Overview and Scope
Surface drilling rig refers to a piece of heavy equipment used in mining, construction, quarrying, and exploration activities to drill holes in the earth's surface. These rigs are outfitted with advanced technology to operate in tough environments, assuring precision, efficiency, and operator comfort during drilling operations.
Sizing and Forecast
The surface drilling rig market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to economic conditions, regulatory environment, geopolitical factors, market demand, industry consolidation.
The surface drilling rig market size is expected to see strong growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to energy transition policies, environmental regulations, market expansion in developing regions, operational efficiency improvements, demand for mineral resources. Major trends in the forecast period include sustainable practices and environmental responsibility, integration of digitalization and automation, increased utilization of alternative energy sources, enhanced safety features and protocols, expansion into emerging markets and geographies.
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Segmentation & Regional Insights
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
Europe was the largest region in the surface drilling rig market in 2023. 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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Major Driver Impacting Market Growth
The increasing demand for oil and gas is expected to propel the growth of the surface drilling rig market going forward. Oil and gas refer to naturally occurring hydrocarbon compounds found beneath the Earth's surface, which are main sources of energy for various industrial, commercial, and residential applications worldwide. The oil and gas sector is experiencing growth due to increasing demand for transportation, electricity generation, heating, and industrial processes. Surface drilling rigs are used to drill wells to access underground hydrocarbon reserves and are also used for exploration, production, and maintenance operations within the oil and gas sector. For instance, in June 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, oil demand is projected to reach 105.7 million barrels per day (mb/d) by 2028 across the globe, showing a cumulative increase of 6% from 2022. Therefore, the increasing demand for oil and gas is driving the growth of the surface drilling rig market.
Key Industry Players
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.
The surface drilling rig market report table of contents includes:
1. Executive Summary
2. Surface Drilling Rig Market Characteristics
3. Surface Drilling Rig Market Trends And Strategies
4. Surface Drilling Rig Market - Macro Economic Scenario
5. Global Surface Drilling Rig Market Size and Growth
........................................
32. Global Surface Drilling Rig Market Competitive Benchmarking
33. Global Surface Drilling Rig Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Surface Drilling Rig Market
35. Surface Drilling Rig Market Future Outlook and Potential Analysis
36. Appendix
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Global Rotary Blasthole Drilling Rig Market is expected to reach US$ 3.97 Billion by 2026 from US$ 2.67 Billion in 2017 at CAGR of 4.51%.Rotary blasthole drilling rig market is segmented by type, application, and region.Based on type, rotary blasthole drilling rig market is divided by mid-range drilling rig, large-range drilling rig, and others.
Large-range drilling rig is expected to hold largest share of market in forecast period due to rising manufacturing and construction of roads, railways and tunnels, increasing development of rotary blasthole drilling rig at small quarries.On the basis application, rotary blasthole drilling rig market is classified by quarries, open pit mining, and others.
Open pit mining is estimated to hold largest share of market in forecast period due to rising expansion of existing mines across globe.Major driving factors of the rotary blasthole drilling rig market are rising construction & developments of road, railway, and tunnels, increasing technological advancements, government focusing on development of infrastructure as roadways and railroads, and increasing demand for the metal and minerals.In terms of region, rotary blasthole drilling rig market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America.
Asia Pacific is estimated to hold largest share of market in forecast period due to largest number of expansion of existing mines.Key player’s studies, analyzed, profiled and benchmarked in Rotary Blasthole Drilling Rig Market are BAUER, Caterpiller-CAT, FURUKAWA, Epicor, Nanchang Kama Co., Ltd., Komatsu Ltd., Schramm, Sandvik, Sinosteel HYMC, Atlas Copco, Joy, and Sunward.for more information visit https://www.maximizemarketresearch.com/market-report/global-rotary-blasthole-drilling-rig-market/20645/Scope of the Report Rotary Blasthole Drilling Rig Market:Global Rotary Blasthole Drilling Rig Market, by Type:• Mid-Range Drilling Rig• Large-Range Drilling Rig• OthersGlobal Rotary Blasthole Drilling Rig Market, by Application:• Quarries• Open Pit Mining• OthersGlobal Rotary Blasthole Drilling Rig Market, by Region:• North America• Europe• Asia Pacific• Middle East & Africa• Latin AmericaKey Players, Global Rotary Blasthole Drilling Rig Market:• BAUER• Caterpiller-CAT• FURUKAWA• Epicor• Nanchang Kama Co. Ltd.• Komatsu Ltd.• Schramm• Sandvik• Sinosteel HYMC• Atlas Copco• Joy• SunwardThis Report Is Submitted By : Maximize Market Research CompanyCustomization of the report:Maximize Market Research provides free personalized of reports as per your demand.
This report can be personalized to meet your requirements.
Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.About Maximize Market Research:Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.Contact info:Name: Lumawant GodageOrganization Address: MAXIMIZE MARKET RESEARCH PVT.
