According to a recently published report by Research Nester on “Surface Drilling Rigs Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the surface drilling rigs market in terms of market segmentation by method, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global surface drilling rigs market is anticipated to record a CAGR of around 4.2% over the forecast period i.e. 2019-2027. The market is segmented by method & application. By method, the segment is broken into top hammer, down-the-hole and others. The market is further segmented by application into quarrying, mining, civil engineering, dimension stone industry and others.
The introduction of oil and gas reserves in remote areas and increasing technological advancements have led to the cost-effective and feasible drilling operations. Now, high tech rig designs and bigger horse-power rigs are demanded. These rigs are being favored by the drilling business. Digital sensors have been used in drilling rigs for recording of massive data that can be later analyzed with the information collected from other fields and can be used to make better decisions. This technology helps in integrating the drilling process digitally such as drilling bit and bottom-hole assembly with the help of a software and in automating mechanical process. The advanced rigs are equipped with AC power system which increase drilling efficiency, consume less fuel and reduce wear & tear. Demand for surface drilling rigs has increased to more than 40% as oil prices are improving.
Growing industrialization and burgeoning construction & mining activities have contributed towards the growth of surface drilling rigs market. The construction and mining activities have increased in the recent years and new projects have been implemented which require surface drilling rigs for drilling surface areas. Advancements in technology in relation to oil field discovery and oil drilling have led to the growth of the surface drilling market. The drilling rigs with latest technology have been manufactured which offer high performance, are made to meet the demand of the production cycles. The cost of operating the surface drilling rigs is high as compared to the rotary drilling rigs.
Asia Pacific region holds a large share in the global surface drilling rigs market owing to the presence of growing economies, such as India and China. Middle East follows the Asia Pacific region attributing to huge investments and infrastructural developments in industrial and commercial sector. Europe and North America have been estimated to witness significant growth on account of rising investments in construction activities and growth of the mining industry in the regions.
This report also provides the existing competitive scenario of some of the key players of the surface drilling rigs market which includes company profiling of Atlas Copco, Sandvik, Herrenknecht, Robbins, Akkerman, Sunward, Furukawa, Hausherr, Junjin CSM, and JK Drilling. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the surface drilling rigs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.