Surface Drilling Rig Market Size, Trends and Insights By Type (Rotary Drills, Boom Drills), By Application (Mining, Quarrying, Construction, Others), By Commodity (Limestone, Granite, Infrastructure, Gold, Copper, Coal, Iron Ore, Bauxite, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI25440

Published Date: July 2023

Pages: 220+

Category: Machinery & Equipment

Report Snapshot

CAGR: 4.5%
2.4B
2022
2.67B
2023
5.1B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Sandvik AB
  • Epiroc AB
  • Caterpillar Inc.
  • Atlas Copco AB
  • Boart Longyear Ltd.
  • Komatsu Ltd.
  • Others

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Reports Description

As per the current market research conducted by CMI Team, the global Surface Drilling Rig Market is expected to record a CAGR of 4.5% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 2.4 billion. By 2032, the valuation is anticipated to reach USD 5.1 billion.

Top 5 Surface Drilling Rig Specifications

Name  Make  Model  Year  Max Depth  Weight
 DD150  Drillmec  DD150 2015  1,500 ft  100 tons
 4000XD  Schramm  4000XD 2018  4,000 ft  200 tons
 RT800  Sandvik  RT800 2020  800 ft  50 tons
 ROP450  Top Drive  ROP450 2019  450 ft  30 tons
 DD250  Drillmec  DD250 2016  2,500 ft  150 tons

Source: According to CMI Market Research Team Analysis

The Surface Drilling Rig market encompasses the production, distribution, and sale of crucial components used in drilling equipment for industries like mining and construction. It operates in a competitive landscape with various players meeting diverse customer needs. Factors like technological advancements, regulations, and customer preferences influence the market.

Current trends include the adoption of advanced drilling technologies, automation, and remote monitoring for improved efficiency and safety. Additionally, there is a growing focus on sustainability, with energy-efficient equipment and reduced environmental impact being prioritized in drilling operations.

Additionally, the market is witnessing increased demand for versatile drilling rig capable of handling various applications and the integration of digital technologies for real-time data analysis and performance optimization.

Surface Drilling Rig Market – Significant Growth Factors

The Surface Drilling Rig Market presents significant growth opportunities due to several factors:

  • Increasing mining and construction activities: The growth of mining and construction industries worldwide drives the demand for surface drilling rigs. The need for drilling and excavation in these sectors to extract minerals, build infrastructure, and undertake various projects is a significant driver for the market.
  • Technological advancements: Advancements in drilling technology, such as automated systems, remote monitoring, and data analytics, have enhanced the efficiency and accuracy of surface drilling operations. These technological innovations act as drivers by improving productivity, reducing downtime, and optimizing drilling processes.
  • Infrastructure development projects: Rapid infrastructure development, including the construction of roads, bridges, tunnels, and buildings, creates opportunities for the surface drilling rig market. These projects require extensive drilling operations for site preparation, foundation work, and other construction activities, driving the demand for surface drilling rigs.
  • Sustainable drilling solutions: The increasing focus on sustainability presents an opportunity for the development and adoption of eco-friendly drilling solutions. The demand for energy-efficient and low-emission drilling equipment, as well as technologies that minimize environmental impact, creates opportunities for manufacturers to offer sustainable surface drilling rigs.
  • Emerging markets: The growing economies in regions like Asia-Pacific, Africa, and Latin America offer untapped market potential for surface drilling rigs. The rising demand for infrastructure development and resource extraction in these regions provides opportunities for market expansion and growth.
  • Technological innovations: Continuous innovation in drilling technology, including improved drilling rigs, advanced drill bits, and cutting-edge drilling systems, creates opportunities for manufacturers to introduce innovative surface drilling rigs. These innovations can improve drilling efficiency, increase productivity, and cater to evolving customer needs.

