DUBLIN--(BUSINESS WIRE)--Jun 14, 2018--The "Robotic Drilling Market Application (Onshore and Offshore), Installation (New Builds and Retrofits), Components (Hardware and Software), and Region (North America, Asia Pacific, Europe, Middle East) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The robotic drilling market is estimated to reach USD 923.2 million by 2023, at a CAGR of 7.01% from 2018 to 2023

This market growth is driven by the increased drilling activities due to the development of unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling, which results in higher efficiency drilling and improved safety in rigs. However, the lack of interoperability of rig control systems used in robotic drilling act as a restraint for the market growth.

The onshore drilling market is expected to grow at a higher CAGR during the forecast period. The growth of the market can be attributed to the rise in unconventional drilling activities and penetration of automation in onshore drilling in countries such as the US, China, and Canada.

North America is estimated to dominate the global robotic drilling market during the forecast period due to the increase in drilling activities in the US and Canada. The US is the largest market in North America and is focused on developing its shale gas resources to increase its oil and gas production, coupled with high adoption of automation and robotics in drilling. Canada is the other key market in North America. The country has an abundance of conventional and unconventional sources of natural gas, including tight gas and shale gas, leveraging its drilling automation technology for extracting these resources.

Nabors (US), Precision Drilling (Canada), Huisman (US), Weatherford (Switzerland), and National Oilwell Varco (US) are among the leading players in the robotic drilling market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Robotic Drilling Market, By Application

7 Robotic Drilling Market, By Components

8 Robotic Drilling Market, By Installation

9 Robotic Drilling Market, By Region

10 Competitive Landscape

11 Company Profiles

National Oilwell Varco Weatherford International Nabors - Rds Ensign Energy Services Huisman Drillmec Precision Drilling Sekal Abraj Energy Drillform Technical Automated Rig Technologies Rigarm

For more information about this report visit https://www.researchandmarkets.com/research/pm4msk/global_robotic?w=4

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Related Topics:Robotics

KEYWORD:

INDUSTRY KEYWORD: ENERGY OIL/GAS TECHNOLOGY HARDWARE

SOURCE: Research and Markets

Copyright Business Wire 2018.

PUB: 06/14/2018 09:20 AM/DISC: 06/14/2018 09:20 AM

http://www.businesswire.com/news/home/20180614005622/en