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Robotic Drilling Market size worth $ 967.35 Million, Globally, by 2028 at 6.1% CAGR: Verified Market Research®

·5-min read

Over the forecast period, owing to the rising adoption of automated systems in oil and gas industries, coupled with a focus on lower intervention of humans during the extraction process on account of safety concerns are expected to bolster the growth of the global market.

Jersey City, New Jersey, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Robotic Drilling Market” By Installation (Retrofit and New Builds), By Component (Software and Hardware), By Application (Onshore and Offshore), and By Geography. According to Verified Market Research, the Global Robotic Drilling Market size was valued at USD 601.85 Million in 2020 and is projected to reach USD 967.35 Million by 2028, growing at a CAGR of 6.1% from 2020 to 2027.

Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample/?rid=38668

Browse in-depth TOC onRobotic Drilling Market

202 - Pages

126 – Tables

37 – Figures

Global Robotic Drilling Market Overview

Robotic drilling decreases human contact during the drilling process while also increasing production speed. Furthermore, during the application process, drilling might create dust or other particles in the air. The use of a robotic driller allows workers to be withdrawn from potentially hazardous environments. As a result, demand for robotic drilling is expected to increase throughout the projection period. The rise in robotic drilling applications for oil and gas exploration operations is driving the robotic drilling market growth rate. One of the main drivers of the robotic drilling market is the increase in automation in the oil and gas industry. Oil and gas industries have been increasingly reliant on automation in recent years since it saves time and money. Several firms are working to bring digitization to the oil fields. As a result, there has been an increase in investment in facility modernization in order to boost efficiency and lower expenditures and timelines.

Rising industrialization, together with increased exploration of unconventional hydrocarbon resources, would have a direct and positive influence on the robotic drilling market’s growth rate. Growth and expansion of the oil and gas sector, particularly in emerging nations, as well as an increase in power generation activities, would pave the way for the robotic drilling market to expand. Another indirect element that would boost the robotic drilling market growth rate is improvements in robotic technology. The COVID-19 pandemic, on the other hand, posed a significant threat to the robotic drilling market’s growth. The rate of expansion of the robotic drilling industry will be slowed by fluctuations in oil and gas prices. Furthermore, high initial investment costs and growing concerns about cyber security may impede the robotic drilling market’s growth.

Key Players

The major players in the market are Huisman Equipment BV, Drillform Technical Services Ltd., Drillmec Inc., Nabors Industries Ltd., National Oilwell Varco, Inc., Ensign Energy Services, Abraj Energy, Automated Rig Technologies, Rigarm, and Precision Drilling.

Verified Market Research has segmented the Global Robotic Drilling Market On the basis of Installation, Component, Application, and Geography.

  • Robotic Drilling Market, By Installation

    • Retrofit

    • New Builds


  • Robotic Drilling Market, By Component

    • Software

    • Hardware


  • Robotic Drilling Market, By Application

    • Onshore

    • Offshore


  • Robotic Drilling Market by Geography

    • North America

      • U.S

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • U.K

      • Rest of Europe

    • Asia Pacific

      • China

      • Japan

      • India

      • Rest of Asia Pacific

    • ROW

      • Middle East & Africa

      • Latin America

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6 Major Types Of Industrial Robots engineered to offer limitless possibilities

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