Drill Rig Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application, Product Type

Drill Rig Market Overview

The global drill rig market is poised for significant growth from 2025 to 2030, driven by increasing demand in mining, construction, and exploration activities. Drill rigs are essential equipment used in various industries, including underground mining, surface mining, exploration, and civil engineering. The market is expected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period, reaching a market size of approximately $12.5 billion by 2030.

Market Size and Growth

The drill rig market was valued at $9.8 billion in 2025 and is projected to grow to $12.5 billion by 2030. This growth is attributed to the rising demand for minerals and metals, coupled with advancements in drilling technologies. The underground drill rig segment is expected to grow at a CAGR of 4.8%, while the surface drill rig segment is anticipated to grow at a slightly higher CAGR of 5.5%.

Market Share & Trends Analysis

By Product Type

• Underground Drill Rig: This segment held a market share of 45% in 2025 and is expected to maintain its dominance due to the increasing demand for underground mining activities.
• Surface Drill Rig: This segment accounted for 55% of the market share in 2025 and is projected to grow at a faster rate due to the expansion of surface mining operations.

By Key Players

The global drill rig market is highly competitive, with key players such as Sandvik, EPIROC, Caterpillar, ZHEJIANG KAISHAN, Sunward Intelligent Equipment, Zhejiang Zhigao Machinery, Soosan Heavy Industries, and Hyundai Everdigm leading the market. These companies are focusing on innovation, strategic partnerships, and mergers & acquisitions to strengthen their market position.

By Process

The market is segmented into rotary drilling, percussion drilling, and others. Rotary drilling held the largest market share of 60% in 2025, owing to its efficiency and versatility in various applications.

By Application

• Underground Mining: This application segment accounted for 35% of the market share in 2025 and is expected to grow at a CAGR of 4.7%.
• Surface Mining: This segment held a market share of 40% in 2025 and is projected to grow at a CAGR of 5.3%.
• Exploration: The exploration segment is expected to grow at a CAGR of 5.0%, driven by increasing investments in mineral exploration.
• Underground Civil Engineering: This segment is anticipated to grow at a CAGR of 4.5%.
• Surface Civil Engineering: This segment is projected to grow at a CAGR of 5.1%.

By End-Use

The end-use segments include mining, construction, oil & gas, and others. The mining sector held the largest market share of 50% in 2025, driven by the increasing demand for minerals and metals. The construction sector is expected to grow at a CAGR of 5.0%, while the oil & gas sector is projected to grow at a CAGR of 4.8%.

By Region

• North America: The North American market held a share of 25% in 2025 and is expected to grow at a CAGR of 4.9%.
• Europe: Europe accounted for 20% of the market share in 2025 and is projected to grow at a CAGR of 4.7%.
• Asia-Pacific: The Asia-Pacific region held the largest market share of 35% in 2025 and is expected to grow at a CAGR of 5.8%, driven by rapid industrialization and urbanization.
• Latin America: This region is projected to grow at a CAGR of 5.2%.
• Middle East & Africa: The Middle East & Africa region is expected to grow at a CAGR of 5.0%.

Market News on Policy and Companies

Recent developments in the drill rig market include:

• Policy Changes: Governments worldwide are implementing stricter regulations on mining and construction activities to ensure environmental sustainability. For instance, the European Union has introduced new guidelines to reduce carbon emissions from mining operations by 30% by 2030.
• Company News: In 2025, Sandvik announced the launch of its new line of electric-powered drill rigs, aimed at reducing carbon emissions and operational costs. EPIROC has also entered into a strategic partnership with a leading mining company to develop autonomous drilling solutions.

Segment Forecasts, 2025 - 2030

The drill rig market is expected to witness significant growth across all segments from 2025 to 2030. Key forecasts include:

• Underground Drill Rig: This segment is projected to grow at a CAGR of 4.8%, driven by the increasing demand for underground mining activities.
• Surface Drill Rig: The surface drill rig segment is expected to grow at a CAGR of 5.5%, fueled by the expansion of surface mining operations.
• Exploration: The exploration segment is anticipated to grow at a CAGR of 5.0%, supported by rising investments in mineral exploration.
• Underground Civil Engineering: This segment is projected to grow at a CAGR of 4.5%.
• Surface Civil Engineering: The surface civil engineering segment is expected to grow at a CAGR of 5.1%.

Conclusion

The global drill rig market is set to experience robust growth from 2025 to 2030, driven by increasing demand in mining, construction, and exploration activities. Key players such as Sandvik, EPIROC, and Caterpillar are leading the market with innovative solutions and strategic partnerships. The market is expected to grow at a CAGR of 5.2%, reaching a market size of approximately $12.5 billion by 2030. With advancements in drilling technologies and increasing investments in mining and construction, the drill rig market is poised for a promising future.