Robotic Drilling Market by New Innovations, Technology
And Research 2018, Forecasts till 2023
The report "Robotic Drilling Market Application (Onshore and Offshore), Installation (New
Builds and Retrofits), Components (Hardware and Software), and Region (North America,
Asia Pacific, Europe, Middle East) - Global Forecast to 2023", The robotic drilling market is
expected to grow from an estimated USD 658.0 Million in 2018 to USD 923.3 Million by 2023, at a
CAGR of 7.01% from 2018 to 2023. This market growth is driven by the increased drilling
activities due to the development of unconventional hydrocarbon resources and the adoption of
automation and robotics in oil and gas drilling, which results in higher efficiency drilling and
improved safety in rigs.
Browse 68 market data Tables and 30 Figures spread through 111 Pages and in-depth TOC
on "Robotic Drilling Market Application (Onshore and Offshore), Installation (New Builds
and Retrofits), Components (Hardware and Software), and Region (North America, Asia
Pacific, Europe, Middle East) - Global Forecast to 2023"
https://www.marketsandmarkets.com/Market-Reports/robotic-drilling-market-227235522.html
Early buyers will receive 10% customization on reports.
“The onshore application is expected to hold a larger share of the robotic drilling market
during the forecast period.”
The onshore segment accounted for a larger market for robotic drilling, based on application, in
2017. Globally ~70% of the oil and gas production takes place at onshore oil and gas f ields.
These fields require less capital investment in comparison with offshore fields and the costs
related to automation in these fields are relatively low. Formations in onshore wells are more
stable during the drilling process than those in offshore; therefore, the adoption of automation in
such areas is faster for improving the drilling efficiency. The market for onshore robotic drilling
systems is expected to grow at a significant rate in the coming years. The US and China with vast
onshore reserves present ample opportunities for the providers of onshore robotic drilling
systems.
“North America is expected to be the fastest-growing robotic drilling market.”
In this report, the robotic drilling market has been analyzed with respect to 5 regions, namely ,
North America, Europe, Asia Pacific, the Middle East, and Rest of the World. North America is
expected to be the largest and fastest-growing market, based on region, during the forecast