Track Mounted Drilling Rig Market
The market for Track Mounted Drilling Rig was estimated at $2.3 billion in 2024; it is anticipated to increase to $3.7 billion by 2030, with projections indicating growth to around $5.4 billion by 2035.
Report Summary
Market Data
Methodology
Table of Contents
Global Track Mounted Drilling Rig Market Outlook
Revenue, 2024
$2.3B
Forecast, 2034
$5.0B
CAGR, 2025 - 2034
8.2%
The Track Mounted Drilling Rig industry revenue is expected to be around $2.5 billion in 2025 and expected to showcase growth with 8.2% CAGR between 2025 and 2034. The Track Mounted Drilling Rig market demonstrates strong growth because of multiple essential factors. The worldwide energy demand increase together with ongoing efforts to discover new oil and gas reserves has created substantial market demand for efficient drilling equipment. The oil and gas sector along with other industries choose Track Mounted Drilling Rigs because they offer both mobility and versatility. The market demand for these drilling rigs has increased because of technological progress in drilling and the rising importance of operational efficiency and safety standards.
The main feature of Track Mounted Drilling Rigs is their ability to move across difficult terrain which makes them suitable for operations in remote and challenging locations. These rigs are equipped with advanced technology that enables precise drilling, thereby reducing operational risks and increasing productivity. These rigs are used in various sectors such as oil and gas, mining, and construction. There has been a recent trend towards automation and digitalization in drilling operations which has led to the development of smart Track Mounted Drilling Rigs.
Market Key Insights
- The Track Mounted Drilling Rig market is projected to grow from $2.3 billion in 2024 to $5.0 billion in 2034. This represents a CAGR of 8.2%, reflecting rising demand across Oil & Gas Exploration, Geotechnical Investigation and Mineral Mining.
- Schramm Inc., Sandvik Mining and Rock Technology, Atlas Copco are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Track Mounted Drilling Rig market and are expected to observe the growth CAGR of 6.0% to 8.6% between 2024 and 2030.
- Emerging markets including Brazil, Indonesia and South Africa are expected to observe highest growth with CAGR ranging between 7.9% to 10.3%.
- Transition like Technological Advancements is expected to add $120 million to the Track Mounted Drilling Rig market growth by 2030.
- The Track Mounted Drilling Rig market is set to add $2.7 billion between 2024 and 2034, with manufacturer targeting Construction & Oil & Gas Applications projected to gain a larger market share.
- With Advancements in drilling technologies, and Increasing exploration activities, Track Mounted Drilling Rig market to expand 120% between 2024 and 2034.
Opportunities in the Track Mounted Drilling Rig
The Track Mounted Drilling Rig market has also gained new opportunities through advanced technologies which include automation and remote monitoring systems in drilling equipment. The market benefits from these technologies because manufacturers use them to improve efficiency and safety and productivity which gives them market competitiveness.
Growth Opportunities in North America and Asia Pacific
The Track Mounted Drilling Rig market in North America benefits from its state-of-the-art technology and well-developed infrastructure. The main driver of growth in this region stems from rising oil and gas exploration activities throughout the United States and Canada. The competitive market structure is supported by major players including Caterpillar and Komatsu. The adoption of automated drilling systems and digitalization trends in drilling operations will generate major opportunities throughout this region.
The Asia Pacific region, led by countries like China, India, and Australia, is witnessing a surge in demand for Track Mounted Drilling Rig. The region’s growth is fueled by the expanding construction and mining sectors, coupled with the increasing investments in infrastructure development. The competitive landscape is marked by the presence of prominent players such as Sany Group and XCMG. Furthermore, the rising focus on safety regulations and the adoption of technologically advanced drilling equipment are key drivers in this region.
Market Dynamics and Supply Chain
01
Driver: Advancements in Drilling Technologies, and Infrastructure Development Projects
The ongoing development of drilling technologies has also led to rising market demand for track mounted drilling rigs. The rigs feature automated drilling systems and high-speed drilling capabilities and enhanced bit designs which boost their operational speed and efficiency. The track mounted drilling rig market will also experience growth during the upcoming years because of this trend. The rise in infrastructure development projects worldwide has also increased the need for efficient drilling equipment. Track mounted drilling rigs, known for their high drilling capacity and mobility, are also extensively used in these projects. This is also expected to propel the growth of the track mounted drilling rig market.
The rising number of exploration activities in the oil and gas industry has also created a growing need for track mounted drilling rigs. The rigs are also chosen because of their ability to move and adapt to difficult terrain conditions which makes them suitable for exploration operations. The track mounted drilling rig market is also expected to experience substantial growth because of this development.
02
Restraint: High Initial Investment
The high initial cost of Track Mounted Drilling Rigs can be a significant barrier for many companies, particularly small and medium-sized enterprises. The advanced technologies and robust materials used in these rigs make them a high-priced asset. This high capital expenditure may deter potential buyers, affecting the overall market demand for these rigs.
03
Opportunity: Expanding Infrastructure Projects and Strategic Collaborations and Partnerships
The Track Mounted Drilling Rig industry will experience substantial growth during the upcoming years because of rising worldwide infrastructure development. The drilling rigs serve multiple industries including construction mining and oil & gas which currently face rising demand levels. The growing need for powerful drilling equipment in these sectors creates a major market opportunity for Track Mounted Drilling Rig manufacturers.
