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Surface Drilling Rig Market Trends Analysis, Market Opportunities, Key Players, Share And Forecast To 2033
Surface Drilling Rig Market Trends Analysis, Market
The surface drilling rig market size is expected to see strong growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to energy transition policies, environmental regulations, market expansion in developing regions, operational efficiency improvements, demand for mineral resources. Major trends in the forecast period include sustainable practices and environmental responsibility, integration of digitalization and automation, increased utilization of alternative energy sources, enhanced safety features and protocols, expansion into emerging markets and geographies.
Market Overview -
Surface drilling rig refers to a piece of heavy equipment used in mining, construction, quarrying, and exploration activities to drill holes in the earth's surface. These rigs are outfitted with advanced technology to operate in tough environments, assuring precision, efficiency, and operator comfort during drilling operations.
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Rising Demand For Oil And Gas Fuels Growth In The Surface Drilling Rig Market
The increasing demand for oil and gas is expected to propel the growth of the surface drilling rig market going forward. Oil and gas refer to naturally occurring hydrocarbon compounds found beneath the Earth's surface, which are main sources of energy for various industrial, commercial, and residential applications worldwide. The oil and gas sector is experiencing growth due to increasing demand for transportation, electricity generation, heating, and industrial processes. Surface drilling rigs are used to drill wells to access underground hydrocarbon reserves and are also used for exploration, production, and maintenance operations within the oil and gas sector. For instance, in June 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, oil demand is projected to reach 105.7 million barrels per day (mb/d) by 2028 across the globe, showing a cumulative increase of 6% from 2022. Therefore, the increasing demand for oil and gas is driving the growth of the surface drilling rig market.
Competitive Landscape -
Major companies operating in the surface drilling rig market are China National Petroleum Corporation, Caterpillar Inc., Schlumberger Limited, Komatsu Ltd., Atlas Copco AB, Sandvik AB, Epiroc AB, Weatherford International plc, Nabors Industries Ltd., Furukawa Co. Ltd., Boart Longyear Group Ltd., Vermeer Corporation, Sunward Intelligent Equipment Co. Ltd., HAWE Hydraulik SE, Herrenknecht AG, Drillmec Inc., Barkom Group Inc., Revathi Equipment Limited, Mobile Drill Operating Company LLC, Sinocoredrill Group Co. Ltd., Arctic Drilling Company Ltd., Terramac LLC, Gill Rock Drill Co. Inc., Bohrmeister, Soilmec S.P.A.
Battery-Electric Surface Drilling Rigs Transforming The Surface Drilling Rigs Market
Major companies operating in the surface drilling rig market are developing new products, such as battery-electric surface drilling rigs, to gain a competitive edge in the market. A battery-electric surface drilling rig is a type of drilling equipment used in surface mining and quarrying operations that operates primarily on electrical power sourced from batteries. For instance, in October 2022, Epiroc AB, a Sweden-based infrastructure and mining equipment manufacturer company, launched the SmartROC T35 E battery-electric surface drill rig, offering enhanced flexibility and environmental benefits for surface mines and quarries worldwide. The rig features dual-power capability, allowing operators to choose between battery and electric cable options, optimizing drilling for different locations while enabling quick transportation between sites. Furthermore, the SmartROC T35 E, which is outfitted with the same dependable batteries and sub-components as Epiroc's subterranean battery solutions, simplifies spare parts handling and repair, which is especially useful for customers with various operations.
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Key Segments -
The surface drilling rig market covered in this report is segmented -
1) By Type: Rotary Drills, Boom Drills
2) By Commodity: Limestone, Granite, Infrastructure, Gold, Copper, Coal, Iron Ore, Bauxite, Other Commodities
3) By Application: Mining, Quarrying, Construction, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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