Market Size of Drilling Automation Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Drilling Automation Market Analysis
The drilling automation market is expected to register a CAGR of more than 3% over the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to the crude oil price crash. Currently, the market has reached pre-pandemic levels.
- Factors such as an increase in the complexity of the wellbore due to increased depth and the use of multiple horizontal wells, an increase in the number of rigs, and rising production of natural gas are expected to drive the market.
- However, the volatility of crude oil and natural gas is expected to restrain the market's growth.
- Gas hydrate production may become an opportunity for market players as its economically viable production may pose new problems that may require better drilling automation techniques.
- Due to the high output of shale oil and gas, North America is expected to be the largest market during the forecast period, with the majority of demand coming from the United States and Canada.
Drilling Automation Industry Segmentation
Drilling automation is the automation of drilling systems in response to the wellbore's real-time reliance on digital technology. It includes surface drilling equipment, remote monitoring, models and simulations used during drilling, as well as downhole tools and systems. The drilling automation market is segmented by location of deployment and geography (North America, Asia-Pacific, Europe, South America, Middle East, and Africa). By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the drilling automation market across the major regions. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Drilling Automation Market Size Summary
The drilling automation market is poised for steady growth, driven by factors such as the increasing complexity of wellbores, a rise in the number of rigs, and the growing production of natural gas. The market has rebounded to pre-pandemic levels after the initial setbacks caused by the COVID-19 outbreak and the subsequent crude oil price crash. Despite the challenges posed by the volatility of crude oil and natural gas prices, opportunities are emerging in gas hydrate production, which may necessitate advanced drilling automation techniques. North America, particularly the United States and Canada, is expected to lead the market due to the high output of shale oil and gas, with significant demand stemming from the region's extensive oil and gas production basins.
Drilling automation focuses on enhancing the safety and efficiency of oil and gas well drilling by integrating surface and downhole measurements with predictive models. This technology is anticipated to transform the oil and gas drilling industry, especially in offshore segments where safety concerns are paramount. Investments in offshore production and advancements in technology are expected to drive market growth. The North American region's dominance is reinforced by its vast upstream sector and increasing exploration activities. Key industry players, including Schlumberger Limited, Halliburton Company, and Baker Hughes Company, are actively contributing to the market's development through strategic partnerships and investments in technological advancements.
Drilling Automation Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Geography
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2.2.1 North America
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2.2.2 Asia-Pacific
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2.2.3 Europe
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2.2.4 South America
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2.2.5 Middle-East and Africa
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Drilling Automation Market Size FAQs
What is the current Drilling Automation Market size?
The Drilling Automation Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Drilling Automation Market?
Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International PLC and National-Oilwell Varco, Inc. are the major companies operating in the Drilling Automation Market.
