PUBLISHER: The Business Research Company | PRODUCT CODE: 1809619
PUBLISHER: The Business Research Company | PRODUCT CODE: 1809619
A surface drilling rig is a heavy-duty piece of equipment utilized in mining, construction, quarrying, and exploration activities to drill holes into the earth's surface. These rigs are equipped with advanced technology to operate effectively in rugged environments, ensuring precision, efficiency, and operator comfort during drilling operations.
The main types of surface drilling rigs are rotary drills and boom drills. Rotary drills utilize rotational motion to bore through surfaces efficiently, making them essential in surface drilling rigs for tasks such as exploration and construction. Various commodities, including limestone, granite, infrastructure materials, gold, copper, coal, iron ore, bauxite, and others, are involved in surface drilling operations. These rigs find applications in mining, quarrying, construction, and other industries.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The rapid escalation of U.S. tariffs and the ensuing trade tensions in spring 2025 are heavily affecting the mining sector, especially in areas such as equipment acquisition, export flows, and supply chain stability. Increased tariffs on imported heavy machinery, drilling tools, and specialized parts have driven up both capital and operational expenditures, leading to delays in project development and reduced production efficiency. Simultaneously, retaliatory tariffs from major trading partners have diminished global demand for U.S. sourced minerals particularly critical resources like lithium, copper, and rare earth elements intensifying revenue challenges. These impacts are hitting mid-sized and niche mining companies the hardest due to their reliance on international markets. In response, the industry is focusing on building domestic equipment supply chains, scaling up mineral recycling programs, and lobbying for tariff relief to regain competitiveness and safeguard long-term resource availability.
The surface drilling rig market research report is one of a series of new reports from The Business Research Company that provides surface drilling rig market statistics, including surface drilling rig industry global market size, regional shares, competitors with surface drilling rig market share, detailed surface drilling rig market segments, market trends, and opportunities, and any further data you may need to thrive in the surface drilling rig industry. This surface drilling rig market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The surface drilling rig market size has grown strongly in recent years. It will grow from $2.49 billion in 2024 to $2.63 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to economic conditions, regulatory environment, geopolitical factors, market demand, industry consolidation.
The surface drilling rig market size is expected to see strong growth in the next few years. It will grow to $3.25 billion in 2029 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to energy transition policies, environmental regulations, market expansion in developing regions, operational efficiency improvements, demand for mineral resources. Major trends in the forecast period include sustainable practices and environmental responsibility, integration of digitalization and automation, increased utilization of alternative energy sources, enhanced safety features and protocols, expansion into emerging markets and geographies.
The forecast of 5.5% growth over the next five years reflects a modest reduction of 0.4% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. Tariffs on surface drilling rigs may elevate initial investment costs in exploration and quarrying operations, delaying project launches. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The growth of the surface drilling rig market is anticipated to be driven by the increasing demand for oil and gas. Oil and gas, crucial sources of energy for various industrial, commercial, and residential applications globally, are naturally occurring hydrocarbon compounds found underground. This sector is witnessing growth due to rising demand for transportation, electricity generation, heating, and industrial processes. Surface drilling rigs play a vital role in drilling wells to access underground hydrocarbon reserves and are utilized for exploration, production, and maintenance operations within the oil and gas industry. For instance, the International Energy Agency (IEA) projects global oil demand to reach 105.7 million barrels per day (mb/d) by 2028, reflecting a cumulative increase of 6% from 2022. Consequently, the escalating demand for oil and gas is fueling the expansion of the surface drilling rig market.
Key players in the surface drilling rig market are innovating by introducing new products such as battery-electric surface drilling rigs to stay competitive. Battery-electric surface drilling rigs are used in surface mining and quarrying operations, primarily powered by electrical energy derived from batteries. For example, Epiroc AB launched the SmartROC T35 E battery-electric surface drill rig in October 2022, offering enhanced flexibility and environmental benefits for surface mines and quarries worldwide. This rig features dual-power capability, allowing operators to choose between battery and electric cable options, optimizing drilling operations for different locations while facilitating quick transportation between sites. Additionally, the SmartROC T35 E simplifies spare parts handling and repair, benefiting customers with diverse operations by utilizing dependable batteries and sub-components from Epiroc's subterranean battery solutions.
In July 2023, Epiroc AB acquired the assets of Schramm Inc. to bolster its presence in the surface mining industry. This strategic move expands Epiroc's product offerings, enhances its global infrastructure, and integrates Schramm's reverse circulation drilling technology into its portfolio. Schramm Inc., a US-based oilfield machinery manufacturing company, specializes in rotary drilling rigs, top-head drive drill rigs, and automated pipe handling systems.
Major companies operating in the surface drilling rig market are China National Petroleum Corporation, Caterpillar Inc., Schlumberger Limited, Komatsu Ltd., Atlas Copco AB, Sandvik AB, Epiroc AB, Weatherford International plc, Nabors Industries Ltd., Furukawa Co. Ltd., Boart Longyear Group Ltd., Vermeer Corporation, Sunward Intelligent Equipment Co. Ltd., HAWE Hydraulik SE, Herrenknecht AG, Drillmec Inc., Barkom Group Inc., Revathi Equipment Limited, Mobile Drill Operating Company LLC, Sinocoredrill Group Co. Ltd., Arctic Drilling Company Ltd., Terramac LLC, Gill Rock Drill Co. Inc., Bohrmeister, Soilmec S.P.A.
Europe was the largest region in the surface drilling rig market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surface drilling rig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the surface drilling rig market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The surface drilling rig market consists of sales of drill rigs, drill bits, drill pipes, downhole tools, telemetry systems, and safety equipment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Surface Drilling Rig Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on surface drilling rig market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for surface drilling rig ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The surface drilling rig market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.