Surface Drilling Rig Market – Mergers and Acquisitions

The Surface Drilling Rig Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Surface Drilling Rig Market include:

  • Sandvik and Komatsu Partnership (2019): In 2019, Sandvik, a leading mining and construction equipment manufacturer, formed a partnership with Komatsu, a multinational corporation specializing in construction and mining equipment. This partnership aimed to combine their respective expertise and technologies in surface drilling equipment, providing customers with comprehensive solutions for efficient and productive drilling operations.
  • Epiroc and Orica Partnership (2020): In 2020, Epiroc, a global provider of mining and infrastructure equipment, announced a partnership with Orica, a leading provider of commercial explosives and blasting systems. This collaboration focused on integrating Epiroc’s surface drilling technology with Orica’s blasting solutions. The partnership aimed to optimize drilling and blasting operations, enhancing productivity and safety in the mining and construction sectors.
  • Caterpillar and Uptake Partnership (2021): In 2021, Caterpillar, a renowned manufacturer of construction and mining equipment, partnered with Uptake, a data analytics company. This partnership aimed to leverage Uptake’s expertise in data-driven insights and Caterpillar’s equipment expertise to develop advanced predictive analytics solutions for surface drilling equipment. The collaboration aimed to enhance equipment performance, reduce downtime, and improve overall operational efficiency.
  • Sandvik’s Acquisition of Artisan Vehicle Systems (2018): In 2018, Sandvik acquired Artisan Vehicle Systems, a manufacturer of battery-electric underground mining vehicles. Although not specifically focused on surface drilling rigs, this acquisition demonstrated Sandvik’s commitment to advancing sustainable mining practices. It allowed Sandvik to expand its portfolio of electric mining equipment, contributing to the overall development of eco-friendly solutions in the mining industry.
  • Epiroc’s Acquisition of New Concept Mining (2021): In 2021, Epiroc acquired New Concept Mining, a South African company specializing in rock reinforcement products for underground mining. While not directly related to surface drilling rigs, this acquisition added to Epiroc’s offering of innovative solutions for underground mining operations. It expanded Epiroc’s market presence and strengthened its position as a comprehensive provider of mining equipment and services.
  • Komatsu’s Acquisition of Timberock International (2021): In 2021, Komatsu acquired Timberock International, a Canadian manufacturer of underground drilling equipment and consumables. While the focus was on underground drilling, this acquisition added to Komatsu’s capabilities in the broader drilling equipment sector. It allowed Komatsu to offer a more comprehensive range of drilling solutions, including surface drilling rigs, to meet customer needs across various industries.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Surface Drilling Rig Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Surface Drilling Rig Market Fire Pump Market Portable Generator Market
CAGR 4.5% (Approx) CAGR 4.2% (Approx) CAGR 5% (Approx)
USD 5.1 billion by 2032 USD 708.23 Million by 2030 USD 7 Billion by 2030

Surface Drilling Rig Market – Significant Threats

The Surface Drilling Rig Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Economic downturns: Economic downturns, such as recessions or financial crises, pose a significant threat to the Surface Drilling Rig market. During periods of economic instability, investment in mining and construction projects may decline, leading to a decrease in demand for surface drilling rigs and potential revenue losses for market players.
  • Regulatory changes and environmental restrictions: Changes in regulations related to mining, construction, and environmental protection can impact the Surface Drilling Rig market. Stricter environmental regulations and restrictions on drilling operations may increase compliance costs for manufacturers and users of surface drilling rigs. These changes can potentially limit drilling activities and affect the market’s growth.
  • Volatility in commodity prices: The market for surface drilling rigs is influenced by commodity prices, particularly metals and minerals. Fluctuations in commodity prices can impact mining activities and project profitability, leading to reduced demand for surface drilling rigs. Price volatility introduces uncertainty into the market and can negatively affect the growth and profitability of market players.
  • Technological advancements and competition: The rapid pace of technological advancements introduces both opportunities and threats to the Surface Drilling Rig market. New drilling technologies and equipment innovations may disrupt the market and render existing products less competitive.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 2.67 Billion
Projected Market Size in 2032 USD 5.1 Billion
Market Size in 2022 USD 2.4 Billion
CAGR Growth Rate 4.5% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Type, Application, Commodity and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Event Type :

  • Rotary Drills: Rotary drills are surface drilling machines that use a rotating motion to create holes in different materials. They are commonly used in mining, construction, and oil and gas industries. The market trend for rotary drills is centred around improving efficiency, accuracy, and automation. Manufacturers are introducing innovative features and technologies to enhance drilling speed and productivity, meeting the changing demands of customers. The focus is on developing advanced systems that deliver precise results while maximizing operational efficiency.
  • Boom Drills: Boom drills, also known as hydraulic drills or jumbo drills, are a type of surface drilling equipment with a boom-mounted drilling rig. These drills are often used in tunnelling and underground mining operations. The market for boom drills is influenced by trends such as the expansion of underground mining activities, the adoption of advanced drilling technologies, and the need for versatile and manoeuvrable drilling equipment capable of operating in confined spaces.

