(MENAFN- America News Hour) There is a significant growth in industrialization and construction, and it has been notified that the mining activities are burgeoning. The introduction of oil and gas reserves in remote areas and increasing technological advancements has given rise to cost-effective and feasible drilling operations. High tech rig designs and bigger horse-power rigs are demanded.
According to a recently published report by Research Nester on“global surface drilling rigs market : Global Demand Analysis & Opportunity Outlook 2027′′ delivers detailed overview of the global surface drilling rigs market in terms of market segmentation by method, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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Additionally, digital sensors have been used in drilling rigs for recording massive data that can be later analyzed with the information collected from other fields and can be used to make better decisions. On account of these factors, the market is anticipated to record a CAGR of around 4.2% over the forecast period i.e. 2019-2027.
The market is segmented by method into top hammer, down-the-hole and others, out of which, the top hammer segment is anticipated to have significant growth on account of its reliability and high penetration during toughest times.
The market is further segmented by application into quarrying, mining, civil engineering, dimension stone industry and others, out of which, civil engineering segment is anticipated to have leading shares on account of surface drilling rigs being used in construction sites to lay small split holes for depth foundations.
Asia Pacific region holds largest share in the global surface drilling rigs market owing to the presence of growing economies, such as India and China. Middle East follows Asia Pacific region in terms of market share attributing to huge investments and infrastructural developments in industrial and commercial sector. Additionally, rising construction activities in countries such as Qatar and Saudi Arabia and increasing production of iron, copper in the mining industry has contributed towards the growth of the surface drilling market globally. Europe and North America has been estimated to witness significant growth on account of rising investment in construction activities and growth of the mining industry in the regions.
Increased Construction and Mining Activities and Enhancement in Technology to boost the market growth
The construction and mining activities have increased in the recent years and new projects have been implemented which require surface drilling. In the recent times, the drilling rigs with latest technology have been manufactured which offer high performance and are made to meet the demand of the production cycles. These factors are projected to augment the market growth.
The cost of operating the surface drilling rigs is high as compared to the rotary drilling rigs and this factor is predicted to restrain the growth of the market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global surface drilling rigs market which includes company profiling of
Atlas Copco, Sandvik, Herrenknecht, Robbins, Akkerman, Sunward, Furukawa, Hausherr, Junjin CSM, and JK Drilling.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global surface drilling rigs market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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