Portland, OR, March 08, 2021 (GLOBE NEWSWIRE) --
According to the report published by Allied Market Research, the global robotic drilling equipment industry was pegged at $804 million in 2019, and is expected to hit $1.01 billion by 2027, registering a CAGR of 8.4% from 2020 to 2027.
Rise in adoption of automation in the oil & gas industry and increase in drilling activities due to the development of unconventional hydrocarbon resources drive the growth of the global robotic drilling equipment market. On the other hand, interoperability of rig control systems used in robotic drilling and issues related to cyber security for automated systems hamper the market growth. Moreover, rise in major steps taken toward the safety of labors working on oil & gas rigs in onshore and offshore and growth in exploration activities in ultra-deep water in the Arctic region for extraction of oil & gas are expected to usher a plethora of opportunities in the coming years.
Download Sample PDF (180 Pages with More Insight): https://www.alliedmarketresearch.com/request-sample/9715
Covid-19 Scenario
- Due to the lockdown, the consumer spending patterns were changed thereby impacting the demand for robotic drilling equipment.
- The pandemic led to disruption in national and international transport which further disrupted the market.
- The government bodies, however, have eased off the restrictions which is expected to assist the companies to recoup soon.
The robotic drilling equipment market is segmented into application, installation, end-user industry, and region. Based on installation, the modernize segment held the highest market share, with around half of the global robotic drilling equipment market in 2019, and will maintain its leadership status during the forecast period. Furthermore, the segment is expected to manifest the highest CAGR of 9.1% from 2020 to 2027.
Get detailed COVID-19 impact analysis on the Global Robotic Drilling Equipment Market Request Here
Based on end use industry, the oil segment dominated the market with largest share in terms of revenue in 2019, with more than four-fifths of the global robotic drilling equipment market, and is expected to lead the trail during the forecast period. However, the gas segment is expected to showcase the highest CAGR of 9.3% from 2020 to 2027.
Based on region, the market is analyzed across numerous regions including Asia-Pacific, North America, LAMEA, Europe. The North America region accounted for the largest market share in 2019, with nearly half of the global robotic drilling equipment market, and will maintain its dominance in terms of revenue by 2027. On the other hand, the market across Asia-Pacific is expected to portray the largest CAGR of 11.3% during the forecast period.
Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/9715
Leading Players :
Leading market players profiled in the report include Precision, Nabors, Abraj Energy, Huisman, National Oilwell Varco, Ensign Energy Services, Drillmec, Sekal, Rigarm, Automated Rig Technologies, Drillform Technical, and Weatherford International.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
Similar Reports:
Oil and gas drilling automation Market: Global opportunity analysis and industry forecast, 2020-2027
Global Tunneling and Rock Drilling Equipment Market: Global Opportunity Analysis and Industry Forecast, 2021-2028
Construction and Mining Equipment Market - Global Opportunity Analysis and Industry Forecast, 2021-2028
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada): +1-800-792-5285, +1-503-446-1141
International: +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on | Facebook | Twitter | LinkedIn