Global Surface Drilling Rig Market 2023–2032 (By Billion)

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By Application

  • Mining: In the Surface Drilling Rig market, the application of surface drilling rigs in mining involves the exploration, extraction, and preparation of mineral resources. The market in mining is driven by the increasing demand for minerals and metals, advancements in drilling technology, and the focus on sustainable mining practices.
  • Quarrying: In the market for surface drilling rigs, quarrying refers to the extraction of natural stone, aggregates, and other materials from quarries. The market in quarrying is influenced by the construction industry’s demand for raw materials, efficiency in extraction processes, and the adoption of advanced drilling equipment and techniques.
  • Construction: Surface drilling rigs find application in construction for various purposes, including foundation drilling, pile driving, and site preparation. The construction market segment is driven by infrastructure development, urbanization, and the need for efficient drilling operations to support construction projects.
  • Others: The “Others” category in the Surface Drilling Rig market encompasses applications outside of mining, quarrying, and construction. This includes specialized drilling operations in industries such as geotechnical engineering, environmental drilling, and oil and gas exploration. The trends in this segment are shaped by the specific requirements and advancements in each respective application area.

By Commodity

  • Limestone: Limestone, a sedimentary rock, is commonly used in construction and cement production. The Surface Drilling Rig market for limestone focuses on efficient drilling for quarrying and mining operations. Trends include the adoption of advanced drilling techniques to optimize extraction processes and meet the increasing demand for limestone in construction projects.
  • Granite: Granite, a popular natural stone, is widely used in building materials and countertops. The Surface Drilling Rig market for granite involves precision drilling to extract blocks from quarries. Trends include the use of specialized drilling equipment for granite quarrying, focusing on productivity, precision, and minimizing waste during the extraction process.
  • Infrastructure: The Surface Drilling Rig market for infrastructure encompasses drilling operations in various construction projects such as roads, bridges, and tunnels. Trends include the demand for versatile drilling rigs capable of handling different ground conditions, integration of digital technologies for real-time monitoring, and adherence to safety and environmental regulations.
  • Gold: The Surface Drilling Rig market for gold primarily focuses on exploration and extraction in mining operations. Trends include the use of advanced drilling technologies for efficient and precise gold exploration, improved automation and remote monitoring capabilities, and the development of eco-friendly drilling solutions to minimize environmental impact.
  • Copper: The Surface Drilling Rig market for copper involves drilling operations in copper mines for extraction. Trends include the adoption of advanced drilling techniques to improve productivity and efficiency, the integration of technologies for real-time data analysis and performance optimization, and the development of sustainable drilling practices to reduce energy consumption and environmental impact.
  • Coal: The Surface Drilling Rig market for coal focuses on drilling operations in coal mines for extraction purposes. Trends include the use of specialized drilling rigs and equipment for coal mining, the integration of automation for safer and more efficient operations, and the implementation of measures to reduce environmental impact and ensure worker safety.
  • Iron Ore: The Surface Drilling Rig market for iron ore centres around drilling operations in iron ore mines for extraction. Trends include the adoption of advanced drilling technologies for accurate and efficient drilling, integration of automation and remote monitoring for improved productivity, and the implementation of sustainable drilling practices to minimize environmental impact.
  • Bauxite: The Surface Drilling Rig market for bauxite involves drilling operations in bauxite mines for extraction. Trends include the use of specialized drilling equipment for bauxite mining, a focus on efficiency and precision in drilling, and the implementation of measures to ensure worker safety and environmental sustainability.
  • Others: The Surface Drilling Rig market for other commodities includes drilling operations for various minerals, metals, and materials. Trends may vary depending on the specific commodity, but overall, the market focuses on advancements in drilling technologies, automation, safety features, and sustainable drilling practices to meet the unique requirements of each commodity.

