Surface Drilling Rigs Market Size Estimated to Observe Significant Growth by 2029

The increase in demand for energy and developments in the infrastructure are the main factors that are expected to increase the growth of the surface drilling rig market over the forecast period. The introduction of oil & gas reserves in remote areas and increase in technological advancements in this sector gave rise to cost-effective drilling activities. High-tech rigs and bigger horse-power rigs are being favored my many companies for drilling activities. Major companies have upgraded by adding high horsepower and powerful rigs with technological advancements, which offer automated pipe handling and mobility from one site to another.

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Moreover, the demand for surface drilling rigs rises as oil prices improve. Additionally, digital sensors are installed in drilling rigs for recording of data that can be later compared with field information to make better decisions in the future. The advanced rigs use AC power system, which increases drilling efficiency, consumes less fuel, and reduces wear & tear. However, the cost of operating the surface drilling rigs is high, which is expected to restrain the growth of the market during the forecast period.

Increase in investments in construction and mining activities is one of the key drivers that contribute to the growth of the surface drilling rigs market. The development of surface drilling rigs with new technological advancement also drives the market over the forecast period. However, high operation cost of surface drilling rigs compared to the rotary drilling rigs is expected to hamper the market growth over the forecast period.

Surface drilling rigs with low operating cost and increased fuel efficiency is expected to witness significant growth in the future. Moreover, the adoption of high-tech rigs in the mining sector to meet the rapid demand for energy is a recent trend observed.

By region, the global surface drilling rigs market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is the market leader of the surface drilling rigs market, owing to developing economies such as India and China. The Middle East is also expected to witness rapid growth attributed to rise in investments and infrastructural developments in industrial and commercial sectors. Europe and North America surface drilling rigs markets are also expected to grow due to their increased growth in the construction sector and development in mining activities.

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Key Market Players

  • Sandvik
  • Herrenknecht
  • Robbins
  • Akkerman
  • Sunward
  • Furukawa
  • Hausherr
  • Junjin CSM
  • JK Drilling
  • Atlas Copco

COVID-19 scenario analysis

One important impact of the coronavirus outbreak on mining industry is that the price of crude oil has fallen significantly in a short time. The government ban on international travel has reduced the demand for various fuels. Moreover, rig infections are increasing, thereby forcing the companies to shut down the rig, further creating financial problems for companies. Moreover, supply chain disruptions create difficulties in delivering equipment to the rigs.

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