The global robots market in oil and gas drilling operationsis expected to grow at a CAGR of around 5% during the forecast period, according to Technavio's latest report.
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Technavio has published a new report on the global robots market in oil and gas drilling operations from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global robots market in oil and gas drilling operations for 2017-2021. The market is segmented on application, which includes offshore and onshore and by solution which includes hardware, software, and services.
The oil and gas industry faces challenges, which are technical and mechanical in nature. These challenges have prevented operators from working safely and seamlessly. Environmental challenges also hinder the productivity of the oil and gas industry, as a major part of operations is carried out manually. However, after the dip in the oil and gas industry in 2014, there has been a shift in the industry from manual operations to automation. Due to the level of risks involved in drilling operations, oil and gas industry players engaged in the drilling and extraction of oil and natural gas are adopting automated machines.
Technavio's industrial automation research analysts categorize the global robots market in oil and gas drilling operations into the following segments by regions:
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EMEA: largest robots market in oil and gas drilling operations
"The EMEA region will witness growth in the production and supply of liquid natural gas, which will meet the growing demand for fuel. The oil and natural gas industry in EMEA is expected to grow, with developments in major export countries, such as Russia, Saudi Arabia, Iraq, the UAE, Kuwait, and Iran. Major companies that contribute largely to the crude oil export share in EMEA are Gazprom, Rosneft, and LUKOIL," says Sushmit Chakraborty, a lead analyst at Technavio for research on robotics.
Europe, the Middle East, and Africa have hydrocarbon reserves in abundance. Hence, offshore and onshore exploration of oil and gas are major operations carried out in these regions. However, EMEA witnessed a downfall in oil and gas prices during the year 2014. There has been a downward shift in demand and the production of natural gas and crude oil, which has resulted in the plummet of oil and gas prices.
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Robots market in oil and gas drilling operations in the Americas
"The most important consideration during the production of natural gas and oil is the implementation of methods, which can prevent the degradation of the environment. This has resulted in the adoption of automated machines. There has been a steady adoption of robotic drilling machines in the Americas, which provides efficiency during the exploration and extraction of oil and natural gas," adds Sushmit.
The oil and gas industry involves substantial risks and is highly capital intensive. Companies involved in onshore and offshore exploration activities are in need for technologies that can enhance production at minimum operational costs. The Americas will not witness new mergers and acquisitions due to financial constraints.
Robots market in oil and gas drilling operations in APAC
The oil and gas industry is witnessing volatile and low prices. The market is uncertain because of which there is a slowdown in new projects and investments in oil and gas exploration. APAC is focusing on serving the current demand for oil and gas for energy generation.
Southeast Asian countries are rich in oil and gas reserves. Countries, such as Vietnam and Indonesia, are known for their natural gas reserves. China, being the largest revenue contributor to the oil and gas industry, displays a high potential for exploration.
The top vendors in the global robots market in oil and gas drilling operations highlighted in the report are:
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