Global Surface Drilling Rig Market 2023–2032 (By Type)

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Surface Drilling Rig Market – Regional Analysis

The Surface Drilling Rig Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

  • North America: The Surface Drilling Rig market in North America is driven by a strong emphasis on advanced technology, including automation and digitalization. The demand for drilling equipment with features like remote monitoring and autonomous capabilities is increasing. Sustainable drilling practices to minimize environmental impact are also prioritized. Key market players in North America include Caterpillar Inc., Sandvik AB, and Epiroc AB, known for their wide range of drilling solutions and commitment to innovation.
  • Europe: In Europe, the Surface Drilling Rig market focuses on energy-efficient technology and sustainable mining practices. There is a growing emphasis on reducing carbon emissions and promoting eco-friendly drilling methods. Safety features and worker protection are also key considerations. Prominent market players in Europe are Atlas Copco AB, Boart Longyear Ltd., and Liebherr Group, recognized for their expertise in drilling equipment and dedication to innovation and sustainability.
  • Asia-Pacific: The Asia-Pacific Surface Drilling Rig market is driven by rapid industrialization, infrastructure development, and increasing mining activities. The market seeks high-performance drilling equipment capable of handling diverse ground conditions. Cost-effective solutions and efficient drilling techniques for large-scale projects are in demand. Key market players in the Asia-Pacific region include Komatsu Ltd., Hitachi Construction Machinery Co. Ltd., and SANY Group, known for their strong presence and wide range of surface drilling equipment.
  • LAMEA: The LAMEA (Latin America, Middle East, and Africa) region experiences significant growth in the Surface Drilling Rig market due to the expanding mining industry, infrastructure development, and resource demand. The market focuses on versatile drilling equipment suitable for different geological conditions. The adoption of advanced drilling technologies for productivity and efficiency is increasing. Dominant market players in the LAMEA region include Sandvik AB, Epiroc AB, and Furukawa Co., Ltd., renowned for their comprehensive drilling solutions and market presence.

Global Surface Drilling Rig Market 2023–2032 (By Application)

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Competitive Landscape – Surface Drilling Rig Market

The Surface Drilling Rig Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

  • Sandvik AB
  • Epiroc AB
  • Caterpillar Inc.
  • Atlas Copco AB
  • Boart Longyear Ltd.
  • Komatsu Ltd.
  • Liebherr Group
  • Vermeer Corporation
  • Furukawa Co. Ltd.
  • Soilmec S.p.A.
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, In 2021, Sandvik AB, a leading mining and construction equipment manufacturer, formed a major partnership with IBM to develop advanced analytics solutions for the mining industry. This collaboration aims to leverage data and artificial intelligence to optimize mining operations and improve productivity and sustainability.

In the Surface Drilling Rig market, several new players have entered the market with a focus on innovation and development. These new players have introduced advanced drilling technologies, improved automation, and sustainable drilling solutions to meet evolving customer demands. They have leveraged their expertise in engineering and technology to gain a foothold in the market and challenge established players.

However, the market is predominantly dominated by key players with a strong market presence, extensive product portfolios, and established customer relationships. Companies like Sandvik AB, Epiroc AB, and Caterpillar Inc. dominate the market due to their long-standing reputation, global reach, and continuous investment in research and development. These key players possess a deep understanding of customer needs and offer comprehensive drilling solutions, giving them a competitive edge and solidifying their market dominance.

The Surface Drilling Rig Market is segmented as follows:

