LONDON–(BUSINESS WIRE)–Aug 9, 2018–The global robotic drilling market in the oil and gas industry is expected to post a CAGR of close to 7% during the period 2018-2022, according to the latest market research report by .
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Technavio has published a new market research report on the global robotic drilling market in the oil and gas industry from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing consumption of oil and natural gas. The increase in the consumption of oil and gas will increase the demand for the same and encourage investments in the upstream sectors. The countries such as Canada, the US, China, the UAE, and Russia will account for a significant share of the market growth during the forecast period.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the rising investments in renewable energy as one of the key emerging trends in the global robotic drilling market in the oil and gas industry:
Global robotic drilling market in the oil and gas industry: Rising investments in renewable energy
The reduction in fossil fuel reserves and the increasing focus on climate change and environmental protection has led to an increase in the global investments in the renewable energy sector. Global warming, polar ice cap melting, and other such calamities have led to many countries focusing on renewable energy for power generation.
“The countries such as China, the US, India, Japan, the UK, and Germany drive the growth of the global renewable energy market. According to the US EIA, in 2017, China accounted for the highest number of new solar capacity additions. According to the Global Wind Energy Council, in 2016, China increased its wind energy capacity by adding 23,328 MW, which is the highest in the world. Thus, growth in the renewable energy sector in developing countries such as China shows the potential of the market,” says a senior analyst at Technavio for research on engineering tools.
Global robotic drilling market in the oil and gas industry: Segmentation analysis
This market research report segments the global robotic drilling market in oil and gas industry by product (hardware and software), by application (onshore and offshore), and geography (APAC, EMEA, and the Americas).
The major share of the revenue is from the sales of hardware components, where the use of various types of raw materials makes the cost of production high.
The Americas led the market in 2017 with more than 55% of the market share, followed by EMEA and APAC respectively. The market share occupied by the Americas is expected to increase by almost 1% during the period 2018-2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market ecosystemMarket characteristicsMarket segmentation analysis
Market sizingMarket size and forecast
Five Forces Analysis
Regional comparisonKey leading countries
Vendors coveredVendor classificationMarket positioning of vendorsCompetitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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CONTACT: Technavio Research
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INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING ENGINEERING NATURAL RESOURCES MINING/MINERALS
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 08/09/2018 03:16 PM/DISC: 08/09/2018 03:16 PM
Copyright Business Wire 2018.