Global Drilling Machines Market Synopsis
Drilling Machines Market Size Was Valued at USD 27,000.00 Million in 2023 and is Projected to Reach USD 41,900.00 Million by 2030, Growing at a CAGR of 5.77% From 2024-2030.
The Global Drilling Machines Market is estimated to grow at a CAGR of 5.77% from 2024-2030.
- The global drilling machines market is experiencing significant growth, driven by increasing demand across various industries such as construction, mining, oil & gas, and manufacturing. Technological advancements have led to the development of more efficient and versatile drilling equipment, further propelling market expansion.
- The rising demand for industrial machinery and infrastructure projects in emerging economies is fuelling the growth of the drilling machines market.
- Drilling machines are used in a wide range of industries, including automotive, aerospace, electronics, and medical, contributing to market growth.
Global Drilling Machines Market Trend Analysis
Increased Demand in Key Industries:
- The construction, mining, and oil & gas industries are major consumers of drilling machines, necessitating advanced drilling solutions for various applications such as site preparation and infrastructure development.
Technological Advancements:
- Innovations such as automated drilling systems and IoT integration for real-time monitoring are enhancing operational efficiency and productivity in drilling operations. The International Energy Agency (IEA) forecasts a substantial increase in oil demand by 2025, necessitating advanced drilling solutions for exploration and development.
Renewable Energy Initiatives:
- The growing emphasis on renewable energy sources has led to increased demand for drilling machines used in the construction of solar farms, wind turbines, and geothermal wells.
Global Drilling Machines Market Segment Analysis:
Drilling Machines Market Segmented based on Exploration Drilling Equipment, Production Drilling Equipment, Water Well Drilling Equipment, Application, Distribution Channel, and Region.
By Production Drilling Equipment, the Rotary DTH Accessories segment is expected to dominate the market during the forecast period
By Production Drilling Equipment, the Rotary DTH Accessories segment is expected to dominate the Global Drilling Machines Market throughout the forecast period and is estimated to account for 60% of the market share in 2023. The market, particularly in the domain of rotary DTH accessories, is poised for substantial growth due to technological advancements and increasing demand across various sectors.
Global Drilling Machines Market Regional Insights:
Asia-Pacific is Expected to Dominate the Market Over the Forecast period
Geographically Asia-Pacific accounts for the largest share of the global drilling machine market and is expected to develop at a considerable CAGR during the forecast period. China has pioneered the drilling machine market and shall have the largest market share throughout the forecast period.
Global Drilling Machines Market Top Key Players:
- Soilmec
- Italdraghe S.p.A.
- Cavotec
- Schlumberger
- Nabors Industries Ltd
- Atlas Copco
- Herrenknecht
- Bauer Italia
- Vermeer
- Epiroc
- Other Major Players
Key Developments:
- In May 2023, At ConExpo in Las Vegas, Soilmec showcased its advanced SR-95 Blue Tech piling rig, featuring a redesigned cab, upgraded hydraulics, and improved fuel efficiency. The rig could dig deeper and larger piles with increased torque and a variable drilling axis. Also displayed were the SR-45 hydraulic drilling rig with enhanced visibility and the compact SM-11 drilling rig, designed for urban construction.
- In June 2024, Cavotec signed a two-year service agreement with Port of Salalah in Oman to maintain its 32 installed MoorMaster vacuum mooring units. This agreement aimed to enhance the port's operational efficiency by reducing downtime. Cavotec, already a key partner in automating Salalah's berths, emphasized the importance of ensuring equipment reliability, even under challenging weather conditions, as noted by Patrick Baudin, President of Services.