By Type

  • Rotary Drills
  • Boom Drills

By Application

  • Mining
  • Quarrying
  • Construction
  • Others

By Commodity

  • Limestone
  • Granite
  • Infrastructure
  • Gold
  • Copper
  • Coal
  • Iron Ore
  • Bauxite
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Surface Drilling Rig Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Surface Drilling Rig Market: snapshot
  • Chapter 3. Global Surface Drilling Rig Market – Industry Analysis
    • 3.1 Surface Drilling Rig Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing mining and construction activities
      • 3.2.2 Technological advancements
      • 3.2.3 Infrastructure development projects
      • 3.2.4 Sustainable drilling solutions
      • 3.2.5 Emerging markets
      • 3.2.6 Technological innovations.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Application
      • 3.7.3 Market attractiveness analysis By Commodity
  • Chapter 4. Global Surface Drilling Rig Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Surface Drilling Rig Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Surface Drilling Rig Market – Type Analysis
    • 5.1 Global Surface Drilling Rig Market overview: By Type
      • 5.1.1 Global Surface Drilling Rig Market share, By Type, 2022 and 2032
    • 5.2 Rotary Drills
      • 5.2.1 Global Surface Drilling Rig Market by Rotary Drills, 2023 – 2032 (USD Billion)
    • 5.3 Boom Drills
      • 5.3.1 Global Surface Drilling Rig Market by Boom Drills, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Surface Drilling Rig Market – Application Analysis
    • 6.1 Global Surface Drilling Rig Market Overview: By Application
      • 6.1.1 Global Surface Drilling Rig Market Share, By Application, 2022 and 2032
    • 6.2 Mining
      • 6.2.1 Global Surface Drilling Rig Market by Mining, 2023 – 2032 (USD Billion)
    • 6.3 Quarrying
      • 6.3.1 Global Surface Drilling Rig Market by Quarrying, 2023 – 2032 (USD Billion)
    • 6.4 Construction
      • 6.4.1 Global Surface Drilling Rig Market by Construction, 2023 – 2032 (USD Billion)
    • 6.5 Others
      • 6.5.1 Global Surface Drilling Rig Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Surface Drilling Rig Market – Commodity Analysis
    • 7.1 Global Surface Drilling Rig Market overview: By Commodity
      • 7.1.1 Global Surface Drilling Rig Market share, By Commodity, 2022 and 2032
    • 7.2 Limestone
      • 7.2.1 Global Surface Drilling Rig Market by Limestone, 2023 – 2032 (USD Billion)
    • 7.3 Granite
      • 7.3.1 Global Surface Drilling Rig Market by Granite, 2023 – 2032 (USD Billion)
    • 7.4 Infrastructure
      • 7.4.1 Global Surface Drilling Rig Market by Infrastructure, 2023 – 2032 (USD Billion)
    • 7.5 Gold
      • 7.5.1 Global Surface Drilling Rig Market by Gold, 2023 – 2032 (USD Billion)
    • 7.6 Copper
      • 7.6.1 Global Surface Drilling Rig Market by Copper, 2023 – 2032 (USD Billion)
    • 7.7 Coal
      • 7.7.1 Global Surface Drilling Rig Market by Coal, 2023 – 2032 (USD Billion)
    • 7.8 Iron Ore
      • 7.8.1 Global Surface Drilling Rig Market by Iron Ore, 2023 – 2032 (USD Billion)
    • 7.9 Bauxite
      • 7.9.1 Global Surface Drilling Rig Market by Bauxite, 2023 – 2032 (USD Billion)
    • 7.10 Others
      • 7.10.1 Global Surface Drilling Rig Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 8. Surface Drilling Rig Market – Regional Analysis
    • 8.1 Global Surface Drilling Rig Market Regional Overview
    • 8.2 Global Surface Drilling Rig Market Share, by Region, 2022 & 2032 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Surface Drilling Rig Market, 2023 – 2032 (USD Billion)
        • 8.3.1.1 North America Surface Drilling Rig Market, by Country, 2023 – 2032 (USD Billion)
    • 8.4 North America Surface Drilling Rig Market, by Type, 2023 – 2032
      • 8.4.1 North America Surface Drilling Rig Market, by Type, 2023 – 2032 (USD Billion)
    • 8.5 North America Surface Drilling Rig Market, by Application, 2023 – 2032
      • 8.5.1 North America Surface Drilling Rig Market, by Application, 2023 – 2032 (USD Billion)
    • 8.6 North America Surface Drilling Rig Market, by Commodity, 2023 – 2032
      • 8.6.1 North America Surface Drilling Rig Market, by Commodity, 2023 – 2032 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Surface Drilling Rig Market, 2023 – 2032 (USD Billion)
        • 8.7.1.1 Europe Surface Drilling Rig Market, by Country, 2023 – 2032 (USD Billion)
    • 8.8 Europe Surface Drilling Rig Market, by Type, 2023 – 2032
