Global Drill Rigs Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are increasing across the globe.
A machine used to make holes by penetrating in the sub-surface of Earth is known as a drilling rig. They have a number of applications such as to drill oil wells, water wells, etc.
The size of the machine may vary depending upon the type of application. The small to medium sized rigs are installed on trucks or trailers and can be easily moved from one place to another. Therefore, they are also called mobile rigs. Whereas, massive structure rigs can be either onshore rigs or offshore rigs.
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The factors that propel the growth of the Drill Rigs Market include increasing demand, growing research & development activities, technical innovations and rapid industrialization.
On the other hand, there are also factors that may hamper the growth of the market such as high operational cost.
Drill Rigs Market is classified on the basis of product type, application, distribution channel and geography.
Drill Rigs Market is classified on the basis of product type as jumbo drill rigs, top hammer drills, down-the-hole drills (DTH drill rigs) and others.
Drill Rigs Market is classified on the basis of application as quarries, mines and others.
Drill Rigs Market is classified on the basis of distribution channel as specialty stores, online stores and others.
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Drill Rigs Market is classified on the basis of geography as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.
The North American region consists of the U.S., and Canada. Latin America region consists of Mexico and Brazil. The Western European region consists of Germany, Italy, France, England and Spain. The Eastern European region consists of Poland and Russia. Asia Pacific region consists of China, India, ASEAN, Australia & New Zealand. The Middle East and Africa region consists of GCC, South Africa and North Africa.
Some of the key players that fuel the growth of the Drill Rigs Market include Atlas Copco, Everdigm, Dando Drilling International Ltd, Junjin CSM, Sandvik, Sun Machinery Corp., Watson, and others.
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