How big is the Drilling Market | Size, Segments, and Growth Opportunities 2025

Q: What is the size of the drilling market in 2024?

The drilling market was valued at USD 97.9 billion in 2024.

Q: Which sectors are driving the demand for drilling services?

The oil & gas sector remains dominant, with growing input from geothermal and mining sectors.

Q: Which technology is revolutionizing the drilling market?

Rotary steerable systems and managed pressure drilling (MPD) are transforming the landscape of drilling market.

Q: What are the challenges faced by the drilling market?

High capital investment, regulatory pressures on emissions, and volatile crude oil prices are key challenges.

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: MTA6236

Publication Date: Jul 2025

How Big Is the Drilling Market?

According to 6Wresearch internal database and industry insights, the Global drilling marke t was valued at USD 97.9 billion in 2024 and is expected to reach USD 148.7 billion by 2031, growing at a CAGR of 6.8%.

This growth is driven by surging energy demands, the revival of offshore drilling activities, and increasing investments in deepwater and ultra-deepwater projects globally.

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Growth Factors of the Drilling Market

Evolution in geothermal and renewable energy drilling for sustainable alternatives
Advancements in rotary and directional drilling technologies
Growth of oil & gas exploration in untapped regions and frontier basins
Rising offshore rig deployments due to depletion of onshore reserves
Surging demand for energy security in developing nations
Government push for shale gas and CBM extraction

Drilling Market Trends

Drilling Market is witnessing a surge in automation and the adoption of predictive maintenance using AI. Additionally, digital twin technologies are being increasingly employed for real-time rig performance analysis. Countries like the U.S., China, and Brazil are heavily investing in unconventional resource drilling, while offshore exploration in the Middle East and Sub-Saharan Africa is gaining momentum. The growing need for low-emission drilling practices is also encouraging innovation in eco-friendly drill fluids and electric-powered rigs.

Emerging Developments in Drilling Market

Emerging developments in the Drilling Market are deployment of automated drill rigs to reduce human error and enhance efficiency, and the rise of modular drilling units for remote locations. Moreover, the development of managed pressure drilling (MPD) systems and smart drill bits is reshaping drilling operations, especially in high-risk environments like deepwater or HPHT (High Pressure High Temperature) zones. Industry leaders are also entering strategic partnerships for integrated drilling services across borders.