Drilling Equipment Market Size & CAGR (2023-2031)
The Drilling Equipment Market is expected to register a CAGR of 6.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The market is segmented into by Product Type, and Application. The Product Type segment is divided into Drill Bits, Drill Collars, Drilling Jars, Drilling Motors, Drill Swivels, Others. Based on Application, the market is segmented into On-shore, Off-shore.
Purpose of the ReportThe report Drilling Equipment Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Drilling Equipment Market Segmentation
Product Type- Drill Bits
- Drill Collars
- Drilling Jars
- Drilling Motors
- Drill Swivels
- Others
- On-shore
- Off-shore
Strategic Insights
Drilling Equipment Market Growth Drivers- Growing Demand in the Energy Sector: The drilling equipment market primarily focuses on the increasing demand for energy resources, especially oil and natural gas. As global energy consumption continues to grow, the equipment required to explore and extract these resources is also expected to grow to advanced levels.
- Infrastructure development: Growth in infrastructure projects like construction, mining, and urban development is also a major stimulator. Countries invest in infrastructure to increase economic growth; the demand for drilling equipment used in such projects has been rising, increasing market activity.
- Shift toward Sustainability: There is growing concern toward sustainability by players in the drilling equipment market. Companies are increasingly focusing on green practices that would reduce emissions and minimize the ecological footprint associated with the operations of drilling. As such, the trend brings forth the idea of more sustainable drilling technologies and equipment.
- Increased Demand for Managed Pressure Drilling (MPD): Managed pressure drilling techniques have increasingly become commonplace in the industry. This means better downhole pressure management through the ability to achieve an optimal balance between improved safety in drilling and efficiency in operations. In this regard, the prime drivers of such drilling activities for the industry are, once again, performance enhancement and risk minimization from conventional drilling operations.
- Technological Innovations: Advanced technologies like automation, robotics, and data analytics carry significant growth potential for drilling. These can improve efficiency, reduce operational costs, and enhance security factors, thereby making it more attractive to optimize drilling methods for companies involved.
- Increasing Demand in Emerging Regions: The Asia-Pacific and African regions have promising scope within drilling equipment market, holding evolving markets. As the regions are still in the process of full-scale industrialization and urbanization, the demand for drilling equipment for various applications, including mining and construction, is likely to rise.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Drilling Equipment Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Drilling Equipment Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Drilling Equipment Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage:by Product Type (Drill Bits, Drill Collars, Drilling Jars, Drilling Motors, Drill Swivels, Others) ; Application (On-shore, Off-shore) , and Geography (North America, Europe, Asia Pacific, and South and Central America) is estimated to witness a CAGR of 6.5% from 2023 to 2031
The major factors driving the drilling equipment market are: Growing Energy Sector
High Maintenance and Repair Cost
Akkerman Inc., Astec Industries, Inc., Atlas Copco, China Communications Construction Company, CREG TBM Germany GmbH, Herrenknecht AG, Hitachi Zosen Corporation, Sandvik ABSANY Group, Wabtec Corporation
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Drilling Equipment Market - By Product Type
1.3.2 Drilling Equipment Market - By Application
1.3.3 Drilling Equipment Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. DRILLING EQUIPMENT MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. DRILLING EQUIPMENT MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. DRILLING EQUIPMENT MARKET - GLOBAL MARKET ANALYSIS
6.1. DRILLING EQUIPMENT - GLOBAL MARKET OVERVIEW
6.2. DRILLING EQUIPMENT - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. DRILLING EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. DRILL BITS
7.3.1. Overview
7.3.2. Drill Bits Market Forecast and Analysis
7.4. DRILL COLLARS
7.4.1. Overview
7.4.2. Drill Collars Market Forecast and Analysis
7.5. DRILLING JARS
7.5.1. Overview
7.5.2. Drilling Jars Market Forecast and Analysis
7.6. DRILLING MOTORS
7.6.1. Overview
7.6.2. Drilling Motors Market Forecast and Analysis
7.7. DRILL SWIVELS
7.7.1. Overview
7.7.2. Drill Swivels Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. DRILLING EQUIPMENT MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. ON-SHORE
8.3.1. Overview
8.3.2. On-shore Market Forecast and Analysis
8.4. OFF-SHORE
8.4.1. Overview
8.4.2. Off-shore Market Forecast and Analysis
9. DRILLING EQUIPMENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Drilling Equipment Market Overview
9.1.2 North America Drilling Equipment Market Forecasts and Analysis
9.1.3 North America Drilling Equipment Market Forecasts and Analysis - By Product Type
9.1.4 North America Drilling Equipment Market Forecasts and Analysis - By Application
9.1.5 North America Drilling Equipment Market Forecasts and Analysis - By Countries
9.1.5.1 United States Drilling Equipment Market
9.1.5.1.1 United States Drilling Equipment Market by Product Type
9.1.5.1.2 United States Drilling Equipment Market by Application
9.1.5.2 Canada Drilling Equipment Market
9.1.5.2.1 Canada Drilling Equipment Market by Product Type
9.1.5.2.2 Canada Drilling Equipment Market by Application
9.1.5.3 Mexico Drilling Equipment Market
9.1.5.3.1 Mexico Drilling Equipment Market by Product Type
9.1.5.3.2 Mexico Drilling Equipment Market by Application
