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 |
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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.
