With the emergence and long-term Impact of COVID-19, Global Surface Drilling Rig Market to reach USD 3.20 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Surface Drilling Rig Market points towards a potential rise to USD 584.9 Billion by 2030. Industrial drills that are land-based and used to drill deep holes in the earth’s crust are called surface drilling rigs. These drills’ drilling heads pierce the earth’s surface while stationary on it. Surface drilling rigs are employed for a variety of tasks, including drilling boreholes for water wells, creating pile foundations, mine blasting, geotechnical studies and oil exploration. These drills are used in a variety of fields, including building, dimension stone, mining, and quarrying. Additionally, due to an increase in demand for quarry products such as stones, aggregates, sand, and other materials brought on by an increase in construction activities such as building and infrastructure projects, the surface drilling rig market has experienced substantial expansion over the past several years. Additionally, surface drilling rigs are frequently employed in the mining industry.
Geographically, the global Surface Drilling Rig market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022. A sizable mining industry, which extracts bauxite, coal, manganese, iron ore, limestone, nickel, gold, zinc and other materials in nations such as China, Australia, and India, is responsible for this rise. In addition, the rapidly expanding population in nations such as China, India, Vietnam, and Indonesia are a significant driver of the expansion of the construction industry in this region. Also, in term of sales Asia Pacific is expected to grow significantly during the forecast period. The regions quick economic development is having a significant impact on the development of the mining and construction industries, which is in turn helping the market for surface drilling rigs flourish.
The global Surface Drilling Rig market is highly competitive owing to the presence of several key manufacturers such as Arctic Drilling Company, Barkom Group Inc, Boart Longyear Group Ltd., Epiroc AB, Gill Rock Drill Co., Inc., Revathi Equipment Limited, Sandvik AB, Sunward Intelligent Equipment Co., Ltd., Caterpillar Inc., Komatsu Ltd. and others.
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Key findings of the study suggest:
- Global Surface Drilling Rig Market is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2023-2030.
- In the Type segment, Rotary Drills emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to increasing government focus towards building battery charging infrastructure and hydrogen fueling stations
- Asia Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Rotary Drills
- Boom Drills
By Application:
- Mining
- Quarrying
- Construction
- Others
By Commodity:
- Gold
- Copper
- Coal
- Iron Ore
- Bauxite
- Limestone
- Granite
- Infrastructure
- Others
By Sales Type:
- New Sales
- Aftermarket
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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