      • 8.8.1 Europe Surface Drilling Rig Market, by Type, 2023 – 2032 (USD Billion)
    • 8.9 Europe Surface Drilling Rig Market, by Application, 2023 – 2032
      • 8.9.1 Europe Surface Drilling Rig Market, by Application, 2023 – 2032 (USD Billion)
    • 8.10 Europe Surface Drilling Rig Market, by Commodity, 2023 – 2032
      • 8.10.1 Europe Surface Drilling Rig Market, by Commodity, 2023 – 2032 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Surface Drilling Rig Market, 2023 – 2032 (USD Billion)
        • 8.11.1.1 Asia Pacific Surface Drilling Rig Market, by Country, 2023 – 2032 (USD Billion)
    • 8.12 Asia Pacific Surface Drilling Rig Market, by Type, 2023 – 2032
      • 8.12.1 Asia Pacific Surface Drilling Rig Market, by Type, 2023 – 2032 (USD Billion)
    • 8.13 Asia Pacific Surface Drilling Rig Market, by Application, 2023 – 2032
      • 8.13.1 Asia Pacific Surface Drilling Rig Market, by Application, 2023 – 2032 (USD Billion)
    • 8.14 Asia Pacific Surface Drilling Rig Market, by Commodity, 2023 – 2032
      • 8.14.1 Asia Pacific Surface Drilling Rig Market, by Commodity, 2023 – 2032 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Surface Drilling Rig Market, 2023 – 2032 (USD Billion)
        • 8.15.1.1 Latin America Surface Drilling Rig Market, by Country, 2023 – 2032 (USD Billion)
    • 8.16 Latin America Surface Drilling Rig Market, by Type, 2023 – 2032
      • 8.16.1 Latin America Surface Drilling Rig Market, by Type, 2023 – 2032 (USD Billion)
    • 8.17 Latin America Surface Drilling Rig Market, by Application, 2023 – 2032
      • 8.17.1 Latin America Surface Drilling Rig Market, by Application, 2023 – 2032 (USD Billion)
    • 8.18 Latin America Surface Drilling Rig Market, by Commodity, 2023 – 2032
      • 8.18.1 Latin America Surface Drilling Rig Market, by Commodity, 2023 – 2032 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Surface Drilling Rig Market, 2023 – 2032 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Surface Drilling Rig Market, by Country, 2023 – 2032 (USD Billion)
    • 8.20 The Middle-East and Africa Surface Drilling Rig Market, by Type, 2023 – 2032
      • 8.20.1 The Middle-East and Africa Surface Drilling Rig Market, by Type, 2023 – 2032 (USD Billion)
    • 8.21 The Middle-East and Africa Surface Drilling Rig Market, by Application, 2023 – 2032
      • 8.21.1 The Middle-East and Africa Surface Drilling Rig Market, by Application, 2023 – 2032 (USD Billion)
    • 8.22 The Middle-East and Africa Surface Drilling Rig Market, by Commodity, 2023 – 2032
      • 8.22.1 The Middle-East and Africa Surface Drilling Rig Market, by Commodity, 2023 – 2032 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Sandvik AB
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 Epiroc AB
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Caterpillar Inc.
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Atlas Copco AB
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Boart Longyear Ltd.
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Komatsu Ltd.
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Liebherr Group
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Vermeer Corporation
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Furukawa Co. Ltd.
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Soilmec S.p.A.
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Others.
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
List Of Figures

Figures No1 to 31

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Sandvik AB
  • Epiroc AB
  • Caterpillar Inc.
  • Atlas Copco AB
  • Boart Longyear Ltd.
  • Komatsu Ltd.
  • Liebherr Group
  • Vermeer Corporation
  • Furukawa Co. Ltd.
  • Soilmec S.p.A.
  • Others

FAQs

The “Commodity” category dominated the market in 2022

The key factors driving the Market are Increasing mining and construction activities, Technological advancements, Infrastructure development projects, Sustainable drilling solutions, Emerging markets And Technological innovations.

The key players in the market are Sandvik AB, Epiroc AB, Caterpillar Inc., Atlas Copco AB, Boart Longyear Ltd., Komatsu Ltd., Liebherr Group, Vermeer Corporation, Furukawa Co. Ltd., Soilmec S.p.A., Others.

“North America” had the largest share in the Surface Drilling Ring Market.

The global market is projected to grow at a CAGR of 4.5% during the forecast period, 2023-2032.

The Surface Drilling Ring Market size was valued at USD 8.2 Billion in 2022.

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