Sellbyville, DE -- (SBWire) -- 11/28/2018 --Borehole Equipment Market is estimated to surpass USD 27 billion by 2024. High demand for boring and exploration along with growing developments in mining sector are key factors supporting market growth. Machine upgradation along with shifting mining companies focus towards maximum productivity will offer lucrative business opportunities in the coming years.
Increasing mineral extraction in the U.S., Venezuela, Indonesia, Nigeria, China, and Canada are among the major factor contributing product penetration. Rising onsite processing necessities coupled with huge untapped hydrocarbon reserves in Mexico are projected to propel borehole equipment market growth.
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Borehole equipment market, over the years, has stood as a prominent vertical of the HVAC industry, generating quite a substantial momentum in terms of remuneration. In fact, in the yesteryear, the overall borehole equipment industry share attained an appreciable revenue of USD 17 billion. What analysts cite as the major factors driving this growth are the exponentially increasing exploration and excavation activities globally, the technological interferences in the mining equipment industry, developments in offshore & onshore drilling, and the launch of high performance machineries.
The mining applications, as per experts, will account for 60% of the borehole equipment industry share in 2024, thereby standing as a dominant end-use sector. In this regard, the untapped regions including Chile, Zambia, and Peru are listed as strong avenues for the market penetration with a plethora of commercialization potentials.
Borehole Equipment Market, By Product
Portable borehole equipment
Fixed borehole equipment
Borehole Equipment Market, By Operation
Hydraulic
Pneumatic
Others (Electric, Mechanical)
Borehole Equipment Market, By Application
Mining
Mineral Mining
Oil & Gas Mining
Coal Mining
Metal Mining
Infrastructure
Industrial & Commercial
Public Infrastructure
Residential
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North America accounted for more than 30% of the industry share in 2016. Upcoming large-scale mining projects coupled with increase in construction of high-rise buildings in New York will positively influence the North America borehole equipment market growth.
Portable borehole equipment is projected to generate over USD 6 billion in revenue by 2024. Rising demand for mobile construction & mining equipment has enhanced the product demand. Benefits including easy transportability and performing task in remote locations are among the major influencing properties.
Hydraulic operations will witness growth over 6% up to 2024. High load carrying capacities along with accuracy and ease in controlling are key properties driving product demand. Supplying constant torque and force during the operation both in mining and infrastructure makes the product highly demanding.
Mining will hold more than 60% of the industry share by 2024. Depletion of natural resources including minerals, coal and oil has encouraged the exploration, thus driving industry demand. Extensive excavation for geologically deposited substances, diamond, uranium and stones will propel the product demand in this segment.
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Some of the key industry manufacturers include Bohrmeister (Pty) Ltd., Dando Drilling International, Borehole Machinery and Getech International. Global industry share is highly fragmented owing to the presence of many service providers. Major services provided by the company include core logging, well logging and mud logging. Boart Longyear, Major Drilling, Foraco, Energold and Orbit Garant are some of the dominating industry players. Heavy R&D investments and technological innovations are some of the strategies adopted by the service providers of the market.
