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On the basis of application, onshore is the leading segment in global robotic drilling market. Several advantages of onshore drilling systems are, it enhances performance and safety, reduces downtime, provides higher reliability in a harsh environment, and also provisions comprehensive operating life of wells, coupled with lesser operating and maintenance costs. All these features of the onshore drilling systems are leading towards the growth of robotic drilling in the onshore application. The implementation of advanced technologies also boosts the onshore robotic drilling system market as several companies are inclined towards the development of novel technologies.Request a sample of this premium report at: https://www.marketstudyreport.com/request-a-sample/2095979/?utm_source=Marketersmedia.com-AN
The oil & gas sector is characterized by a high amount of uncertainty owing to the fluctuating demands for oil & gas products worldwide, environmental impacts, and legislation laid down by several authorities on these operations. Hence, the oil drilling business is also sometimes referred to as a highly risky business in financial terms as well as for the human capital involved. Digital Transformation Initiative removed the bottlenecks associated with operational costs, human lives risks, and productivity concerns. The US is an early and major adopter of this service and is still in its growing phase with the implementation of several tools, and techniques pertaining to robotic drilling. The presence of some of the world's largest business firms coupled with huge competition in the region has driven the demands from the end-user industry for adoptions of robotic drilling services. Additionally, US is also considered to be the hub of innovations and therefore, the technological disruptions take place in this part of the world first before spreading to the other regions. Robotic drilling market is becoming prevalent across other developed and developing economies including Europe and MEA. Also, countries in APAC are experiencing a high growth in the industrial sector thus, propelling the growth of robotic drilling market.
Robotic drilling market is expected to grow US$ 946.6 million by 2025 from US$ 619.4 million in 2017. The demand for robotic drilling is largely influenced by the increase in global oil demands and surge in need for safer and high-quality drilling system. On the basis of component, hardware accounted for the largest share of the robotic drilling market in 2017 in terms of revenue.
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The overall robotic drilling market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the robotic drilling market. It also provides the overview and forecast for the global robotic drilling market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the robotic drilling industry.
Table of content:
1. INTRODUCTION 14
1.1 SCOPE OF THE STUDY 14
1.2 THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE 14
2. KEY TAKEAWAYS 16
3. ROBOTIC DRILLING MARKET LANDSCAPE 18
3.1 MARKET OVERVIEW 18
3.2 MARKET SEGMENTATION 19
3.2.1 Global Robotic Drilling Market - By Component 20
3.2.2 Global Robotic Drilling Market - By Installation type 20
3.2.3 Global Robotic Drilling Market - By Application 20
3.2.4 Global Robotic Drilling Market - By Geography 20
3.3 PEST ANALYSIS 22
3.3.1 North America - PEST Analysis 22
3.3.2 Europe - PEST Analysis 24
3.3.3 Asia Pacific - Pest Analysis 26
3.3.4 Middle East and Africa - PEST Analysis 28
3.3.5 South America - PEST Analysis 30
4. ROBOTIC DRILLING MARKET - KEY INDUSTRY DYNAMICS 32
4.1 KEY MARKET DRIVERS 32
4.1.1 Increasing oil demands globally propelling integration of automation in the oil & gas sector 32
4.1.2 Growing needs for a safer and high quality drilling system reducing the human interventions 32
4.2 KEY MARKET RESTRAINTS 33
4.2.1 Volatility of the oil & gas industry 33
4.3 KEY MARKET OPPORTUNITIES 33
4.3.1 Higher emphasis being laid for oil extraction in the Arctic based deep-water regions 33
4.3.2 Technological innovations to continually create more opportunities 34
4.4 FUTURE TRENDS 34
4.4.1 Large number of industry partnerships with different stakeholders 34
4.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS 35
5. ROBOTIC DRILLING - GLOBAL MARKET ANALYSIS 36
5.1 GLOBAL ROBOTIC DRILLING MARKET OVERVIEW 36
5.2 GLOBAL ROBOTIC DRILLING MARKET FORECAST AND ANALYSIS 37
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Related Report:
Global (United States, European Union and China) Robotic Drilling Market Research Report 2019-2025
The market deals with robotic units that carry out drilling of oil fields and connect drill pipes located under the surface, thereby assisting industrial workers in onshore and offshore operations. These robotic units are also called robotic drilling systems.
https://www.marketstudyreport.com/reports/global-united-states-european-union-and-china-robotic-drilling-market-research-report-2019-2025/?utm_source=MarketersmediaRR.com-AN
Related Report: https://www.marketwatch.com/press-release/digital-oilfield-market-2019-global-size-opportunities-historical-analysis-development-status-business-growth-and-regional-forecast-to-2025-2019-11-26
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