The rotary drilling rig market size is expected to see steady growth in the next few years. It will grow to $4.17 billion in 2028 at a compound annual growth rate (CAGR) of 4%. The projected growth in the forecast period can be linked to factors including global energy demand, the development of renewable energy infrastructure, digitalization and automation, offshore exploration, and infrastructure enhancement. Key trends anticipated in this period encompass the increasing uptake of automated solutions, heightened demand for environmentally sustainable technologies, a growing emphasis on data analytics and predictive maintenance, the expansion of offshore drilling endeavors, and the emergence of integrated drilling solutions.
The rotary drilling rig market is poised for growth due to the increasing global energy demand. Energy is essential for powering various industrial activities, and the demand is rising due to factors such as the growth of energy-intensive sectors such as mining, agriculture, and heavy manufacturing, as well as a global shift toward electrification. Rotary drilling rigs play a crucial role in the energy sector by exploring and extracting oil and natural gas from underground reservoirs. These rigs penetrate deep into the Earth's subsurface to access hydrocarbon reservoirs, which are vital for meeting the energy needs of modern society. For example, the Energy Information Administration projected a 5% to 32% increase in energy usage in the US industrial sector between 2022 and 2050, highlighting the growing demand driving the rotary drilling rig market.
Key players in the rotary drilling rig market are introducing innovative products such as the Sandvik RR340 single seal roller bearing rotary drill to enhance their competitiveness. The Sandvik RR340 drill is a specialized tool designed for rotary drilling operations, featuring a single seal design, typically a roller-bearing seal, to maintain lubrication and prevent debris ingress. This design improves drilling efficiency and longevity by minimizing friction and heat generation, resulting in longer service life and enhanced reliability compared to standard air-bearing bits. Sandvik AB launched the Sandvik RR340 drill in April 2023, offering customers a 45% longer service life with optional PowerCarbide inserts, leading to reduced total drilling costs. The RR340 drill ensures increased dependability and longer bearing hours through its low-friction bearing and abrasion-resistant radial seal, reducing wear and heat during drilling operations. Sandvik's rotary bit lineup is complemented by the RR340, providing superior performance and efficiency across various drilling applications, available in diameters ranging from 6¾" to 12¼".
In October 2023, Consolidated Equipment Group LLC acquired PRO-DIG LLC, expanding its portfolio to include foundation drilling equipment and tooling. This acquisition strengthens Consolidated Equipment Group's position as a provider of high-quality attachments and implements across multiple industries, as PRO-DIG LLC specializes in manufacturing drilling and piling equipment, including rotary drill rigs.
Major companies operating in the rotary drilling rig market are Caterpillar Inc., Komatsu Ltd, Liebherr Group, Atlas Copco, SANY Group Co. Ltd, Sandvik AB, Hitachi Construction Machinery Co. Ltd., Zoomlion Heavy Industry Science & Technology Co. Ltd, Doosan Bobcat, Bauer AG, Vermeer Manufacturing, The Charles Machine Works, TESMEC S.p.A., RIVARD SAS, Schramm Inc., MARAIS SA, STREICHER Drilling Technology GmbH, Simex Srl, Dando Drilling International Ltd., Auger Torque Europe, Inter-Drain Sales BV, Beijing Sinovo International, ATTEC International, Mastenbroek Limited, Tecnologia Dinamica en Implementos.
North America was the largest region in the rotary drilling rig market in 2023. Middle-East and Africa is expected to be the fastest-growing region in the forecast period. The regions covered in the rotary drilling rig market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rotary drilling rig market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
A rotary drilling rig is a specialized piece of equipment utilized in the oil and gas industry, as well as in construction and mining, for drilling boreholes or wells into the Earth's subsurface. These rigs employ significant torque and rotation, enabling rapid and efficient drilling while ensuring high-quality results.
The primary types of rotary drilling rigs include crawler rotary drilling rigs and rubber-tired rotary drilling rigs. Crawler rotary drilling rigs are robust machines equipped with tracks, designed for maneuverability across challenging terrains and environments. They can be utilized in various settings, including onshore and offshore, for multiple purposes such as oil and gas exploration, mining, and others.
The rotary drilling rig market research report is one of a series of new reports that provides rotary drilling rig market statistics, including rotary drilling rig industry global market size, regional shares, competitors with rotary drilling rig market share, detailed rotary drilling rig market segments, market trends, and opportunities, and any further data you may need to thrive in the rotary drilling rig industry. This rotary 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 rotary drilling rig market consists of sales of drill bits, drill pipe, mud systems, hosting equipment, blowout preventers and down hole tools. 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.
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Table of Contents
Executive Summary
Rotary Drilling Rig Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on rotary 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.
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Description
Where is the largest and fastest growing market for rotary drilling rig ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The rotary drilling rig market global report 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 market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Crawler Rotary Drilling Rigs; Rubber-Tired Rotary Drilling Rigs2) By Location Of Deployment: Onshore; Offshore
3) By Application: Oil and Gas; Mining; Other Applications
Key Companies Mentioned: Caterpillar Inc.; Komatsu Ltd; Liebherr Group; Atlas Copco; SANY Group Co. Ltd
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Caterpillar Inc.
- Komatsu Ltd
- Liebherr Group
- Atlas Copco
- SANY Group Co. Ltd
- Sandvik AB
- Hitachi Construction Machinery Co. Ltd.
- Zoomlion Heavy Industry Science & Technology Co. Ltd
- Doosan Bobcat
- Bauer AG
- Vermeer Manufacturing
- The Charles Machine Works
- TESMEC S.p.A.
- RIVARD SAS
- Schramm Inc.
- MARAIS SA
- STREICHER Drilling Technology GmbH
- Simex Srl
- Dando Drilling International Ltd.
- Auger Torque Europe
- Inter-Drain Sales BV
- Beijing Sinovo International
- ATTEC International
- Mastenbroek Limited
- Tecnologia Dinamica en Implementos
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | April 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 3.56 Billion |
Forecasted Market Value ( USD | $ 4.17 Billion |
Compound Annual Growth Rate | 4.0% |
Regions Covered | Global |