As the fiscal year comes to a close, the emerging market trends for the drilling industry continue to show robust growth and steady gains. Operators may be exploring purchasing a new drill rig or finding a deal when purchasing pre-owned drilling equipment as the new year approaches. In some cases, renting a drill rig allows small and medium firms to remain dynamic and gain access to a full fleet of equipment without investing in building out their own fleet, which can cause considerable increases in costs, including logistics management, storage, and maintenance.
As the drilling industry grows, it continues to find new markets in the renewable energy sector, federal infrastructure projects, as well as more traditional jobs like commercial deep foundations.
Updated Technology
Technological advances have impacted nearly every aspect of our lives, and the drilling industry is no different. Modern rigs have powerful onboard technology that delivers unparalleled accuracy, remote monitoring, and other tools that have made drilling more straightforward and offer a mitigated risk of damage to natural environments. Remote monitoring provides a tremendous advantage for preventative maintenance and monitoring lubricant levels which can help increase a drilling rig’s lifespan and allow operators to reduce variable costs on unnecessary lubricant changes.
Having well-maintained drilling rigs will keep your crews in the field and your job on track. Having access to equipment with the latest onboard technology increases efficiency and allows drill rig operators to remain competitive and keep every project on schedule. As equipment ages and becomes obsolete, it can slow projects down or suffer mechanical breakdowns that result in expensive downtime.
Drilling Industry Market Growth
The drilling industry is expected to have steady growth through the close of the next decade. As rigs become more sophisticated and robust, operators are able to grow and scale their operations when they opt for drill rig rental solutions that don’t require significant upfront capital investment. The drill rig industry has many aspects, especially as deep foundation drilling remains an essential part of the United States economy.
As the drilling industry continues to grow, rig operators need to develop and implement reliable equipment sourcing. Partnering with a local vendor for drill rig rental or drilling rig purchase solutions allows operators to get equipment that is tailored to their project’s specific engineering requirements, geotechnical specifications, and site restrictions.
Federal Initiatives
The federal government is committed to upgrading aging and failing infrastructure across the nation and has allocated $40 billion to perform these repairs, improvements, and replacements. Due to the unique demands of these civil projects, drilling rigs like the CZM EK160, EK 125, EK95, and EK65 offer self-contained drilling solutions that can be deployed in a single load. These compact rigs don’t sacrifice power and are ideally suited for urban projects with existing structures or strict local regulations regarding noise or vibration levels.
These federal initiatives offer an exciting opportunity for the drilling industry and can allow firms to grow and scale their operation when they are awarded these contracts. Having access to the proper drilling rig is essential to the success of these jobs and renting a drill rig is often the most effective way to gain this access.
The Energy Sector
As demand for renewable energy sources grows, there are numerous drilling projects that require dynamic solutions to construct new transmission and power lines to transfer this energy to homes and businesses across the nation. Renting a CZM drill rig gives operators access to equipment that is tailored to their job’s specific demands, site conditions, and engineering specifications. Another benefit of drill rig rental is that it reduces the need for fleet management teams and logistics planning allowing operators to focus on the job at hand.
Drilling Industry Expertise
Family-owned and operated for over fifty years, RPI Equipment remains dedicated to providing the highest quality customer service based on transparent communication. Our sales team’s knowledge and expertise allow them to help solve any equipment rental or purchase needs, and they are available to help you explore our entire fleet of well-maintained drill rigs, pile drivers, vibratory hammers, and other accessories. We can also help operators and contractors navigate financing options that will allow them to take on projects with larger scopes with equipment outside of their existing fleets to help grow and scale their operations.
Our experienced service technicians are prepared to be deployed to your job site and can perform next-day service with 24-hour advance notice. Our third-party services can perform repairs, order OEM parts, conduct professional lubricant analyses, and keep your equipment in top operating shape to avoid costly downtime due to malfunction or failure. We pride ourselves in keeping our entire fleet well-maintained, and you can trust that your rigs are in top shape when you rent from RPI Equipment.
Our success relies on our client’s success, and we strive to remain an industry leader in the drill and pile-driving rental and purchase market. Call (856)-456-0081 or contact us online to get your free quote and discover the RPI difference today!
