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Top Factor Driving Surface Drilling Rig Market Growth in 2025: Rising Demand For Oil And Gas Fuels Growth In The Surface Drilling Rig Market
Surface Drilling Rig Market Growth
The market for surface drilling rigs has significantly expanded over the past few years. Its growth trajectory indicates a rise from $2.49 billion in 2024 to $2.67 billion in 2025 at a compound annual growth rate (CAGR) of 7.3%. The historic upswing can be credited to multiple contributory factors such as economic circumstances, regulatory policies, geopolitical agents, market demand, and industry amalgamation.
The market size of surface drilling rigs is projected to experience significant expansion in the forthcoming years. The segment is predicted to escalate to $3.35 billion by 2029, with a compound annual growth rate (CAGR) of 5.9%. This estimated progression during the forecast period can be credited to factors such as energy transition policies, market enlargement in emerging areas, improvement in operational efficiency, and heightened demand for mineral resources. It is also anticipated that practices such as environmental protection, the adoption of digitization and automation, uptake of alternative energy sources, improved safety standards and procedures, and market growth in untapped regions and countries will be the leading trends of this period.
What Are the Primary Growth Drivers for the Surface Drilling Rig Market?
The rise in the need for oil and gas is predicted to stimulate growth in the surface drilling rig market in the future. Oil and gas are naturally occurring hydrocarbon compounds located under the Earth's surface, serving as the primary energy source for various industries, businesses, and households across the globe. The oil and gas sector is growing as the demand for transportation, electricity production, heating, and industrial processes is on the rise. Surface drilling rigs, which are used for drilling wells to reach deep-seated hydrocarbon reserves, play a crucial role in the exploration, production, and maintenance operations within this sector. For example, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, projected in June 2023 that global oil demand would hit 105.7 million barrels per day (mb/d) by 2028, marking a total increase of 6% from 2022. Hence, the rising need for oil and gas is propelling the growth of the surface drilling rig market.
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Who Are the Dominant Companies Influencing Surface Drilling Rig Market Trends?
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.
How Is the Surface Drilling Rig Market Evolving?
Leading enterprises in the surface drilling rig market are innovating their product lineup by introducing options such as battery-electric surface drilling rigs to solidify their market position. This particular type of drilling equipment, which operates mainly on battery-derived electric power, finds its use in surface mining and quarrying operations. In a recent move in October 2022, Epiroc AB, a company headquartered in Sweden and known for manufacturing infrastructure and mining equipment, unveiled their SmartROC T35 E battery-electric surface drill rig. With improved versatility and ecological benefits, this product is finding significance in surface mines and quarries globally. Its dual-power functionality provides operators the flexibility to select between battery and electric cable options, ensuring optimal drilling in diverse locations and facilitating efficient site transitions. Further, the SmartROC T35 E, fitted with reliable batteries and sub-components identical to those in Epiroc's underground battery solutions, eases the process of spare parts management and repairs, proving beneficial for customers with multiple operations.
What Are the Different Segmentations in the Surface Drilling Rig Market?
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
Subsegments:
1) By Rotary Drills: Horizontal Rotary Drills, Vertical Rotary Drills, Hydraulic Rotary Drills, Pneumatic Rotary Drills
2) By Boom Drills: Crawler Boom Drills, Wheel-mounted Boom Drills, Underground and Surface Mining Boom Drills, Pneumatic and Hydraulic Boom Drills
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Which Region Is at the Forefront of the Surface Drilling Rig Market?
Europe was the largest region in the surface drilling rig market in 2024. 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.
What Is Covered In The Surface Drilling Rig Global Market Report?
- Market Size Analysis: Analyze the Surface Drilling Rig Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Surface Drilling Rig Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Surface Drilling Rig Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Surface Drilling Rig Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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