Global Water Well Drilling Rig Market is anticipated to grow at a robust pace in the forecast period 2022-2028
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Rising Drilling Operations & Need for Water Exploration
The expanding infrastructure investment and encouraging mining exploration projects present water well drilling rigs with attractive growth prospects. These elements boost the market's demand for water well drilling rigs within the anticipated time frame. Water jets are used in coal mining to dismantle coal scams and remove sediments from the frauds. Around 250 liters of fresh water are required for every ton of coal produced.For instance, India has 344.02 billion tons of total coal resources. India's commercial primary energy consumption has increased by 700% over the last forty years. Expanding economies, growing populations, and improving quality of life are the leading causes of the rise in energy consumption. To support ongoing and future coal mine operations, the government wants to integrate new technologies and expand digital infrastructure, which will lessen the nation's import dependence, due to which the market is expected to rise.
People continue digging wells in several locations worldwide, as they have done for countless ages. Additionally, water wells are bored or driven. However, the advancement of contemporary water well drilling has led to the practical significance of groundwater in the current world.
Adoption of the Latest Tools and Technologies is Driving the Market
The important competitive analysis variables that fuel the need for water well drilling rigs over the forecast period include securing more drilling contracts, growing present business, and implementing divergent company strategies to expand the market.After a challenging 2020, the rebound in oil and gas demand benefits drilling activities. A 12% rise from 2020 levels, Rystad Energy anticipated that 54,000 wells will be drilled globally in 2021. Drilling will likely rise much further in 2022. As the world is moving towards drilling operations, the global water well drilling rig market is anticipated to grow in the forecast period.
Nowadays, drillers are using latest technologies and tools to enhance water exploration worldwide, due to which well logging is a method used for survey of underground water in water wells. Mapping is used for water well design and construction, hence as new technologies are coming up in the market, Global Water Well Drilling Rig Market is anticipated to grow with a high CAGR in 2023-2028.
High Cost of Drilling Equipment
However, rocky terrain requires a tricky drill bit, with more equipment costs and maintenance expenses. As a result, water well drilling rigs face challenges in the anticipated time frame.Market Segmentation
The Global Water Well Drilling Rig Market is segmented into drilling method, drilling technology, end-use. Based on drilling method, market is segmented into rotary drill, Cable tool Drill, down the hole drill, others. Based on drilling technology, market is segmented into horizontal directional drilling and vertical drilling. Based on end-use, market is segmented into oil & gas, irrigation, mining, and others.Market Players
The main market players in the Global Water Well Drilling Rig Market are Simco Drilling Equipment, Inc. Massenza Drilling Rigs, Epiroc, Lone Star Drills, Fraste S.p.A., Sunmoy Technology Co., Ltd., Dando Drilling International, PRD Rigs, Hardab, Koken Boring Machine Co., Ltd., Drillmec, and Caster Drilling Enterprises.Report Scope
In this report, Global Water Well Drilling Rig Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:Water Well Drilling Rig Market, by Drill Method:
- Rotary Drill
- Down the Hole Drill
- Cable Tool Drill
- Others
Water Well Drilling Rig Market, by Drilling Technology:
- Horizontal Directional Drilling
- Vertical Drilling
Water Well Drilling Rig Market, by End-use:
- Oil & Gas
- Irrigation
- Mining
- Others
Water Well Drilling Rig Market, by Region:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Water Well Drilling Rig Market.Available Customizations
The following customization options are available for the report:- Detailed analysis and profiling of additional market players (up to five).
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Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Simco Drilling Equipment, Inc.
- Massenza Drilling Rigs, Epiroc
- Lone Star Drills, Fraste S.p.A.
- Sunmoy Technology Co. Ltd.
- Dando Drilling International
- PRD Rigs
- Hardab
- Koken Boring Machine Co. Ltd.
- Drillmec
- Caster Drilling Enterprises