The Mining Drilling Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mining Drilling Services Global Market Report 2024, The mining drilling services market size has grown strongly in recent years. It will grow from $2.84 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to resource demand surge, boom in exploration activities, commodity price fluctuations, mining industry cycles, discovery of new deposits.
The mining drilling services market size is expected to see strong growth in the next few years. It will grow to $4.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to mining infrastructure development, market competition dynamics, global geopolitical stability, energy transition initiatives, economic trends. Major trends in the forecast period include advanced drilling technologies, automation and robotics, data-driven decision making, remote operations and monitoring.
The rise in the production of mining is expected to propel the growth of the mining drilling services market going forward. Mining refers to the method of extracting useful materials from the earth. Mining production is growing due to industries’ dependency on the supply of mineral commodities from underground. Thus, these requirements have increased the demand for mining drilling services. For instance, in February 2022, according to the United States Geological Survey, a US-based Government Agency, US mines produced nearly $90.4 billion in mineral commodities in 2021, a $9.7 billion increase over the 2020 revised total of $80.7 billion. Therefore, the rise in the production of mining is driving the growth of the mining drilling services market.
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The mining drilling services market covered in this report is segmented –
1) By Type: Surface Mining, Underground Mining
2) By Application: Metal, Coal, Mineral, Quarry
3) By End-User: Construction, Manufacturing, Technology Industries
Major companies operating in the mining drilling services market are adopting a strategic partnership approach to enhance drill hole data analysis in the mining industry. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in December 2023, International Directional Services (IDS) LLC, a US-based drilling services company, partnered with Veracio, a US mining technology company. With this partnership, these companies aim to improve the accuracy and quality of drill hole data analysis, increase productivity, and advance drilling and downhole technologies. By combining expertise in directional drilling and geological data collection, the collaboration seeks to empower clients to reduce drilling costs, mitigate operational errors, minimize waste, and foster sustainable mining practices.
The mining drilling services market report table of contents includes:
- Executive Summary
- Mining Drilling Services Market Characteristics
- Mining Drilling Services Market Trends And Strategies
- Mining Drilling Services Market – Macro Economic Scenario
- Global Mining Drilling Services Market Size and Growth
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- Global Mining Drilling Services Market Competitive Benchmarking
- Global Mining Drilling Services Market Competitive Dashboard
- Key Mergers And Acquisitions In Mining Drilling Services Market
- Mining Drilling Services Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Schlumberger Limited
- Quanta Services
- Sandvik Mining and Construction
- Perenti Group
- BoartLongyear
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