Oil And Gas Drilling Automation Market to grow by USD 206.70 Mn | ABB Ltd. and Akastor ASA Among Key Vendors | Technavio

NEW YORK, Jan. 13, 2022 /PRNewswire/ -- The oil and gas drilling automation market is expected to grow by USD 206.70 mn from 2020 to 2025. The growth momentum of the market will accelerate at a CAGR of 1.64% during this period, according to Technavio.

Attractive Opportunities in Oil and Gas Drilling Automation Market by Application and Geography - Forecast and Analysis 2021-2025

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The oil and gas drilling automation market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market. The report offers an updated analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The oil and gas drilling automation market analysis includes application and geography landscape. This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

The oil and gas drilling automation market covers the following areas:

Oil And Gas Drilling Automation Market Sizing
Oil And Gas Drilling Automation Market Forecast
Oil And Gas Drilling Automation Market Analysis

Drivers and Trends

Rapid growth in the production of shale oil and gas over the past few years has driven the growth of the oil and gas drilling automation market. The extraction of shale oil and gas includes multiple complexities. Hence, vendors have started offering advanced automated drilling equipment with improved designs. Some vendors, such as RigMinder and Schlumberger, offer automated drilling solutions exclusively for shale oil and gas extraction. In addition, the adoption of drilling automation solutions is increasing in offshore oil and gas projects. This is because automated drilling solutions make operations efficient in harsh mid-water and deep-water oil and gas drilling environments.

The adoption of IoT is one of the major trends in the oil and gas drilling automation market. End-users are adopting IoT technology to improve in-depth monitoring and data capturing during oil and gas drilling operations. IoT helps oil rig operators and refineries to monitor key performance parameters such as pipe pressure and flow rate. Advances in connected technologies such as low-power wide-area network (LPWAN) enable connectivity between monitoring sensors in remote offshore applications. These factors will increase the adoption of IoT in drilling activities, which will require automated technology for seamless operations.

Regional Analysis

By geography, the oil and gas drilling automation market has been segmented into five regions, namely APAC, Europe, MEA, North America, and South America. Among these regions, North America is expected to account for 31% of the market's growth during the forecast period. The US and Canada are the key countries for the oil and gas drilling automation market in North America. However, market growth in North America will be slower than the growth of the market in APAC, Europe, MEA, and South America. Recovery in crude oil prices and the significant rise in shale oil production in the US will drive the oil and gas drilling automation market growth in North America during the forecast period.

Some Companies Mentioned

  • ABB Ltd.
  • Akastor ASA
  • Ensign Energy Services Inc.
  • Honeywell International Inc.
  • Kongsberg Gruppen ASA
  • Nabors Industries Ltd.
  • National Oilwell Varco Inc.
  • Rockwell Automation Inc.
  • Schlumberger Ltd.
  • Siemens AG

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Oil And Gas Drilling Automation Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 2%

Market growth 2021-2025

USD 206.70 million

Market structure

Fragmented

YoY growth (%)

0.96

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 31%

Key consumer countries

US, Canada, China, Saudi Arabia, and Australia

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., Akastor ASA, Ensign Energy Services Inc., Honeywell International Inc., Kongsberg Gruppen ASA, Nabors Industries Ltd., National Oilwell Varco Inc., Rockwell Automation Inc., Schlumberger Ltd., and Siemens AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Email: media@technavio.com
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)

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