North America Borehole Equipment Market 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.
Borehole Equipment Market size is estimated to exceed USD 27 billion by 2024. Increase in infrastructure spending due to positive economic growth will drive overall borehole equipment market growth. Large scale infrastructure investment projects in Europe and MEA will influence industry demand.
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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.
Portable borehole equipment market 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.
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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 borehole equipment market 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 borehole equipment market demand. Extensive excavation for geologically deposited substances, diamond, uranium and stones will propel the product demand in this segment.
Increased metal consumption including steel, aluminum, copper, nickel, lead, zinc and tin in several industries will propel the industry growth in APAC region. Strong demand for metal, particularly steel in numerous end-use industries including construction, energy, transport, packaging and appliances in emerging economies will stimulate borehole equipment market growth. Growing domestic demand for coal signifies a positive outlook for borehole equipment market demand in China and India.
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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.