Wireline Services Market 2021 Global Trend, Segmentation, Growth Insights, and Opportunities Upcoming Trend by Forecast to 2025
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Artificial Lift Market Study 2021: Upcoming Opportunities, Challenges, Regional Trends & Regional Analysis With Industry Forecast To 2023
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The robotic drilling market is expected to record a CAGR of over 6% during the forecast period of 2020 – 2025.
Factors, such as increased exploration activity and focus on development of new oil and gas fields in a risk free, cost efficient, and time efficient manner, are expected to help drive the market for robotic drilling systems. However, the volatile nature of oil prices in recent years, concerns over cyber security, and high initial cost have hampered the growth of robotic drilling market.
The onshore is expected to have the maximum share in the market. Onshore drilling encompasses all the drilling sites located on dry land and accounts for 70% of worldwide oil production.
COVID, oil glut behind many small trucking companies’ bankruptcies in 2020
As the demand for essential goods soared amid the COVID-19 pandemic, larger trucking companies were able to pivot faster than smaller fleets that didn’t have the necessary equipment, finances or drivers. 3,485 10 minutes read The COVID-19 pandemic, an oil glut and legal issues forced small-business carriers to cease operations or file for bankruptcy protection in 2020. Photo: Jim Allen/FreightWaves
In 2020, the U.S. trucking industry was turned on its head by a pandemic and an oil glut that forced many small fleets and owner-operators to file for bankruptcy protection.
According to the American Trucking Associations, 97% of U.S. trucking companies operate fewer than 20 trucks, and 91% have six or fewer.