors or sea beds. These robotic drilling machines play a crucial role in constructing new rigs for oil & gas extraction, retrofitting old rigs during maintenance, and replacing outdated system components. Their advantages include reduced drilling times, multi-sensor measurements, enhanced safety, and streamlined mass production.
The growth of the robotic drilling equipment market is fueled by the surge in automation adoption within the oil & gas industry, offering solutions such as improved data collection, precise operations, and enhanced worker safety. The land segment dominated the market in 2019 based on application, while the modernize segment led in terms of installation. The oil segment emerged as the dominant end-user industry and is expected to maintain this trend in the forecast period.
Buy This Report https://www.alliedmarketresearch.com/checkout-final/5239ddd7885178a3bf23a8447029a4f1
Despite these positive trends, challenges such as interoperability issues in the control systems compromise data privacy and pose cybersecurity risks. The outbreak of COVID-19 disrupted construction and manufacturing activities globally, impacting logistics services and hindering supply chains. However, the industry is on a path to recovery as efforts are made to increase worker safety and exploration activities in ultra-deepwater in the Arctic region gain momentum.
The robotic drilling equipment market is segmented based on application, installation, end-user industry, and region. The key findings of the study indicate that the land segment, modernize installation, and oil end-user industry were the highest revenue contributors in 2019.
Key Players: The major players in 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., and National Oilwell Varco, Inc.
Inquire Before Buying https://www.alliedmarketresearch.com/purchase-enquiry/9715
As the industry continues to innovate and evolve, the robotic drilling equipment market is set to play a pivotal role in revolutionizing oil & gas exploration, offering unprecedented efficiency and safety standards.
Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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