9.2. EUROPE
9.2.1 Europe Drilling Equipment Market Overview
9.2.2 Europe Drilling Equipment Market Forecasts and Analysis
9.2.3 Europe Drilling Equipment Market Forecasts and Analysis - By Product Type
9.2.4 Europe Drilling Equipment Market Forecasts and Analysis - By Application
9.2.5 Europe Drilling Equipment Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Drilling Equipment Market
9.2.5.1.1 Germany Drilling Equipment Market by Product Type
9.2.5.1.2 Germany Drilling Equipment Market by Application
9.2.5.2 France Drilling Equipment Market
9.2.5.2.1 France Drilling Equipment Market by Product Type
9.2.5.2.2 France Drilling Equipment Market by Application
9.2.5.3 Italy Drilling Equipment Market
9.2.5.3.1 Italy Drilling Equipment Market by Product Type
9.2.5.3.2 Italy Drilling Equipment Market by Application
9.2.5.4 United Kingdom Drilling Equipment Market
9.2.5.4.1 United Kingdom Drilling Equipment Market by Product Type
9.2.5.4.2 United Kingdom Drilling Equipment Market by Application
9.2.5.5 Russia Drilling Equipment Market
9.2.5.5.1 Russia Drilling Equipment Market by Product Type
9.2.5.5.2 Russia Drilling Equipment Market by Application
9.2.5.6 Rest of Europe Drilling Equipment Market
9.2.5.6.1 Rest of Europe Drilling Equipment Market by Product Type
9.2.5.6.2 Rest of Europe Drilling Equipment Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Drilling Equipment Market Overview
9.3.2 Asia-Pacific Drilling Equipment Market Forecasts and Analysis
9.3.3 Asia-Pacific Drilling Equipment Market Forecasts and Analysis - By Product Type
9.3.4 Asia-Pacific Drilling Equipment Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Drilling Equipment Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Drilling Equipment Market
9.3.5.1.1 Australia Drilling Equipment Market by Product Type
9.3.5.1.2 Australia Drilling Equipment Market by Application
9.3.5.2 China Drilling Equipment Market
9.3.5.2.1 China Drilling Equipment Market by Product Type
9.3.5.2.2 China Drilling Equipment Market by Application
9.3.5.3 India Drilling Equipment Market
9.3.5.3.1 India Drilling Equipment Market by Product Type
9.3.5.3.2 India Drilling Equipment Market by Application
9.3.5.4 Japan Drilling Equipment Market
9.3.5.4.1 Japan Drilling Equipment Market by Product Type
9.3.5.4.2 Japan Drilling Equipment Market by Application
9.3.5.5 South Korea Drilling Equipment Market
9.3.5.5.1 South Korea Drilling Equipment Market by Product Type
9.3.5.5.2 South Korea Drilling Equipment Market by Application
9.3.5.6 Rest of Asia-Pacific Drilling Equipment Market
9.3.5.6.1 Rest of Asia-Pacific Drilling Equipment Market by Product Type
9.3.5.6.2 Rest of Asia-Pacific Drilling Equipment Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Drilling Equipment Market Overview
9.4.2 Middle East and Africa Drilling Equipment Market Forecasts and Analysis
9.4.3 Middle East and Africa Drilling Equipment Market Forecasts and Analysis - By Product Type
9.4.4 Middle East and Africa Drilling Equipment Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Drilling Equipment Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Drilling Equipment Market
9.4.5.1.1 South Africa Drilling Equipment Market by Product Type
9.4.5.1.2 South Africa Drilling Equipment Market by Application
9.4.5.2 Saudi Arabia Drilling Equipment Market
9.4.5.2.1 Saudi Arabia Drilling Equipment Market by Product Type
9.4.5.2.2 Saudi Arabia Drilling Equipment Market by Application
9.4.5.3 U.A.E Drilling Equipment Market
9.4.5.3.1 U.A.E Drilling Equipment Market by Product Type
9.4.5.3.2 U.A.E Drilling Equipment Market by Application
9.4.5.4 Rest of Middle East and Africa Drilling Equipment Market
9.4.5.4.1 Rest of Middle East and Africa Drilling Equipment Market by Product Type
9.4.5.4.2 Rest of Middle East and Africa Drilling Equipment Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Drilling Equipment Market Overview
9.5.2 South and Central America Drilling Equipment Market Forecasts and Analysis
9.5.3 South and Central America Drilling Equipment Market Forecasts and Analysis - By Product Type
9.5.4 South and Central America Drilling Equipment Market Forecasts and Analysis - By Application
9.5.5 South and Central America Drilling Equipment Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Drilling Equipment Market
9.5.5.1.1 Brazil Drilling Equipment Market by Product Type
9.5.5.1.2 Brazil Drilling Equipment Market by Application
9.5.5.2 Argentina Drilling Equipment Market
9.5.5.2.1 Argentina Drilling Equipment Market by Product Type
9.5.5.2.2 Argentina Drilling Equipment Market by Application
9.5.5.3 Rest of South and Central America Drilling Equipment Market
9.5.5.3.1 Rest of South and Central America Drilling Equipment Market by Product Type
9.5.5.3.2 Rest of South and Central America Drilling Equipment Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. DRILLING EQUIPMENT MARKET, KEY COMPANY PROFILES
11.1. AKKERMAN INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ASTEC INDUSTRIES, INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. ATLAS COPCO
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. BESSAC (SOLETANCHE BACHY)
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. CHINA COMMUNICATIONS CONSTRUCTION COMPANY
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. CREG TBM GERMANY GMBH
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. HERRENKNECHT AG
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. HITACHI ZOSEN CORPORATION
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SANDVIK AB
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. SANY GROUP
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.Akkerman Inc.2.Astec Industries, Inc.3.Atlas Copco4.BESSAC (Soletanche Bachy)5.China Communications Construction Company6.CREG TBM Germany GmbH7.Herrenknecht AG8.Hitachi Zosen Corporation9.Sandvik AB10.SANY Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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