Oil and Gas Drilling Automation Market Introduction
- Oil and gas drilling automation is witnessing continuous demand with rapid rise in consumption of fuel across the world.
- Automation techniques are increasingly being adopted in the oil and gas drilling industry to achieve better operational efficiency.
- Extensive implementation of automated drilling technologies in the oil and gas industry is set to change the performance of well drilling, directional drilling, and reconditioning of oil and gas field wells.
Oil and Gas Drilling Automation Market Dynamics
- Integration of automation in the oil and gas industry is expected to be a major factor boosting the growth of the global oil and gas drilling automation market.
- Automation in oil and gas drilling reduces the human presence, thereby minimizing the chances of human errors. It also helps to improve production efficiency through better accuracy and advanced execution, thus reducing associated expenses and leads to time saving.
- Moreover, growing number of oil and gas drilling automation companies are increasingly focusing on research and redevelopment of robotic drilling systems that offer automated technologies across different production sectors including drilling, monitoring, inspection, and repair, maintenance and intervention, to improve the overall process efficiency and reduce operation cost during complex oil and gas drilling automation operations
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- In past years, during 2015-2016, fall in prices of crude oil has led to the several offshore oil and gas exploration projects on hold as these exploration projects involve complex deep water drilling operations. However, in late 2017, with rise in price of crude oil lead to an increase in interest in deep water drilling projects among market players to gain profit. Therefore, expansion of oil and gas drilling automation operation and rising investments across the world are expected to boost the growth of oil and gas drilling automation market in the upcoming years.
- However, high cost associated with automation is expected to hamper the growth of the oil and gas drilling automation market in the near future.
- Price fluctuation of crude oil is another key factor responsible for lowering the adoption of automation technology in the drilling industry. This unstable nature of crude oil has eventually made it hard for oil and gas drilling automation companies to invest in automation, thus impeding the development of the oil and gas drilling automation market.
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Oil and Gas Drilling Automation Market: Segmentation Analysis
- Based on type, the oil and gas drilling automation market can be divided into automated drilling, automated underwater vehicles, and others.
- Based on application, the oil and gas drilling automation market can be segmented into onshore and offshore.
- The onshore application segment accounted for major share of the oil and gas drilling automation market in 2018. This application segment is likely to gain market share and is anticipated to maintain its leading position in the global oil and gas drilling automation market over the forecast period.
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North America to Lead the Global Market for Oil and Gas Drilling Automation
- In terms of region, the global oil and gas drilling automation market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is likely to dominate the market for oil and gas drilling automation from 2019 to 2027, followed by EMEA and APAC. Although Asia Pacific accounted for least share of the global oil and gas drilling automation market, it is projected to witness rapid increase in its market share over the forecast period followed by the EMEA region.
Key Manufacturers Operating in the Market
The global oil and gas drilling automation market was moderately fragmented in 2018. Key manufacturers operating in the global market include:
- ABB Group
- National Oilwell Varco, Inc.
- Kongsberg Gruppen
- Pason Systems Corp.
- Nabors Industries Ltd.
- Rockwell Automation, Inc.
Global Oil and Gas Drilling Automation Market: Research Scope
Oil and Gas Drilling Automation Market, by Type
- Automated Drilling
- Automated Underwater Vehicle
- Others
Oil and Gas Drilling Automation Market, by Application
- Onshore
- Offshore
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