PUBLISHER: TechSci Research | PRODUCT CODE: 1354797
PUBLISHER: TechSci Research | PRODUCT CODE: 1354797
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Global Oil & Gas Drilling Automation market is anticipated to grow at a steady pace in the forecast period 2024-2028. The market for oil and gas drilling automation is largely driven by automated technologies, which improve safety by removing workers from the rig site. The oil and gas business are one that frequently experiences downturn cycles. Automation is driving up the rate of penetration (ROP), cutting down on non-productive time (NPT), and eliminating invisible lost time (ILT).
Increased well complexity, access to sparse expert resources, knowledge transfer as a result of knowledgeable workers leaving their jobs, data saturation, and environmental concerns, all helping in driving the market. The drilling operation is more effective in a shorter period of time. Due to this, corporations are particularly interested in boosting the availability and dependability of the hardware they use to operate their company.
Market Overview | |
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Forecast Period | 2024-2028 |
Market Size 2022 | USD USD 18.11 Billion |
Market Size 2028 | USD 32.97 Billion |
CAGR 2023-2028 | 10.7% |
Fastest Growing Segment | Offshore |
Largest Market | North America |
In recent years, shale oil and gas production has increased globally, which is a positive thing for the oil and gas industry. The production of shale oil has been growing in nations like the US. The drilling and extraction of shale oil and gas tend to present a number of difficulties, including the need to comply to strict compliance standards, prepare wells, and build and operate equipment.
Drilling processes may be developed, implemented, integrated, and started more quickly with the help of automated drilling systems. Manufacturers are being compelled to provide reducing automated drilling solutions particularly for shale oil and gas extraction projects as a result of the increase in shale oil production. Therefore, it is anticipated that throughout the projection period, the quick increase in shale oil production would favorably impact market growth.
Nowadays, people are moving towards robotic drilling system due to which market is expected to grow further in future. For instance, In Stavanger, Norway, Robotic Drilling Systems (RDS) has constructed the first completely autonomous robotic oil drilling rig in history. Multiple robots are controlled by the extremely sophisticated rig to conduct drilling operations. RDS searched the globe for robotics software that was sophisticated enough to synchronize over 100 axes of motion in real-time and reliable enough for oil drilling operations. Actin by Energid was the only piece of software that could handle the job.
The expectation that a human can better process data and make better decisions, as well as the fact that drilling activity takes place in hazardous working conditions above ground and down hole with high temperature, high pressure (HTHP) formations, etc. are major factors restraining the Oil and Gas Drilling Automation Market. These issues are compounded by the difficulty of locating control equipment and sensors to operate in this environment.
The Global Oil & Gas Drilling Automation Market is segmented into Product, Deployment, and Offering. Based on Product, the market is segmented into Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Manufacturing Execution Systems (MES). Based on Deployment, the market is segmented into Onshore and Offshore. Based on Offering, the market is segmented into Hardware, Software.
The main market players in Global Oil & Gas Drilling Automation Schlumberger Limited, Halliburton Company, National Oilwell Varco Inc, Baker Hughes Company, Weatherford International Inc, Rockwell Automation Inc, ABB Limited, Nabors Industries Limited, Autonomous Solutions, Inc, Pason Systems Corporation.
In this report, the Global Oil & Gas Drilling Automation Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in the Global Oil & Gas Drilling Automation Market.
Global Oil & Gas Drilling Automation Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
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