Press release
2025-2034 Surface Drilling Rig Market Roadmap: Insights for Competitive Advantage
Surface Drilling Rig Market
How Large Will the Surface Drilling Rig Market Size By 2025?
The market for surface drilling rigs has significantly enlarged in the past few years. The projection is an increase from $2.49 billion in 2024 to $2.67 billion in 2025, implying a compound annual growth rate (CAGR) of 7.3%. The advancement over the historic period is linked to the economic situation, regulatory framework, geopolitical elements, market demand, and industry merger.
How Big Is the Surface Drilling Rig Market Size Expected to Grow by 2029?
The market size of surface drilling rigs is projected to witness substantial growth in the coming years, reaching $3.35 billion in 2029 with a compound annual growth rate (CAGR) of 5.9%. This projected growth during the forecast period can be linked to factors such as energy transition policies, environmental regulations, market proliferation in developing regions, improvements in operational efficiency, and demand for mineral resources. Dominant trends for the forecast period involve sustainability and environmental stewardship, digitalization and automation integration, increased adoption of alternative energy sources, improved safety features and procedures, and market expansion into emerging regions and markets.
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Which Key Market Drivers Powering Surface Drilling Rig Market Expansion and Growth?
The growth of the surface drilling rig market is predicted to be fueled by the rising requirement for oil and gas. These hydrocarbons are naturally present beneath the Earth's surface and serve as the primary energy sources for widespread industrial, commercial, and residential applications around the globe. The oil and gas sector's expansion is a result of an escalating need for services such as transportation, electricity generation, heating, and industrial processes. Surface drilling rigs, which are used to drill wells for accessing subterranean hydrocarbon reserves, are also crucial for exploration, production, and maintenance tasks in the oil and gas industry. For example, the International Energy Agency (IEA), an independent intergovernmental organization based in France, stated in June 2023 that global oil demand will likely rise to 105.7 million barrels per day (mb/d) by 2028. This signifies an aggregated growth rate of 6% from the numbers recorded in 2022. As such, the booming demand for oil and gas is fostering the expansion of the surface drilling rig market.
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Which Fast-Growing Trends Are Poised to Disrupt the Surface Drilling Rig Market?
In the surface drilling rig arena, key players are innovating and introducing new products like battery-electric surface drilling rigs to stay competitive. This type of rigs, which is primarily powered by electricity from batteries, are commonly used in surface mining and quarrying operations. As an example, Epiroc AB, a company based in Sweden which produces infrastructure and mining equipment, unveiled the SmartROC T35 E battery-electric surface drill rig in October 2022. This rig, which is aimed at surface mines and quarries globally, brings tremendous flexibility and environmental benefits. It has a dual-power feature where users can opt between battery and electric cable, fine-tuning drilling for varied locations and fostering expedient site-to-site transportation. The SmartROC T35 E is also equipped with identical reliable batteries and sub-components as with Epiroc's underground battery solutions. This makes the management of spare parts and repairs a simpler process, benefiting customers running different operations.
What Are the Emerging Segments 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Surface Drilling Rig Industry?
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.
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