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.
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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
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