Multi-Function Drilling Rig Market Report 2026

The multi-function drilling rig market size has grown strongly in recent years. It will grow from $9.44 billion in 2025 to $10.15 billion in 2026 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to expansion of construction and infrastructure projects, growth in mineral exploration activities, rising demand for water well drilling, adoption of mechanized drilling solutions, availability of multi-purpose drilling equipment.

The multi-function drilling rig market size is expected to see strong growth in the next few years. It will grow to $13.42 billion in 2030 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to increasing investments in infrastructure development, expansion of renewable energy and geothermal drilling, rising automation in drilling operations, growing focus on fuel efficiency, increasing demand for rapid deployment rigs. Major trends in the forecast period include increasing demand for versatile drilling platforms, rising adoption of automated and remote-controlled rigs, growing use of modular and mobile rig configurations, expansion of hybrid power drilling rigs, enhanced focus on multi-terrain capability.

The rise in oil and gas prices is expected to drive the growth of the multi-function drilling rig market. Geopolitical tensions, which disrupt global supply chains, have significantly increased oil and gas prices. Multi-function drilling rigs help the oil and gas industry reduce operational costs and enhance drilling efficiency, which can stabilize production and influence market prices. For example, in January 2025, Natural Resources Canada reported that crude oil prices had nearly doubled over the past year, increasing by approximately $0.35 per liter, which impacted overall energy and transportation costs. Consequently, the surge in oil and gas prices is fueling the growth of the multi-function drilling rig market.

Companies in the multi-function drilling rig market are focusing on advancements in intelligent drilling technologies, such as integrating smart rig control systems to improve automation, precision, and sustainability in surface and construction drilling operations. A smart rig control system (RCS) enables advanced monitoring, digital control, and optimized performance through automated drilling functions and fuel management. In September 2024, Epiroc AB launched the next-generation SmartROC CL MKII surface drill rig, designed to improve operational efficiency and sustainability for the mining and quarrying sectors. The drill rig features the advanced COP QM50CR rock drill and upgraded COPROD technology, which enhances penetration rates and hole precision while reducing fuel consumption by up to 45% compared to traditional Down-The-Hole systems. The model offers improved reliability, lower total cost of ownership, and an upgraded control system for smoother operation and reduced downtime, making it ideal for production drilling and pre-splitting applications with hole diameters up to 216 mm.

In March 2024, Junttan Oy, a Finland-based manufacturer of hydraulic piling equipment and foundation drilling rigs, partnered with SNM Heavy Handling to expand its presence and improve customer support in France. This collaboration aims to enhance service availability and provide a comprehensive range of foundation equipment solutions, including hydraulic hammers, vibratory hammers, and multi-function drilling rigs. SNM Heavy Handling, based in France, specializes in the distribution, maintenance, and servicing of heavy lifting and handling equipment.

Major companies operating in the multi-function drilling rig market are Caterpillar Inc., Schlumberger Limited, Xuzhou Construction Machinery Group Co. Ltd. (XCMG), Sandvik AB, SANY Group Co. Ltd., NOV Inc., Epiroc AB, Nabors Industries Ltd., Helmerich & Payne Inc., BAUER Maschinen GmbH, Precision Drilling Corporation, Foremost Industries Ltd., Herrenknecht AG, Schramm Inc., CASAGRANDE S.p.A., Drillmec India Private Limited, Comacchio S.r.l., Bulcomers KS, SOILMEC S.p.A., Parkline Rigs India Private Limited.

North America was the largest region in the multi-function drilling rig market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multi-function drilling rig market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the multi-function drilling rig market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The multi-function drilling rig market consists of sales of drilling rigs, drill bits, mud pumps, hydraulic systems, control panels, power units, drill pipes, casing tubes, winches, stabilizers, rotary tables, top drives, hoisting systems, mud tanks, and blowout preventers. 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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