Selbyville, Delaware, March 18, 2021 (GLOBE NEWSWIRE) -- Global robotic drilling equipment market, according to reliable predictions, had reached a valuation of USD 5.44 million in the year 2019 and is expected to record 11.1% CAGR during the study period, subsequently accounting for USD 804 million by the year 2027. This rapid expansion can be attributed to surging investments towards big data analytics and widespread adoption of automated solutions in drilling machines.

Additionally, the document provides a comprehensive overview of this industry vertical by scrutinizing its segmentations. It not only offers the market share and size of each segment but also elaborates on their respective contribution towards the overall business outlook. The study concludes by mentioning the geographical scope and the competitive outlook of this market space.

For those uninitiated, robotic drilling equipment is an automated device used primarily in the oil & gas sector. It is used to carry out several operations such as mass production, safer operations, multi-sensor measurements, and fewer drilling times.

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Thus, growing demand for such machinery for reducing human intervention and error is stimulating global robotic drilling equipment industry outlook. Focus among manufacturers to produce advanced software and hardware robotic components are also contributing towards the overall market remuneration.

In 2018 for instance, Drillform launched a new facility in UAE to offer improved services to customers in Middle East & North Africa. This is likely to increase the consumer base as well as the market share of the company.

Hence, emphasis towards business centric strategies among leading companies coupled with technological advancements in this business domain is positively impacting global robotic drilling equipment industry dynamics. Factors such as high production and maintenance cost coupled with rising concerns regarding data privacy could, however, act as a bottleneck to the overall market expansion.

Despite the restraints, increasing oil & gas exploration activities in the Artic region coupled with supportive regulatory outlook which promote safe working environment are likely to augment the demand for robotic drilling equipment in the ensuing years.

Highlighting the regional scope

Worldwide robotic drilling equipment market, based on geographical landscape, is categorized into Latin America, Europe, North America, Asia-Pacific, and the rest of the world.

Currently, North America accounts for the largest market share and is expected to continue with its dominance in the forthcoming years. Strict regulatory outlook regarding safe working environment and worker safety coupled with increasing shale gas production are favoring the regional market outlook.

Asia-Pacific, meanwhile, is reckoned to emerge as a prominent revenue generator for the overall market. Factors including supportive government initiatives and growing crude oil demand are adding traction to robotic drilling equipment market size in Asia-Pacific.

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Global Robotic Drilling Equipment Market Application Spectrum (Revenue, USD Million, 2017-2027)

Global Robotic Drilling Equipment Market by Installation (Revenue, USD Million, 2017-2027)

Global Robotic Drilling Equipment Market End-User Analysis (Revenue, USD Million, 2017-2027)

Global Robotic Drilling Equipment Market by Regional Scope (Revenue, USD Million, 2017-2027)

North America

Asia-Pacific

Latin America

Europe

Rest of the World

Global Robotic Drilling Equipment Market Competitive Scenario (Revenue, USD Million, 2017-2027)

Table of Content:

Chapter 1. Executive Summary

1.1.      Market Snapshot

1.2.      Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Million)

1.2.1.   Robotic Drilling Equipment Market, by Region, 2018-2027 (USD Million)

1.2.2.   Robotic Drilling Equipment Market, by Application, 2018-2027 (USD Million)

1.2.3.   Robotic Drilling Equipment Market, by Installation, 2018-2027 (USD Million)

1.2.4.   Robotic Drilling Equipment Market, by End-User, 2018-2027 (USD Million)

1.3.      Key Trends

1.4.      Estimation Methodology

1.5.      Research Assumption

Chapter 2. Global Robotic Drilling Equipment Market Definition and Scope

2.1.      Objective of the Study

2.2.      Market Definition & Scope

2.2.1.   Scope of the Study

2.2.2.   Industry Evolution

2.3.      Years Considered for the Study

2.4.      Currency Conversion Rates

Chapter 3. Global Robotic Drilling Equipment Market Dynamics        

3.1.      Robotic Drilling Equipment Market Impact Analysis (2018-2027)

3.1.1.   Market Drivers

3.1.2.   Market Challenges

3.1.3.   Market Opportunities

Chapter 4. Global Robotic Drilling Equipment Market: Industry Analysis

4.1.      Porter's 5 Force Model

4.2.      PEST Analysis

4.2.1.   Political

4.2.2.   Economic

4.2.3.   Social

4.2.4.   Technological

4.3.      Investment Adoption Model

4.4.      Analyst Recommendation & Conclusion

Chapter 5. Global Robotic Drilling Equipment Market, by Application

5.1.      Market Snapshot

5.2.      Global Robotic Drilling Equipment Market by Application, Performance - Potential Analysis

5.3.      Global Robotic Drilling Equipment Market Estimates & Forecasts by Application 2017-2027 (USD Million)

5.4.      Robotic Drilling Equipment Market, Sub Segment Analysis

5.4.1.   Land

5.4.2.   Water

Chapter 6. Global Robotic Drilling Equipment Market, by Installation         

6.1.      Market Snapshot

6.2.      Global Robotic Drilling Equipment Market by Installation, Performance - Potential Analysis

6.3.      Global Robotic Drilling Equipment Market Estimates & Forecasts by Installation 2017-2027 (USD Million)

6.4.      Robotic Drilling Equipment Market, Sub Segment Analysis

6.4.1.   New Installation

6.4.2.   Modernize

Chapter 7. Global Robotic Drilling Equipment Market, by End-User

7.1.      Market Snapshot

7.2.      Global Robotic Drilling Equipment Market by End-User, Performance - Potential Analysis

7.3.      Global Robotic Drilling Equipment Market Estimates & Forecasts by End-User 2017-2027 (USD Million)

7.4.      Robotic Drilling Equipment Market, Sub Segment Analysis

7.4.1.   Oil

7.4.2.   Gas

Chapter 8. Global Robotic Drilling Equipment Market, Regional Analysis

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Global Managed Pressure Drilling Services Market to reach USD 4.53 Billion by 2027, as per new research report. Global Managed Pressure Drilling Services Market is valued approximately at USD 2.19 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.20% over the forecast period 2020-2027. Managed pressure drilling is referred as a drilling process which is used to efficiently control the annual pressure profile all over the wellbore. It provides closed-loop circulation system which manages and balanced pore pressure, formation fracture pressure and a bottom hole pressure in the wellbore. Due to such features of managed pressure drilling services, the market is expected to grow over the forecast years with rapid growth in oil & gas industries.

For instance: According to International Energy Agency, the global crude oil production accounted for 80,622,000 barrel per day (b/d) in the year 2019. United states was also the leading producer of crude oil among both developed and developing nations. According to International Energy Agency, the crude oil production accounted for about 10.99 million barrel per day (b/d) in the year 2018 which rose to around 12.33 million barrel per day (b/d) in the year 2019 registering a growth of about 11%. Managed pressure drilling is gaining application in oil & gas extraction plants to improve wellbore stability, improve rate of penetration while drilling and reducing influx & looses. In addition, need for optimized drilling operation is expected to propel the growth of market. However, high cost of managed pressure drilling services is the factor hampering the market growth.

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