DUBLIN--(BUSINESS WIRE)--The "Robotic Drilling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The robotic drilling market is expected to record a CAGR of over 6% during the forecast period.

Companies Mentioned

• Ensign Energy Services Inc.
• Huisman Equipment BV
• Drillmec Inc.
• Sekal AS
• Abraj Energy Services SAOC
• Drillform Technical Services Ltd.
• National-Oilwell Varco, Inc.
• Rigarm Inc.
• Automated Rig Technologies Ltd
• Nabors Industries Ltd

Key Market Trends

Onshore to Dominate the Market

• The market for robotic drilling systems saw a growth slowdown owing to the volatile oil prices in recent years, but with the oil prices becoming stable the market is expected to show a growth in the forecast period.
• There have been an increasing pressure on drilling companies to reduce the risk and number of accidents related to drilling industry, this in turn is making the operator companies move towards robotic drilling systems to reduce human error and increase efficiency at the same time.
• Onshore oil production accounts for around 70% of the global oil production. Increased onshore exploration activity worldwide in the forecast period is expected to help grow the market for robotic drilling.
• In 2019, ONGC announced that it had allotted INR 6,000 crore in drilling 200 wells over the next seven years in Assam to increase the output from the state. The wells are expected to be drilled during the next seven years.
• As the crude oil prices are increasing, the upstream investment is expected to grow significantly and bring several projects online, thereby, driving the market.

North America to Dominate the Market

• North America is a major market for robotic drilling systems, owing to the recent shale gas exploration in the region in recent years. Exploration in Gulf of Mexico is also on rise further complimenting the robotic drilling systems market in the region.
• According to the Canadian government report published in 2018, oil production from Canada is anticipated to reach 4.5 mmbpd by 2020, and production is expected to increase from an offshore well situated in the West Orphan Basin, offshore Newfoundland, and Labrador, which is estimated to hold 25.5 bbl of oil and 20.6 tcf of gas.
• As a result of higher oil prices and declining drilling cost, the offshore rig count and offshore oil production in the United States has increased significantly, indicating growing offshore drilling which is expected to be the major driver for the robotic drilling market in the country.
• Therefore, factors such as rising oil and gas investments along with development of shale plays, and increasing focus on reducing risk , time, and cost of drilling activities are expected to give a growth to the robotic drilling systems market in the forecasted period.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD million, till 2026

4.3 Active Rig Count, till January 2021

4.4 Global Upstream CAPEX Forecast in USD billion, till 2026

4.5 Recent Trends and Developments

4.6 Market Dynamics

4.6.1 Drivers

4.6.2 Restraints

4.7 Supply Chain Analysis

4.8 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Deployment

5.1.1 Onshore

5.1.2 Offshore

5.2 Component

5.2.1 Hardware

5.2.2 Software

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 Rest of the World

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

6.3.1 Ensign Energy Services Inc.

6.3.2 Huisman Equipment BV

6.3.3 Drillmec Inc.

6.3.4 Sekal AS

6.3.5 Abraj Energy Services SAOC

6.3.6 Drillform Technical Services Ltd.

6.3.7 National-Oilwell Varco, Inc.

6.3.8 Rigarm Inc.

6.3.9 Automated Rig Technologies Ltd

6.3.10 Nabors Industries Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/sr2p3n

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