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Transformative Trends Impacting the Surface Drilling Rig Market Landscape: Battery-Electric Surface Drilling Rigs Transforming The Surface Drilling Rigs Market
Surface Drilling Rig
How Large Will the Surface Drilling Rig Market Size By 2025?
In the past few years, the market size for surface drilling rigs has experienced robust growth. The projections for 2024 are at $2.49 billion, and this is expected to rise to $2.63 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.6%. Factors such as economic climate, regulatory policies, geopolitical influences, market demand, and industry amalgamation have contributed to the growth during the historical period.
How Big Is the Surface Drilling Rig Market Size Expected to Grow by 2029?
In the coming years, the market size of surface drilling rigs is anticipated to witness robust growth, soaring to a value of $3.25 billion by 2029, with a compound annual growth rate (CAGR) of 5.5%. The projected growth during this period can be ascribed to various factors such as energy transition policies, environmental regulations, market proliferation in growing regions, improvements in operational efficiency, and increased demand for mineral resources. Key trends expected to shape this forecast period encompass sustainable practices, adherence to environmental responsibilities, the incorporation of digitalization and automation, greater use of alternative energy sources, the enhancement of safety measures and protocols, and market penetration into nascent markets and regions.
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Which Key Market Drivers Powering Surface Drilling Rig Market Expansion and Growth?
Growth in the surface drilling rig market is likely to be driven by the escalating demand for oil and gas. Oil and gas are naturally occurring hydrocarbon compounds located below the Earth's surface and are vital energy sources for numerous industrial, commercial, and residential uses worldwide. The oil and gas industry is witnessing growth due to the rising demand for transportation, electricity generation, heating, and industrial procedures. Surface drilling rigs, which are used to drill wells to exploit subterranean hydrocarbon reserves, are also employed for exploration, production, and maintenance tasks in the oil and gas sector. For example, International Energy Agency (IEA), an autonomous intergovernmental organization based in France, predicted in June 2023 that global oil demand will reach 105.7 million barrels per day (mb/d) by 2028, demonstrating a cumulative growth of 6% from 2022. Hence, the mounting demand for oil and gas is fuelling the expansion of the surface drilling rig market.
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What Trends Will Shape the Surface Drilling Rig Market Through 2029 and Beyond?
In order to maintain their competitiveness in the surface drilling rig market, major corporations are innovating by producing new products like battery-electric surface drilling rigs. This type of drilling equipment, primarily powered by battery-sourced electricity, is utilized for surface mining and quarrying activities. For example, Epiroc AB, a company based in Sweden that produces infrastructure and mining equipment, rolled out the SmartROC T35 E battery-electric rig in October 2022. This product, developed for surface mines and quarries globally, offers increased adaptability and eco-friendly advantages. With its dual-power feature, the rig lets operators select between battery and electric cable use, enhancing drilling effectiveness across different locations and facilitating easy relocation between sites. The SmartROC T35 E also uses reliable batteries and sub-components found in Epiroc's other battery solutions for underground, streamlining spare parts management and repair processes. This is particularly helpful for clients who operate across multiple sites.
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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