According to the recent report, published by QYResearch, the global market for multifunctional geological exploration rigs, which includes equipment used for drilling, coring, and sampling in geological surveys, mineral exploration, and hydrogeological investigations, is forecasted to grow from US$ 2,953 million in 2024 to US$ 3,939 million by 2031, at a compound annual growth rate (CAGR) of 4.2% during the forecast period.
Multifunctional Geological Exploration Rigs
Market Segmentation
The market is segmented by type and application:
Types: Portable Rigs, Truck-mounted Rigs, Crawler Rigs, Underground Rigs, Others
Applications: Mineral Resource Exploration, Hydrogeological Investigation, Seismic and Geological Hazard Studies, Environmental Survey and Sampling, Others
Regional Outlook
The Asia-Pacific region is projected to experience significant growth driven by increased mining activities in China, India, and Southeast Asia. Meanwhile, North America and Europe continue to invest in infrastructure-driven geotechnical exploration and environmental monitoring projects.
Key Players
Major manufacturers shaping the industry include:
Epiroc
Sandvik
Boart Longyear
Herrenknecht AG
Atlas Copco
Schramm Inc.
FRASTE S.p.A.
Comacchio Srl
Massenza Drilling Rigs
GEOMASH
Soilmec S.p.A.
Hanjin D&B
Koken Boring Machine Co., Ltd.
Hydracore Drills Inc.
Barkom Group
Recent Developments
In 2025, Epiroc achieved a significant milestone with its Simba E6 C WL rigs surpassing one million drill meters in Sweden’s LKAB mines, highlighting the impact of automation on productivity. Meanwhile, Giant Mining Corp. initiated its AI-enhanced drilling program at the Majuba Hill Copper Project, utilizing predictive analytics to optimize drilling outcomes.
Industry Trends
The multifunctional drilling rig industry is undergoing significant transformations in 2025, driven by technological advancements, sustainability initiatives, and geopolitical factors. Below is a detailed look at the trends shaping this sector.
1. Hybrid and Automated Systems
Companies like XMT are leading innovations by integrating electric top-drive diamond core drilling with automated coiled tubing systems. These hybrid rigs, successfully implemented in the Ivanhoe Arizona Copper Project, improve both data precision and operational efficiency.
Automation is becoming more prevalent, with robotic systems and AI-enabled platforms dynamically adjusting drilling parameters in real time based on subsurface data. This shift minimizes human error and maximizes productivity, especially in remote or hazardous environments.
2. AI Integration
Artificial Intelligence (AI) and Machine Learning (ML) technologies are being adopted to optimize drilling paths, conduct predictive maintenance, and enable anomaly detection. ADA AI™ Drilling platforms now provide real-time analytics, significantly enhancing operational safety and efficiency.
As reported in 2025, companies using AI-augmented rigs have reduced non-productive time by up to 30% and drilling costs by 15% compared to traditional systems.
3. Sustainability and Electrification
Environmental sustainability is now a central focus, with electrification leading the charge. Companies like Woltman have introduced fully electric rigs such as the 90DRe, delivering zero-emission drilling solutions aligned with global green regulations.
Digital controls and electric motors not only lower carbon footprints but also reduce maintenance costs and noise pollution, making them ideal for urban and sensitive ecological zones.
4. Tariff Policy Impact
The 2025 U.S. tariff policy, which imposes a 10% blanket tariff on imports, has significantly affected global equipment supply chains. Specific drilling components face even higher duties, forcing many firms to shift sourcing to new regions or localize production.
This policy has led to increased input costs, supply delays, and has compelled firms to reassess supply chain strategies and regional manufacturing footprints to ensure resilience and cost efficiency.
The multifunctional geological exploration rig market is entering a transformative phase. With technology-driven innovations, shifting regulatory landscapes, and expanding application areas, the industry is set to witness stable growth over the coming years. Companies that invest in AI, hybrid solutions, and sustainability are likely to lead the next wave of evolution.
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