Press release
Surface Drilling Rig Market Set to Reach $3.35 Billion by 2029 with 5.9% Yearly Growth
Surface Drilling Rig Market
The escalating need for oil and gas is predicted to spur the expansion of the surface drilling rig market in the future. The oil and gas industry pertains to naturally existing hydrocarbon compounds located beneath the Earth's surface, serving as the primary energy source for several industrial, commercial, and residential applications around the globe. There has been accelerated growth in the oil and gas sector due to the rising demand for transportation, electricity generation, heating, and industrial procedures. Surface drilling rigs, utilized for drilling wells to extract underground hydrocarbon reserves, equally serve exploration, production, and maintenance operations within the oil and gas sector. For example, in June 2023, as reported by the International Energy Agency (IEA), an autonomously operated intergovernmental organization in France, the global demand for oil is expected to hit 105.7 million barrels per day (mb/d) by 2028, signifying a total increase of 6% from 2022. Consequently, the escalating need for oil and gas is fuelling the expansion of the surface drilling rig market.
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What is the future CAGR of the surface drilling rig market, and how will it impact industry expansion?
The market size of surface drilling rigs has seen a significant upturn in the past few years. The anticipated escalation from $2.49 billion in 2024 to $2.67 billion in 2025, showing a compound annual growth rate (CAGR) of 7.3%, indicates a robust growth. Factors such as economic circumstances, regulatory frameworks, geopolitical influences, market needs, and industry amalgamation are behind the growth encountered in the historic period.
The market size for surface drilling rigs is predicted to experience significant growth in the coming years, with a projected value reaching $3.35 billion in 2029, marked by a compound annual growth rate (CAGR) of 5.9%. Factors contributing to its growth in the forecast period include energy transition policies, environmental regulation enforcement, expanding the market in evolving regions, enhancing operation efficiency, and a rising demand for mineral resources. Key trends projected to be prominent during this period consist of sustainable methodologies and empathising environmental responsibility, embracing digitalization and automation, increasing use of alternative energy sources, improved safety features and protocols, and market proliferation into emerging markets and geographies.
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What are the most significant trends transforming the surface drilling rig market today?
Leading firms in the surface drilling rig industry are innovating with products such as battery-electric surface drilling rigs to maintain their competitiveness. The battery-electric surface drilling rig, a drilling gear utilized primarily in surface mining and quarry work, operates on power derived mostly from batteries. For instance, by October 2022, Epiroc AB, a company based in Sweden that manufactures infrastructure and mining equipment, had introduced the SmartROC T35 E battery-electric surface drill rig. The product offers improved flexibility and environmental advantages for surface mines and quarries worldwide. It is designed with a dual-power capability, providing operators with both battery and electric cable choices and optimizing drilling in different regions while facilitating swift transportation between sites. Moreover, differences between parts and repair demands are lessened with the SmartROC T35 E as it uses the same reliable batteries and subcomponents as Epiroc's under-earth battery solutions - a feature that is particularly advantageous for clients with multifarious operations.
Which key market segments comprise the surface drilling rig market and drive its revenue growth?
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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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.
Who are the leading players fueling growth in the surface drilling rig market?
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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What Is Covered In The Surface Drilling Rig Global Market Report?
•Market Size Forecast: Examine the surface drilling rig market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the surface drilling rig market for a structured understanding.
•Key Players Overview: Analyze major players in the surface drilling rig market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the surface drilling rig market.
•Segment Contributions: Evaluate how different segments drive overall growth in the surface drilling rig market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the surface drilling rig market.
•Industry Challenges: Identify potential risks and obstacles affecting the surface drilling rig market.
•Competitive Landscape: Review strategic developments in the surface drilling rig market, including expansions, agreements, and new product launches.
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