Surface Drilling Rig Market Report 2026

The surface drilling rig market size has grown strongly in recent years. It will grow from $2.63 billion in 2025 to $2.77 billion in 2026 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to expansion of mining and quarrying activities, growth in infrastructure construction projects, increasing demand for efficient drilling operations, availability of advanced hydraulic drilling technologies, rising investments in surface mining equipment.

The surface drilling rig market size is expected to see strong growth in the next few years. It will grow to $3.43 billion in 2030 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increasing adoption of autonomous drilling solutions, rising demand for productivity optimization in mining, expansion of smart construction sites, growing focus on emission reduction in heavy equipment, increasing use of data-driven drilling optimization. Major trends in the forecast period include increasing adoption of automated and remote-controlled drilling rigs, rising demand for high-precision surface drilling equipment, growing integration of telematics and monitoring systems, expansion of fuel-efficient and low-emission drill rigs, enhanced focus on operator safety and comfort.

The growth of the surface drilling rig market is anticipated to be driven by the increasing demand for oil and gas. Oil and gas, crucial sources of energy for various industrial, commercial, and residential applications globally, are naturally occurring hydrocarbon compounds found underground. This sector is witnessing growth due to rising demand for transportation, electricity generation, heating, and industrial processes. Surface drilling rigs play a vital role in drilling wells to access underground hydrocarbon reserves and are utilized for exploration, production, and maintenance operations within the oil and gas industry. For instance, the International Energy Agency (IEA) projects global oil demand to reach 105.7 million barrels per day (mb/d) by 2028, reflecting a cumulative increase of 6% from 2022. Consequently, the escalating demand for oil and gas is fueling the expansion of the surface drilling rig market.

Major companies in the surface drilling rig market are developing new products, such as battery electric surface drilling rigs, to strengthen their competitive position. A battery electric surface drilling rig is a type of surface mining and quarrying equipment powered mainly by batteries, offering reduced emissions, lower noise, and flexible deployment without dependence on diesel engines or continuous tethered power. For example, in November 2023, Sandvik introduced its second battery electric concept surface drill rig capable of down-the-hole drilling up to 229 mm in diameter, combining battery autonomy with tethered cable endurance, providing up to one hour of battery-powered drilling, extended tramming capability, and simplified cable handling for flexible operations. This advanced concept rig highlights post-2023 momentum toward electrified surface drilling solutions that enhance sustainability and operational efficiency, although battery energy density and charging infrastructure continue to affect adoption timelines.

In July 2023, Epiroc AB acquired the assets of Schramm Inc. to bolster its presence in the surface mining industry. This strategic move expands Epiroc's product offerings, enhances its global infrastructure, and integrates Schramm's reverse circulation drilling technology into its portfolio. Schramm Inc., a US-based oilfield machinery manufacturing company, specializes in rotary drilling rigs, top-head drive drill rigs, and automated pipe handling systems.

Major companies operating in the surface drilling rig market are Caterpillar Inc., Komatsu Ltd., Atlas Copco AB, Sandvik AB, Epiroc AB, Boart Longyear Group Ltd., Vermeer Corporation, Sunward Intelligent Equipment Co Ltd., Drillmec Inc., Barkom Group Inc., Revathi Equipment Limited, Mobile Drill Operating Company LLC, Sinocoredrill Group Co Ltd., Terramac LLC, Gill Rock Drill Co Inc., Bohrmeister, Soilmec S P A, Furukawa Co Ltd, XCMG Group, Liebherr Group.

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

The surface drilling rig market consists of sales of drill rigs, drill bits, drill pipes, downhole tools, telemetry systems, and safety equipment. 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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