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According to a recent report published by Allied Market Research, titled, “Robotic drilling equipment market by Application, Installation, and End-user Industry: Opportunity Analysis and Industry Forecast, 2020–2027,” the robotic drilling equipment market was valued at $0.8 billion in 2019, and is expected to reach $1 billion by 2027, registering a CAGR of 8.4% from 2020 to 2027.Download PDF Sample Report @
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The robotic drilling equipment market is mainly driven by rise in adoption of automation in the oil & gas industry. Automation gives better data collection, precise & accurate operations, and worker safety. In addition, there is minimum human intervention, which minimizes the probability of human errors. It also increases the efficiency of the robotic drilling machines as well as the operations carried out on onshore and offshore.
However, interoperability of the control system of robotic drilling machines compromises with the data privacy and cyber security risk of the data and operations of robotic drilling machines. In addition, the outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to interruption of supply chains, which, in turn, hinders the growth of the robotic drilling equipment market.
Key Players
The major players profiled in the robotic drilling equipment market include Automated Rig Technologies Ltd., Drillform Technical Services Ltd., Drillmec Inc., Epiroc AB, Herrenknecht Group, Huisman Equipment B.V., KCA Deutag Alpha Limited, Loadmaster Universal Rigs, Inc., Nabors Industries Ltd., and National Oilwell Varco, Inc.
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Geographic Review
By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Russia, Norway, and the rest of Europe), Asia-Pacific (China, Malaysia, Australia, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key Findings Of The Study
By application, the land segment was the highest revenue contributor in 2019.
By installation, the modernized segment generated the highest revenue in 2019.
By end-user industry, the oil segment generated the highest revenue in 2019.
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Contact Info:
Name: David Correa
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Organization: Allied Market Research
Address: 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States
Phone: 18007925285
Website: https://www.alliedmarketresearch.com
Release ID: 89032204
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