The market growth of Track Mounted Drilling Rig manufacturers becomes possible through strategic collaborations and partnerships with other industry players which drive product innovation and market expansion. Through these partnerships manufacturers gain access to their partners expertise which helps them improve their products and expand their customer reach to drive market growth.
04
Challenge: Regulatory Challenges
The Track Mounted Drilling Rig industry often faces stringent environmental and safety regulations. These regulations can vary from region to region, making compliance a complex and costly affair. Non-compliance can lead to hefty fines and legal issues, further adding to the operational costs. This regulatory landscape can impact the market dynamics, potentially impeding the growth of the Track Mounted Drilling Rig market.
Supply Chain Landscape
1
Raw Material Procurement
ArcelorMittalBHP Group
2
Component Manufacturing
Caterpillar Inc.Komatsu Ltd
3
Assembly & Testing
Sandvik ABAtlas Copco
4
Distribution & Sales
EpirocBoart Longyear
1
Raw Material Procurement
ArcelorMittalBHP Group
2
Component Manufacturing
Caterpillar Inc.Komatsu Ltd
3
Assembly & Testing
Sandvik ABAtlas Copco
4
Distribution & Sales
EpirocBoart Longyear
Use Cases of Track Mounted Drilling Rig in Oil & Gas Exploration & Geotechnical Investigation
Oil & Gas Exploration : Track Mounted Drilling Rigs are extensively used in the oil and gas industry for exploration and extraction purposes. These rigs, particularly the heavy-duty models, are designed to penetrate deep into the earths crust to access oil and gas reserves. The key advantage of using these rigs in this sector is their mobility and ability to handle challenging terrains, making them ideal for remote and inaccessible locations. Some of the top players in this application include Schlumberger and Halliburton, known for their robust and efficient drilling equipment.
Mineral Mining : In the field of mineral mining, Track Mounted Drilling Rigs are employed for surface drilling operations. The compact models are predominantly used in this application due to their agility and precision. The unique advantage of these rigs in mining is their ability to perform accurate drilling in confined spaces, ensuring minimal environmental impact. Major players in this application include Sandvik and Atlas Copco, both recognized for their advanced and environmentally friendly drilling solutions.
Geotechnical Investigation : Track Mounted Drilling Rigs are also utilized in geotechnical investigations for soil sampling and sub-surface exploration. Lightweight and versatile models are preferred in this application for their ease of transport and operation. The advantage of these rigs in geotechnical investigation lies in their ability to provide accurate and reliable data, crucial for construction and civil engineering projects.
Recent Developments
The Track Mounted Drilling Rig industry witnessed significant advancements, driven by technological innovations and evolving market demands. One notable development is the integration of automated systems into these rigs, enhancing their efficiency and accuracy. This trend towards automation is reshaping the landscape of the drilling industry, making Track Mounted Drilling Rigs more adaptable and reliable for various applications, including mineral exploration and geotechnical investigations.
December 2024 : Atlas Copco, a leading provider of Track Mounted Drilling Rigs, launched a new series of high-performance rigs, incorporating advanced automation and energy efficiency features, thereby setting new industry standards
October 2024 : Sandvik Mining and Rock Solutions introduced a Track Mounted Drilling Rig with enhanced drilling accuracy and reduced environmental impact, marking a significant step towards sustainable mining practices
August 2024 : Epiroc, a prominent player in the market, unveiled a Track Mounted Drilling Rig equipped with AI technology, aimed at optimizing drilling operations and increasing productivity.
Impact of Industry Transitions on the Track Mounted Drilling Rig Market
As a core segment of the Mining Machinery industry,
the Track Mounted Drilling Rig market develops in line with broader industry shifts.
Over recent years, transitions such as Technological Advancements and Environmental Sustainability have redefined priorities
across the Mining Machinery sector,
influencing how the Track Mounted Drilling Rig market evolves in terms of demand, applications and competitive dynamics.
These transitions highlight the structural changes shaping long-term growth opportunities.
01
Technological Advancements
The Track Mounted Drilling Rig industry has experienced major technological progress during the recent years. Drilling operations have achieved substantial improvements in efficiency and accuracy and safety through the implementation of automated systems and digital technologies. Automated drilling systems have decreased the requirement for human operators which results in lower accident probabilities. Real-time data monitoring and predictive analytics through digital technologies allow operators to make better decisions which leads to reduced downtime and operational costs. The industry transformation of Track Mounted Drilling Rig has brought revolutionary changes to the sector while creating substantial effects on oil and gas operations and mining and construction activities.
02
Environmental Sustainability
The growing emphasis on environmental sustainability has led to significant transitions in the Track Mounted Drilling Rig industry. Manufacturers are now focusing on developing eco-friendly drilling rigs that minimize environmental impact. For example, the introduction of electric-powered drilling rigs has reduced carbon emissions, thereby contributing to environmental sustainability. Moreover, the use of advanced drilling techniques has minimized land disturbance and waste production.