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Global Oil and Gas Drilling Automation Market 2020-2024 | Evolving Opportunities with ABB Ltd. and Akastor ASA | Technavio

January 7, 2020 GMT
Global Oil and Gas Drilling Automation Market 2020-2024 | Evolving Opportunities with ABB Ltd. and Akastor ASA | Technavio
Global Oil and Gas Drilling Automation Market 2020-2024 | Evolving Opportunities with ABB Ltd. and Akastor ASA | Technavio

LONDON--(BUSINESS WIRE)--Jan 7, 2020--

Technavio has been monitoring the global oil and gas drilling automation market since 2018, and the market is poised to grow by USD 66.82 million during 2020-2024, progressing at a CAGR of almost 1% during the forecast period. Request free sample pages

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Technavio has announced its latest market research report titled global oil and gas drilling automation market 2020-2024. (Graphic: Business Wire)

Read the 145-page report with TOC on “Oil and Gas Drilling Automation Market Analysis Report by Application (onshore and offshore), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024”.

Growth in shale oil production and adoption of IoT technology is anticipated to boost the growth of the oil and gas drilling automation market.

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 a surge 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, and scheduling the development and deployment of well pads. 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 vendors 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.

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Major Five Oil and Gas Drilling Automation Companies:

ABB Ltd.

ABB Ltd. operates the business across various segments such as Electrification Products, Industrial Automation, and Robotics and Motion. The company offers a wide range of drilling automation solutions. Some of the key offerings of the company include packaged E-House solutions for drilling rigs and SCADAvantage for oil and gas operations.

Akastor ASA

Akastor ASA operates the business across various segments such as MHWirth, AKOFS Offshore, and Other Holdings. The company offers a wide range of drilling automation solutions for both onshore and offshore applications. Some of the key offerings of the company include Driller’s assist, CADS 2.o, and eTally.

Ensign Energy Services Inc.

Ensign Energy Services Inc. operates the business across various segments such as Canada, the United States, and International. The company offers a wide range of drilling automation solutions for both onshore and offshore applications. Some of the offerings of the company include ADR 850, ADR 1000, and ADR 2000.

Honeywell International Inc.

Honeywell International Inc. operates the business across various segments such as Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company offers a wide range of drilling automation solutions for onshore and offshore oil and gas applications. Some of its key offerings include the Experion Process Knowledge System and Limitless Wireless Solutions.

Kongsberg Gruppen ASA

Kongsberg Gruppen ASA operates the business across various segments such as Kongsberg Maritime, Kongsberg Defence & Aerospace, and Other. The company offers a wide range of automated solutions for oil and gas drilling applications. Some of the offerings include SiteCom Well Advisor and Rig Manager.

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Oil and Gas Drilling Automation Application Outlook (Revenue, USD Million, 2020 - 2024)

Oil and Gas Drilling Automation Regional Outlook (Revenue, USD Million, 2020 - 2024)

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. Request a free sample report

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus 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 17,000 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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INDUSTRY KEYWORD: TECHNOLOGY ENERGY INTERNET OIL/GAS

SOURCE: Technavio Research

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PUB: 01/07/2020 02:00 AM/DISC: 01/07/2020 02:01 AM

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