May 18, 2023 10:59 ET | Source: Allied Market Research Allied Market Research
Portland,OR, May 18, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Surface Drilling Rig Market by Type (Rotary Drill, and Boom Drill), Application (Mining, Quarrying, Construction, and Others), Commodity (Gold, Copper, Coal, Iron Ore, Bauxite, Limestone, Granite, Infrastructure, and Others), and Sales Type (New Sales, and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global surface drilling rig industry generated $2.2 billion in 2022, and is anticipated to generate $3.6 billion by 2032, witnessing a CAGR of 4.8% from 2023 to 2032. Drilling Machine Spares
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The global surface drilling rig market is experiencing growth due to several factors, such as a rise in construction activities, an increase in demand for energy, and growth in the dimension stone industry. However, the safety concerns and carbon emissions associated with surface drilling rigs and high cost of operation restrict the market growth. Moreover, technological advancements in surface drilling rigs present new opportunities for growth in the coming years.
The rotary drills segment to maintain its leadership status throughout the forecast period
Based on type, the rotary drills segment held the highest market share in 2022, accounting for more than half of the global surface drilling rig market revenue, and is estimated to maintain its leadership status throughout the forecast period. Rotary drilling rigs are used for drilling holes of larger diameter often two meters or more, and for depths of more than a hundred meters; however, 50-60 meters can be drilled efficiently. On the other hand, the boom drills segment is projected to manifest a higher CAGR of 5.1% from 2023 to 2032, owing to its ability to create blastholes on the walls of underground mines.
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The quarrying segment to maintain its dominance throughout the forecast period
Based on application, the quarrying segment held the highest market share in 2022, accounting for around two-fifths of the global surface drilling rig market, and is estimated to maintain its dominance throughout the forecast period. This is due to increased demand for the rapid growth of the construction sector, mainly driven by urbanization and population growth. Thus, witnessing growth in demand for quarried material, prominent players have innovated and launched surface drilling rigs for quarrying operations. However, the construction segment would display the highest CAGR of 6.4% from 2023 to 2032. This is attributed to rapid growth in the population, which drives the demand for residential and non-residential construction.
The others segment to maintain its lead position during the forecast period
Based on commodity, the others segment accounted for the largest share in 2022, contributing to around two-fifths of the global surface drilling rig market revenue, and is projected to maintain its lead position during the forecast period. The others segment include phosphate rock, gypsum, nickel, and cobalt. The others segment is anticipated to witness growth owing to an increase in demand for the above-mentioned minerals, attributed to global economic growth. However, the infrastructure segment is expected to exhibit the fastest CAGR of 6.9% from 2023 to 2032. An increase in construction in mountainous regions, such as tunnelling operations and the trimming and cutting of large boulders, is anticipated to drive growth in the infrastructure segment.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global surface drilling rig market revenue, and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 5.3% from 2023 to 2032. This growth, attributed to the rapid economic growth of China, India, Vietnam, and Indonesia, is playing an instrumental role in the growth of the construction and mining sectors, thereby positively influencing the growth of the surface drilling rig market.
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The report provides a detailed analysis of these key players in the global surface drilling rig market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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