Oil drilling automation market will be worth $689.301 million in 2027

Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Oil Drilling Automation Market – which is estimated from 2020 to 2027”.

The expansion of the Oil Drilling Automation Market is being driven by an increase in exploration activities because of rising demand and the development of new oil fields.

As per the report, the market about Oil Drilling Automation Market is expected to grow at a steady pace.

Oil drilling automation is becoming more popular since it aids in the optimization of surface activities. A unified system with a thorough understanding of the subsurface and its interactions with surface drilling technologies is necessary for this. The market for oil drilling automation is being largely driven by a considerable rise in exploratory activities because of rising demand, which is projected to be one of the primary drivers that will supplement the demand for automation solutions in oil fields. Furthermore, the upgrading of existing infrastructure in the oil fields, combined with the increasing penetration of automation processes across numerous industry verticals, is driving the oil drilling automation market development throughout the forecast period.

Based on application, the market for oil drilling automation is segmented into offshore and onshore applications. Because onshore oil production dominates offshore drilling and accounts for a higher percentage of global oil output, the onshore category is expected to hold a significant market share.

Based on the offering, the market for oil drilling automation is segmented into hardware and software. The hardware category is likely to maintain a notable market share during the projection period, owing to the significantly high prices, and investments in automation technologies will further boost this segment’s growth. Furthermore, the software segment is expected to develop significantly throughout the projection period as demand for automation solutions grows due to their safety and cost-effectiveness.

Based on geography segmentation, the market for oil drilling automation is segmented into the Americas, the Middle East, Europe, Asia Pacific, and Africa. The North American area is likely to have a significant proportion of the market due to the region’s reputation for being an early adopter of technology, as well as the availability of world-class infrastructure in the oil and gas industry. Furthermore, the Asia-Pacific area is predicted to expand rapidly.

As a part of the report, the major players operating in the Oil Drilling Automation market that have been covered are Honeywell International Inc., Huisman Equipment B.V., NOV Inc., Emerson Electric Co., Automated Rig Technologies Ltd., Sekal AS, Nabors Industries Ltd., Rigarm Inc. and, ABB.

 View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/oil-drilling-automation-market

This analytics report segments the Oil Drilling Automation market on the following basis

  • By Application
    • Offshore
    • Onshore
  • By Offering
    • Hardware
    • Software
  • By Geography
    • Americas
      • The USA
      • Canada
      • Others
    • Europe Middle East and Africa
      • Russia
      • Saudi Arabia
      • Norway
      • Others
    • The Asia Pacific
      • China
      • Others