Press release
Portable Drilling Rig Market - Global Industry Growth and Forecast - 2024
Portable Drilling Rig Market
A drilling rig is a mechanical device utilized for drilling oil wells, natural gas wells and water wells. Portable drilling rigs can be man portable drilling rigs; they can be also truck/ trailer mounted and heli-portable drilling rigs. The overall market for portable drilling rigs has been fragmented on the basis of product type, end-user applications and geography to provide an overall picture of the portable drilling rig market. On the basis of product type, the market for portable drilling rigs has been segmented as man-portable drilling rigs, truck mounted portable drilling rigs and heli-portable drilling rigs. On the basis of applications, the market for portable drilling rig has been segmented based on its application in various industries such as mining, oil and gas exploration, ground water exploration, and geothermal drilling.
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The man portable drilling rig is designed especially for diamond mining at inaccessible locations and complex terrain. The modularized design of man portable drilling rigs by various manufacturers allows its convenience to disassemble into light pieces and transportation to the job site location at complex terrain that are not easily accessible by conventional drilling rigs. The heli-portable drilling rigs are designed to allow fast rig to move at complex locations (swamp and mountainous regions) via helicopter lifting. The heli-portable drilling rig can be customized based on the customer requirements to cater for a higher specification or cost competitive configuration. The drilling rigs are mounted on the truck using a separate drill rigs sub frame design that permits stable mounting of truck mounted portable drilling rigs.
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Global Portable Drilling Rig Market: Drivers
The primary drivers of growth are in the portable drilling rig market are increasing number of research and development projects on portable drilling rigs owing to desire to cater environmentally sustainable and socially responsible mandate by mining corporations is fueling demand in portable drilling rig market. The portable drilling rig allows drilling in remote areas where access of traditional drilling rigs is difficult on account of lack of infrastructure and social and environmental issues. The conventional rigs are moved either by air or truck which require the construction of roads and bridges to gain access to the drilling sites. A portable drilling rig allows the companies to reduce their transportation cost that is associated with conventional rigs. However, high operational cost associated with the drilling process can hamper the growth of portable drilling rig market. Increasing demand for oil and gas exploration creates ample of opportunities in portable drilling rigs market.
Global Portable Drilling Rig Market: Regional and Competitive Outlook
Asia Pacific is expected to account for the maximum demand of the portable drilling rig on account of increasing diamond drilling activities in countries such as China and India. Additionally, oil prices diverged from natural gas which led to increasing oil drilling programs, driving the demand for global drilling rig market. Ample of opportunities in the offshore drilling market, powered by the Deepwater Golden Triangle, are expected to drive the market in near future.
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Energold has taken strategic initiatives and embarked on a growth plan to be a vertically designer, manufacturer, and contractor of specialized drilling rigs, components, and services in the mineral exploration industry. King River Copper Limited is drilling 11 diamond holes in Australia using a portable diamond drill rig. This allows the company to early access to seasonally restricted project and drilling in steep and difficult terrain.
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