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Surface Drilling Rig Market Size, Current Trends And Forecast To 2033
Surface Drilling Rig Market
Surface Drilling Rig Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $3.17 Bn In 2028 At A CAGR Of 6.3% :
The surface drilling rig market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to economic conditions, regulatory environment, geopolitical factors, market demand, industry consolidation.
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.
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Surface Drilling Rig Market Major 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 Driver - 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.
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Prominent Trend - 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.
Surface Drilling Rig Market Players
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.
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the surface drilling rig market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surface drilling rig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Surface Drilling Rig Market Report Structure
3. Surface Drilling Rig Market Trends And Strategies
4. Surface Drilling Rig Market - Macro Economic Scenario
5. Surface Drilling Rig Market Size And Growth
…..
27. Surface Drilling Rig Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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