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Global Oil And Gas Drilling Automation Market

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By Author: geeta
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Global Oil and Gas Drilling Automation Market was valued $1.2 Bn in 2020 and is expected to reach $1.3 Bn by 2026, at a CAGR of 1.0%.

Global Oil and Gas Drilling Automation Market Introduction

Drilling automation initially gained acceptance in the Oil & Gas industry as a solution to increase rig site safety. While safety-related drilling automation has been implemented, many companies are beginning to recognize that drilling automation offers possibilities of performance enhancement also. Technology is enabling the companies to drill challenging and unconventional wells which were previously assumed to be undrillable. The industry is slowly adapting automated drilling systems as a powerful means to increase productivity, quality and most importantly personnel safety.

Global Oil and Gas Drilling Automation Market Dynamics

Automated systems achieve better safety by moving people away from the rig site and is a key factor driving the market for Oil and Gas Drilling Automation. Oil & Gas industry is an industry where periodic downturn cycles are common. Increasing Rate ...
... of Penetration (ROP), reducing non-productive time (NPT) and eliminating invisible lost time (ILT) because of automation are boosting the market growth.

Increased well complexity, access to limited expert resources, knowledge transfer as a result of the exodus of skilled employees, data overload, environmental concerns also contribute in propelling the market. The shorter the time, the more profitable the drilling project will be. Hence, companies are very interested in increasing the efficiency of their operations by improving the reliability and availability of the hardware used.

The oil and gas industry has been witnessing an increase in the production of shale oil and gas over recent years. Countries such as the US have been observing an increase in shale oil production. The drilling and extraction of shale oil and gas involve various challenges such as adherence to stringent compliance requirements, preparing wells, equipment installation and operations.

Automated drilling solutions reduce the time spent on developing, installing, integrating, and initiating the drilling and extraction process. The growth in the production of shale oil is encouraging manufacturers to offer innovative automated drilling solutions specifically for shale oil and gas extraction projects. Thus, the rapid growth in shale oil production is expected to influence market growth positively during the forecast period.
The fact that drilling activity takes place in extreme working conditions, above ground in unhospitable areas and down hole with high temperature, high pressure (HTHP) formations, assumption that a human can better process the data and make better decisions and difficulty in finding control equipment and sensors to handle this environment are major factors restraining the Oil and Gas Drilling Automation Market.
Global Oil and Gas Drilling Automation Market Segment Analysis

By Type, Automated drilling segment is expected to exhibit a significant revenue of $xx Bn in the forecast period.
Drilling for oil and gas is still a process requiring extensive manual work on onshore and offshore drilling platforms. Fully automatic drilling system for largely unmanned drilling operations are being developed by major key players of the market. This will help the industry to save costs while greatly improving reliability and availability of the drilling equipment. This innovative technology is the first step towards more efficient, less risky and more profitable drill floor operations based on digital industrial communication, control and automation. It will also provide a wealth of process data to better understand and optimize the drilling process.

Automated drilling takes a step further, using algorithms to map out wells, make complex calculations and decisions on the fly, and drill for long periods without making costly errors. Many operators predict this technology has the capacity to reduce drilling costs by 30% to 50%, saving owners significant overheads. And by monitoring drilling activity, these devices can cancel out production errors and the lapses of concentration that inevitably come with fatigue induced by long hours on the drilling floor.

Danish drilling leviathan Maersk is also upgrading its offshore platforms and using algorithms to make them more efficient and eco-friendly. The jack-up rig Maersk Intrepid, for instance, will incorporate a NOVOS ADC system that is linked to third-party algorithms to help the drill floor team work more consistently. Adoption of automated drilling by top players is expanding the segment growth, thereby fuelling the market.

By application segment, the market is segmented into on shore and offshore. From oil wells to pipelines, onshore upstream and downstream vendors are seeking to improve their infrastructure to be more efficient. Onshore automation systems must not only address control and report requirements but also mitigate risks and assist producers with process challenges. SCADA (supervisory control and data acquisition) systems are at the heart of most automation efforts both onshore and off. Artificial lift automation is also common onshore. When integrated into one or a series of wells, artificial lift pumping systems can reduce energy consumption, decrease rates of mechanical failure, and improve well production. On shore and off shore applications are also contributing to the oil and gas drilling automation market.

Global Oil and Gas Drilling Automation Market

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Global Oil and Gas Drilling Automation Market Regional Insights

Global Oil and Gas Drilling Automation Market1

The US accounted for over 29.4% of the Global Oil and Gas Drilling Automation Market in 2020

In the US, oil and gas drilling automation market was valued $366.7 Mn in 2020 and is likely to dominate the market in the forecast period. In South American market, Venezuela has the largest proven oil reserves in the world. Columbia has onshore and offshore oil deposits. Ecuador also has a huge market for oil exports. The huge potential for growth in oil & gas production and distribution will boost the automation market in this region. China, the world’s second largest economy is expected to reach a revenue value of $229.4 Mn by 2026 at a CAGR of xx%. The markets in Japan and Canada are expected to showcase a CAGR of xx% and xx% in the forecast period. European market is expected to generate a revenue market value of $229.4 Mn by 2026.

Asia-Pacific is one of the fastest-growing markets in the world, with investments flooding from all around the world. This has put enormous pressure on the oil & gas sector to produce more. The production and import of oil have increased manifold in this region. It has one of the biggest refineries in the world like Reliance Jamnagar Refinery in India and Ulsan Refinery in South Korea. Wireless sensors play an important part in the safety of the equipment and also the people handling it. As a result, the demand for oil and gas automation in this region is expected to grow in the coming years.

For More Information Visit :https://www.maximizemarketresearch.com/market-report/global-oil-and-gas-drilling-automation-market/87597/

Scope of the Global Oil and Gas Drilling Automation Market: Inquire before buying

Global Oil and Gas Drilling Automation Market 2
Global Oil and Gas Drilling Automation Market Key Players

• ABB Group
• National Oilwell Varco, Inc.
• Kongsberg Gruppen
• Pason Systems Corp.
• Nabors Industries Ltd.
• Rockwell Automation, Inc.

 This Report Is Submitted By : Maximize Market Research Company

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