Surface Drilling Rig Market Worldwide Industry Analysis Hits a CAGR of 4.8% by 2032

The surface drilling rig market size was valued at $2.2 billion in 2022, and is estimated to reach $3.6 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032. Based on volume, the market was 2,872 units in 2022, and is projected to reach 4,870 units by 2032, registering a CAGR of 4.3% from 2023 to 2032. A surface drilling rig is used for drilling blastholes in mining and tunneling industry. In addition, it creates holes for geological inspection by scientists & researchers, or civil engineers. The surface drilling rig market is segmented on the basis of type, application, commodity, sales type and region.

A surface drilling rig is used for drilling blastholes in mining and tunneling industry. In addition, it creates holes for geological inspection by scientists & researchers, or civil engineers. The surface drilling rig market is segmented on the basis of type, application, commodity, sales type and region.

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There are mainly two types of surface drilling rigs analyzed in the report, including rotary drills, and boom drills. Out of these, the rotary drill segment dominated the surface drilling rig market, in terms of revenue in 2022, and the boom drills segment is expected to dominate the surface drilling rig market forecast by growing with a higher CAGR during the forecast period. Furthermore, the market is also classified on the basis of applications, which includes mining, quarrying, construction, and others segments.

The quarrying segment accounted for a higher surface drilling rig market share in 2022, and the construction segment is anticipated to grow with a higher CAGR during the forecast period. Gravel, aggregate, sand, and other similar minerals that are acquired via quarrying activity are witnessing increased demand due to the rapid growth of the construction sector mainly driven by urbanization and population growth. Furthermore, on the basis of commodity, the surface drilling rig market is divided into gold, copper, coal, iron ore, bauxite, limestone, granite, and others. The others segment accounted for a higher market share in 2022; however, the infrastructure segment is expected to witness a higher CAGR throughout the forecast period.

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The surface drilling rig market is a highly competitive market, and major players innovate and launch advanced products to cater to a wider range of customers. For instance, in May 2020, Sandvik AB, a Sweden based manufacturer of advanced surface drill rigs upgraded its existing offering 'Dino DC400Ri'.

A few key upgrades include a new electrical system, improved mechanics, and improved remote handling capabilities. Similarly, other players such as Epiroc, Caterpillar Inc, Komatsu, and others innovate and offer advanced products. Moreover, major companies are involved in offering new products such as a complete drilling rig with all the necessary components and parts, and also offer aftermarket services such as repair & maintenance, and other services. Thus the market is also analyzed across these two segments; new sales, and aftermarket. Out of these the aftermarket segment accounted for a higher market share in 2022; and the same segment is expected to witness a higher CAGR throughout the forecast period.

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Top Players:
HARDAB AB, Revathi Equipment Limited, Gill Rock Drill Co., Inc., Sandvik AB, Komatsu Ltd., Arctic Drilling Company Oy Ltd., Boart Longyear Group Ltd., HAWE Hydraulik SE, Caterpillar Inc., Sunward Intelligent Equipment Co., Ltd., BARKOM GROUP, Epiroc AB

Surface Drilling Rigs can be further classified based on their specific applications, such as exploration drilling, production drilling, water well drilling, or geotechnical drilling. The choice of rig will depend on factors like the depth of the borehole, the type of rock or formation being drilled, and the drilling method (e.g., rotary, percussion, or combination drilling).

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