Rockville, Oct. 11, 2023 (GLOBE NEWSWIRE) -- As per a new study by skilled analysts at Fact.MR, a provider of market research and competitive intelligence, the global robotic drilling market is predicted to expand at a CAGR of 8% and reach a valuation of US$ 985 billion by the end of 2033.
Robotic drilling is an automated drilling method widely utilized in the global oil and gas industries. These robotic drilling systems offer effective solutions that can be effortlessly integrated into both new and existing onshore and offshore installations. They present an unmanned, robotic-based drill-floor solution characterized by fast, precise, and reliable operations.
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Robotic drilling is increasingly being used for oil and gas exploration. The expansion of the robotic drilling market is anticipated to be positively influenced by the increasing industrialization and exploitation of unconventional hydrocarbon resources, yielding direct and beneficial effects.
Rise in power generation, particularly in emerging economies, is forecasted to pave the way for market expansion. Another indirect factor that would enhance the growth rate of the robotic drilling market is the advancements in robotic technology.
| Report Attribute | Details |
| Value Projection (2033) | US$ 985 Billion |
| Growth Rate (2023-2033) | 8% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 219 Figures |
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.
Market Competition
The ability to tailor robotic drilling systems to specific customer requirements is a competitive advantage. Companies that offer flexible and customizable solutions gain market share. Investment in research and development is a key competitive factor. Companies are continually improving their robotic drilling technology, enhancing automation, and developing intelligent drilling systems.
- In October 2021, Nabors Industries Ltd. introduced the PACE-R801 drilling rig, a groundbreaking fully automated land drilling rig employing Canrig robots. It successfully achieved total depth on its inaugural well in the Permian Basin, featuring an autonomous rig floor to enhance safety and ensure reliable drilling performance by eliminating employee exposure to hazardous zones.
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Key Segments of Robotic Drilling Market Research Report
- By Application:
- Onshore
- Offshore
- By Installation:
- Retrofit
- New Builds
- By Component:
- Hardware
- Software
- By End Use:
- Oil & Gas
- Construction
- Mining
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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).
Explore More Related Studies Published by Fact.MR Research:
Robot Arms Market: The global robot arms market is set to surpass a valuation of US$ 26.2 billion in 2023 and further expand at a CAGR of 11.4% to reach US$ 77.2 billion by the end of 2033.
Robot Cell Market: The global robot cell market will reach a valuation of US$ 42,567 million in 2023 and expected to progress at a CAGR of 10.2% to reach US$ 112,431.8 million by the end of 2033.
Robot Control System Market: The robot control system market is estimated to reach valuation of US$ 6.8 Billion in 2023 and will top US$ 19.9 Billion by 2033, growing with a CAGR of around 11.2% from 2023-2033.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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