PUNE, India, June 7, 2018 /PRNewswire/ --
According to a new market research 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", published by MarketsandMarkets™, the 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"
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"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 fields. 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.
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"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 period. The increased shale gas production and faster adoption of advanced technologies in drilling drive the growth of the Robotic Drilling Market in the region. Asia Pacific is expected to be the second fastest-growing region in the Robotic Drilling Market.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some top players in the Robotic Drilling Market, including Nabors (US), Precision (Canada), Weatherford (Switzerland), Huisman (Netherlands), and National Oilwell Varco (US).
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