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Global Surface Drilling Rig Market to reach USD 3.20 billion by the end of 2030

Global Surface Drilling Rig Market Size study & Forecast, by Type (Rotary Drills, Boom Drills), by Application (Mining, Quarrying, Construction, Others), by Commodity (Gold, Copper, Coal, Iron Ore, Bauxite, Limestone, Granite, Infrastructure and Others), by Sales Type (New Sales, Aftermarket) and Regional Analysis, 2023-2030

Product Code: OIRIME-42299321
Publish Date: 20-07-2023
Page: 200

Global Surface Drilling Rig Market is valued at approximately USD 2.2 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2023-2030. 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.

Surface drilling rig demand is being driven by an increase in demand for metals and minerals. Due to the increase in industrialization brought on by an economic expansion in many countries, minerals including copper, iron ore, gold, zinc, nickel, silver, bauxite, and other mineralsare highly demanded. According to the International Copper Association India, during the fiscal year 2022, the demand surged from 0.978 million tonnes in the fiscal year 2021 to 1.25 million tonnes in India in the year 2022.. The Silver Institute also claims that between 2021 and 2022, the demand for silver climbed by 17%. According to the Mineral Commodity summaries, the expected recoverable copper content of the output from U.S. mines in 2021 was 1.2 million tons, unchanged from that in 2020, and valued at USD 12 billion, up 58% from USD 7.61 billion in 2020. Moreover, For market participants, technological advancements in the surface drilling rig sector present opportunities. To reduce operating costs and increase safety during drilling operations, a number of surface drilling rig manufacturing businesses have been creating automated surface drilling rigs. However, the expansion of the surface drilling rig market is predicted to be constrained by elements such as high operating costs and carbon emission standards related to surface drilling rigs.

The key regions considered for the Global Surface Drilling Rig Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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, 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.

Major market player included in this report are:
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.
Recent Developments in the Market:
Ø In March 2023, Epiroc AB. introduced both the radio remote SmartROC T25 R surface drilling rig and the top hammer SmartROC T40 rig for quarrying and construction. SmartROC T25 R and the top hammer SmartROC T40 rigs provide powerful and reliable drilling solutions that enhance productivity, safety, and operational efficiency.
Ø In September 2021, Sandvik AB, a manufacturer of high-tech surface drill rigs with headquarters in Sweden, introduced AutoMine® Surface Drilling AutoCycleto enhance the performance of automated surface drill rigs and mining machinery. Companies that already sell “LeopardTM DI650i iDrill rigs” can use the AutoMine®. It improves operational efficiency by reducing manual intervention, minimizing human errors, and streamlining drilling operations. This leads to increased productivity and cost savings for mining and construction companies using surface drill rigs.

Global Surface Drilling Rig Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Application, Commodity, Sales Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Rotary Drills
Boom Drills
By Application:
By Commodity:
Iron Ore
By Sales Type:
New Sales
By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Surface Drilling Rig Market, by Region, 2020-2030 (USD Billion)
1.2.2. Surface Drilling Rig Market, by Type, 2020-2030 (USD Billion)
1.2.3. Surface Drilling Rig Market, by Application, 2020-2030 (USD Billion)
1.2.4. Surface Drilling Rig Market, by Commodity, 2020-2030 (USD Billion)
1.2.5. Surface Drilling Rig Market, by Sales Type, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Surface Drilling Rig Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Surface Drilling Rig Market Dynamics
3.1. Surface Drilling Rig Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing demand for quarry products Increasing application in construction activities
3.1.2. Market Challenges High Operational Cost of Surface Drilling Rig Carbon emission standards related to surface drilling rigs
3.1.3. Market Opportunities Advancements in Technology Active participation of key market players
Chapter 4. Global Surface Drilling Rig Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Surface Drilling Rig Market, by Type
5.1. Market Snapshot
5.2. Global Surface Drilling Rig Market by Type, Performance – Potential Analysis
5.3. Global Surface Drilling Rig Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Surface Drilling Rig Market, Sub Segment Analysis
5.4.1. Rotary Drills
5.4.2. Boom Drills
Chapter 6. Global Surface Drilling Rig Market, by Application
6.1. Market Snapshot
6.2. Global Surface Drilling Rig Market by Application, Performance – Potential Analysis
6.3. Global Surface Drilling Rig Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Surface Drilling Rig Market, Sub Segment Analysis
6.4.1. Mining
6.4.2. Quarrying
6.4.3. Construction
6.4.4. Others
Chapter 7. Global Surface Drilling Rig Market, by Commodity
7.1. Market Snapshot
7.2. Global Surface Drilling Rig Market by Commodity, Performance – Potential Analysis
7.3. Global Surface Drilling Rig Market Estimates & Forecasts by Commodity 2020-2030 (USD Billion)
7.4. Surface Drilling Rig Market, Sub Segment Analysis
7.4.1. Gold
7.4.2. Copper
7.4.3. Coal
7.4.4. Iron Ore
7.4.5. Bauxite
7.4.6. Limestone
7.4.7. Granite
7.4.8. Infrastructure
7.4.9. Others
Chapter 8. Global Surface Drilling Rig Market, by Sales type
8.1. Market Snapshot
8.2. Global Surface Drilling Rig Market by Sales type, Performance – Potential Analysis
8.3. Global Surface Drilling Rig Market Estimates & Forecasts by Sales type 2020-2030 (USD Billion)
8.4. Surface Drilling Rig Market, Sub Segment Analysis
8.4.1. New Sales
8.4.2. Aftermarket
Chapter 9. Global Surface Drilling Rig Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Surface Drilling Rig Market, Regional Market Snapshot
9.4. North America Surface Drilling Rig Market
9.4.1. U.S. Surface Drilling Rig Market Type breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030 Commodity breakdown estimates & forecasts, 2020-2030 Sales type breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Surface Drilling Rig Market
9.5. Europe Surface Drilling Rig Market Snapshot
9.5.1. U.K. Surface Drilling Rig Market
9.5.2. Germany Surface Drilling Rig Market
9.5.3. France Surface Drilling Rig Market
9.5.4. Spain Surface Drilling Rig Market
9.5.5. Italy Surface Drilling Rig Market
9.5.6. Rest of Europe Surface Drilling Rig Market
9.6. Asia-Pacific Surface Drilling Rig Market Snapshot
9.6.1. China Surface Drilling Rig Market
9.6.2. India Surface Drilling Rig Market
9.6.3. Japan Surface Drilling Rig Market
9.6.4. Australia Surface Drilling Rig Market
9.6.5. South Korea Surface Drilling Rig Market
9.6.6. Rest of Asia Pacific Surface Drilling Rig Market
9.7. Latin America Surface Drilling Rig Market Snapshot
9.7.1. Brazil Surface Drilling Rig Market
9.7.2. Mexico Surface Drilling Rig Market
9.8. Middle East & Africa Surface Drilling Rig Market
9.8.1. Saudi Arabia Surface Drilling Rig Market
9.8.2. South Africa Surface Drilling Rig Market
9.8.3. Rest of Middle East & Africa Surface Drilling Rig Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Arctic Drilling Company Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.3.2. Barkom Group Inc
10.3.3. Boart Longyear Group Ltd.
10.3.4. Epiroc AB
10.3.5. Gill Rock Drill Co., Inc.
10.3.6. Revathi Equipment Limited
10.3.7. Sandvik AB
10.3.8. Sunward Intelligent Equipment Co., Ltd.
10.3.9. Caterpillar Inc.
10.3.10. Komatsu Ltd
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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