Increasing demand for fossil fuels and discovery of new oil & gas reserves is driving the growth in Global Oil & Gas Drilling Automation Market in the forecast period, 2022-2026.
According to TechSci Research report, “Oil & Gas Drilling Automation Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Product (Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Manufacturing Execution Systems (MES), By Deployment (Onshore, Offshore), and By Region”, The Global Oil & Gas Drilling Automation Market is anticipated to grow at a rate of significant CAGR for the forecast period, 2022-2026. Drilling is one of the most crucial processes used in the oil & natural gas extraction process. An increase in fuel consumption across the world due to the growing energy requirements of the rising population is boosting the adoption of advanced methods for oil and gas extraction. The adoption of automation technology by the oil & gas industry aids in achieving higher operational efficiency and lower chances of error. The growing use of Oil & Gas Drilling Automation technology is also expected to influence the performance of directional drilling, well drilling, and other drilling operations.
However, the high cost of automating the oil & gas industry and the rising crude oil prices may restrain the growth of the Global Oil & Gas Drilling Automation Market for the forecast period.
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The Global Oil & Gas Drilling Automation Market is segmented on the basis of product, deployment, regional distribution, and company.
On the basis of product, the Global Oil & Gas Drilling Automation Market is divided into supervisory control and data acquisition (SCADA), distributed control system (DCS), programmable logic controller (PLC), and manufacturing execution systems (MES). The supervisory control and data acquisition (SCADA) segment is expected to hold a significant market share for the forecast period, 2022-2026. The use of SCADA in upstream, downstream, and midstream oil and gas sectors helps provide accurate, real-time data that helps the engineers prepare in advance for the oil and gas drilling operations.
On the basis of deployment, the Global Oil & Gas Drilling Automation Market is divided into onshore and offshore. The offshore segment is expected to witness the fastest incremental growth for the next five years. The use of drilling automation technology helps predict the real-time models, improving the safety and efficiency during the drilling process. In the offshore segment, a high level of technology and expert skills are required to drill below the surface, which may create lucrative opportunities for the growth of the Global Oil & Gas Drilling Automation Market. Implementation of strict safety standards to ensure the safety of workers during the drilling process and the use of automation technology offers higher safety and security helps in quick adoption in the offshore segment. The rise in the demand for oil and gas sources and the rise in the number of rigs in the offshore segment is expected to boost the market demand.
On the basis of regional analysis, the North America region is expected to dominate the Global Oil & Gas Drilling Automation Market for the forecast period. The presence of many oil & gas reserves and the well-developed technological infrastructure are the major driving factors influencing the market demand. The United States is one of the major shale oil and gas producers and has a high demand for automated oil and gas drilling processes. Furthermore, the rise in the initiatives to explore the offshore industry and the supportive government policies promoting the oil and gas production, exploration, and extraction process is expected to accelerate the Global Oil & Gas Drilling Automation Market demand.
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“The growing energy requirements and the depleting oil and gas reserves are fueling the demand for the adoption of advanced technologies for oil and gas exploration and extraction across the globe. The rise in the well complexity, environmental concerns, need for data management, and lack of skilled resources is expected to foster the demand for the adoption of automation technology in the oil and gas drilling process. High-end investments by the oil & gas market players to maximize the profitability and minimize the losses, along with the requirement to adhere to the strict guidelines, is expected to propel the Global Oil & Gas Drilling Automation Market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Oil & Gas Drilling Automation Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Product (Supervisory Control and Data Acquisition (SCADA), Distributed Control System (DCS), Programmable Logic Controller (PLC), Manufacturing Execution Systems (MES), By Deployment (Onshore, Offshore), and By Region”, has evaluated the future growth potential of global Oil & Gas Drilling Automation and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Oil & Gas Drilling Automation Market.
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