Residual compressive stresses can be used to increase the lifetime of parts under cyclic stress as they negate the applied tensile stresses that cause crack initiation and propagation in the material. The goal of this project was to investigate methods to induce stresses, their advantages and disadvantages as well as depth and magnitude of induced stresses, and also to find methods of analyzing the induced residual stresses. This was done on behalf of Epiroc Drilling Tools AB in order for them to induce stresses on the insides of their long, narrow and hollow rods, where stress induction is difficult. Shot peening was used as a reference as that is the method currently in use by the company. The results show that the two most promising methods are cavitation peening and laser shock peening; two relatively new methods with large magnitudes and depth of induced stress as well as a great capability of inducing stresses on the hard-to-reach insides of the rods. Ultrasonic needle peening, ultrasonic shot peening as well as induction hardening, cryogenic treatment and friction stir processing were also investigated. Methods of analyzing the stresses include X-ray diffraction and slitting, hole drilling and ultrasonic methods.