How big is the Drilling Equipment Market | Size by Material, Type & Region 2025

Q: How much is the drilling equipment market expected to grow by 2031?

The drilling equipment market is forecast to surpass USD 33.6 billion by the end of 2031.

Q: What is driving the growth of the drilling equipment industry?

The drilling equipment industry is growing due to the expansion of oil & gas fields and increased reliance on automated drilling technologies.

Q: Which sector holds the largest share in the drilling equipment market?

The oil & gas sector dominates, followed by mining, with geothermal energy exploration gaining ground.

Q: Which region is emerging fastest in the drilling equipment industry?

Middle East and Africa are experiencing rapid growth due to large-scale upstream investments.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA6234

Publication Date: Jul 2025

How Big Is the Drilling Equipment Market?

According to 6Wresearch internal database and industry insights, the drilling equipment market was valued at USD 19.9 billion in 2024 and is anticipated to reach USD 33.6 billion by 2031, exhibiting a CAGR of 7.7% during the forecast period.

This growth is proliferated by increased global energy demand, deeper offshore oil exploration activities, and the modernization of drilling rigs with advanced automation and IoT technologies.

Growth Factors of the Drilling Equipment Market

Development of geothermal energy projects as a clean energy alternative
Increasing demand for metals and minerals propelling mining activities
Technological upgrades like automated drilling rigs and real-time data analytics
Surge in oil & gas exploration projects, especially in deepwater and ultra-deepwater reserves
Government policies supporting energy security and domestic hydrocarbon production
Rising shale gas drilling activities, particularly in North America and parts of Asia

Drilling Equipment Market Trends

The drilling equipment market is witnessing notable trends such as growing adoption of AI-enabled smart rigs, higher investments in horizontal and directional drilling technologies, and an industry-wide shift toward environmentally safe and energy-efficient equipment. Integration of remote monitoring systems and predictive maintenance tools is also transforming operations, particularly in offshore and harsh environments.

Emerging Developments in Drilling Equipment Market

Recent developments in the Drilling Equipment Industry include the deployment of hybrid-powered rigs to cut carbon emissions, rise in automated pipe-handling systems for safety and efficiency, and strategic partnerships between drilling contractors and software providers to integrate digital twins in drilling operations. Additionally, the mining sector's equipment automation wave is reshaping demand for smarter, multi-functional drilling systems.