Robotic Drilling Market

Market Leader - Robotic Drilling Market

The global robotic drilling market is estimated to be worth USD 923.2 Million by 2023, growing 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

North America would continue to be the largest market for robotic drilling, followed by Asia Pacific, during the forecast period. The global market is dominated by the major players, including Nabors (US), Precision Drilling (Canada), Weatherford (Switzerland), Huisman (Netherlands), and National Oilwell Varco (US).

The market growth strategies adopted by the key players in the robotic drilling market include contracts and agreements, new product launches and developments, expansions and investments, mergers and acquisitions, joint ventures, and partnerships and collaborations. Contracts and new product developments were the most commonly adopted strategies by the market players during 2014–2018.

Nabors Industries is an oil & gas drilling contractor that provides drilling and well-servicing operations for both onshore and offshore wells. The company operates its business under the business segments-International Drilling, US Drilling, Drilling Solutions, Canada Drilling, and Rig Technologies. The company has adopted mergers and acquisitions as their key growth strategies to gain a large share of the robotic drilling market. In August 2017, the company acquired robotic drilling systems. This acquisition was expected to enhance the company’s advanced control systems and intelligent drilling rig components in the land and offshore drilling markets.

To know about the assumptions considered for the study, download the pdf brochure

National Oilwell Varco manufactures, designs, and sells oil field equipment and components for the upstream exploration and production sector of the oil & gas industry. The company operates through 4 segments, namely, Rig Systems, Wellbore Technologies, Completion and Production Solutions, and Rig Aftermarket. The portfolio of the company pertaining to products based on rig technologies includes drill fluid equipment, drill pressure control systems, and iron roughnecks. The company adopted new product launches as a growth strategy to maintain its market position. In October 2017, it launched eVolve as part of its well technology portfolio, which enhances the drilling efficiency by optimizing drilling process in real time.

Related Reports:

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

Contact:
Mr. Rohan
MarketsandMarkets™ INC. 
630 Dundee Road 
Suite 430 
Northbrook, IL 60062 
USA : 1-888-600-6441 
[email protected]

Report Code
EP 6359
RI Published ON
6/7/2018
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Robotic Drilling Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved