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Borehole Equipment Market Size - By Product (Portable Borehole Equipment, Fixed Borehole Equipment), By Operations (Hydraulic, Pneumatic, Others), By Application (Mining, Infrastructure) & Forecast 2023 - 2032

  • Report ID: GMI2266
  • Published Date: Sep 2023
  • Report Format: PDF

Borehole Equipment Market Size

Borehole Equipment Market size was valued at USD 15.2 billion in 2022 and is estimated to register a CAGR of over 4.5% between 2023 and 2032. Increasing demand for mineral, metal, and oil & gas, coupled with growing natural resource utilization, is driving the market growth. These industries rely on borehole drilling for exploration & extraction, spurring demand for drilling rigs, drill bits, and associated equipment. Additionally, heightened environmental monitoring and research efforts are further boosting the market as boreholes are essential for data collection & resource assessment.

 

Borehole Equipment Market

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Borehole equipment plays a pivotal role in environmental monitoring and management. Increasing concerns about pollution, climate change, and water resource sustainability have spurred the need for precise subsurface data. Boreholes are utilized to measure groundwater levels, water quality, and soil characteristics. In addition, they facilitate soil and sediment sampling for contamination assessment. As governments and industries focus on sustainable practices, the demand for borehole equipment in environmental monitoring applications continues to rise, promoting market growth.

 

Heightened environmental awareness has led to increased concerns about the ecological impact of drilling operations. The potential contamination of groundwater, soil, and ecosystems, along with the release of greenhouse gases during drilling, has prompted stricter environmental regulations. Obtaining permits for drilling in environmentally sensitive areas can be challenging, resulting in project delays and increased costs. Borehole equipment manufacturers & operators must prioritize sustainable practices and invest in environmental-friendly technologies to mitigate these challenges and ensure compliance with regulations.

 

COVID-19 Impact

The COVID-19 pandemic initially disrupted the borehole equipment market, causing supply chain disruptions, delayed projects, and reduced investments in exploration & infrastructure. Travel restrictions and safety measures also hindered fieldwork & installation. However, the market later showed resilience due to the essential nature of borehole equipment in environmental monitoring and resource management. The demand rebounded as industries adapted to pandemic conditions, and borehole equipment manufacturers implemented safety protocols, remote monitoring & digital solutions to address pandemic-induced challenges.
 

Borehole Equipment Market Trends

Land drilling for scientific exploration is significantly driving the demand for borehole equipment. This trend is primarily fueled by increased geological and environmental research, resource assessment & infrastructure development projects. As the demand for data collection, resource discovery, and environmental monitoring continues to grow, the borehole equipment market will experience a corresponding surge in demand, supporting its market expansion.

 

Borehole Equipment Market Analysis

Borehole Equipment Market Size, By Product, 2021 - 2032 (USD Million) 

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The portable borehole equipment segment exceeded USD 5.5 billion in 2022. Remotely operated borehole drills are driving the growth of portable borehole equipment. These advanced systems enhance efficiency, safety, and precision in drilling operations, making them ideal for various applications. This advanced system is designed to enhance efficiency and reduce expenses in the offshore renewable energy sector. While industries prioritize cost-efficiency and automation, the demand for such portable & remote-controlled borehole equipment continues to rise, boosting its prominence in the borehole equipment market.

 

Borehole Equipment Market Share, By Operation (2022)

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The hydraulic segment held approximately 64% market share in 2022. Hydraulic operations in borehole equipment provide a substantial power advantage, making them well-suited for challenging drilling tasks. The system's efficiency ensures that energy is effectively converted into drilling force, enabling the creation of boreholes even in demanding geological conditions. Additionally, hydraulic systems offer precise control over drilling operations, allowing for adjustments in drilling speed and force as needed. This level of control ensures accurate & controlled borehole creation, reducing the risk of errors and minimizing the potential for damage to surrounding geological formations.

 

U.S. Borehole Equipment Market Size, 2021 - 2032 (USD Million)

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North America led the global borehole equipment market with a share of over 30% in 2022. In North America, borehole equipment plays a pivotal role in infrastructure development. With aging infrastructure and the need for modernization, geotechnical investigations using boreholes are essential for assessing soil stability, foundation design, and subsurface conditions in construction projects. These investigations help ensure the safety and longevity of bridges, roads, buildings & other critical infrastructure. As urbanization continues and infrastructure demands grow, the borehole equipment industry in North America experiences steady growth driven by construction & development needs.

 

Borehole Equipment Market Share

Some of the major players operating in the borehole equipment market are

  • Schlumberger
  • Halliburton
  • Sandvik
  • Dando Drilling International
  •  Bohrmeister Ltd.
  • Borehole Machinery
  • Getech International

     

Borehole Equipment Industry News

  • In August 2023, Eversource commenced the drilling of around 90 boreholes as a crucial part of its geothermal pilot program network in Framingham, Massachusetts. When finished, the energy provider's geothermal "loop" will interconnect approximately 140 customers spanning nearly 40 buildings.
     
  • In February 2023, KSB Group introduced the UPA S 250 series, a new line of high-efficiency submersible borehole pumps. These 10-inch stainless steel well pumps are engineered to serve various purposes including general water supply, agricultural applications, mine dewatering, groundwater management, and general pressure boosting tasks.
     

This borehole equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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By Product

  • Portable borehole equipment
  • Fixed borehole equipment

By Operations

  • Hydraulic
  • Pneumatic
  • Others

By Application

  • Mining
  • Mineral mining
  • Oil & gas mining
  • Coal mining
  • Metal mining 
  • Infrastructure
  • Industrial & commercial
  • Public infrastructure
  • Residential

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

 

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The market size of borehole equipment was exceeded USD 15.2 billion in 2022 and will register over 4.5% CAGR from 2023 to 2032, due to the higher demand for mineral, metal, and oil & gas coupled with the growing utilization of natural resources worldwide.
Portable borehole equipment market recorded USD 5.5 billion in 2022 on account of its ability to enhance efficiency, safety, and precision in drilling operations.
North America registered over 30% revenue share of the borehole equipment market in 2022 and will incur commendable growth rate from 2023 to 2032, owing to the growing aging infrastructure and the need for modernization in the region.
Schlumberger, Halliburton, Sandvik, Dando Drilling International, Bohrmeister Ltd., Borehole Machinery, and Getech International. are some of the major borehole equipment companies worldwide.

Borehole Equipment Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 13
  • Tables & Figures: 272
  • Countries covered: 19
  • Pages: 300
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