Global Borehole Equipment Market size was worth over USD 17 Billion in 2016 and will witness CAGR over 5.5% up to 2024.
Get more details on this report - Request Free Sample PDF
Increasing mineral, metal, and oil & gas demand along with growing natural resource utilization will drive borehole equipment demand. Rising need for mineral fertilizers to improving agricultural production will propel growth. Untapped regions including Zambia, Peru, and Chile having extensive mines hold strong potential for the market penetration.
High investment and development in the overall industrial and residential infrastructure will stimulate the borehole equipment demand in infrastructure segment. As of May 2015, over 460 high-rise buildings were under construction globally. This increased need for improved infrastructure facilities that will eventually spur industry growth.
Technological advancement resulting in enablement of real-time analysis to monitor and detect failure are projected to propel demand. Multifunctionality at comparatively economic cost due to more productivity in lesser time has positively influenced product adoption. Moreover, improving construction industry in terms of technology and budget signifies a positive outlook for borehole equipment market.
|Market Size in 2016:||17 Billion (USD)|
|Forecast Period:||2017 to 2024|
|Forecast Period 2017 to 2024 CAGR:||5.5%|
|2024 Value Projection:||27 Billion (USD)|
|Historical Data for:||2013 to 2016|
|No. of Pages:||300|
|Tables, Charts & Figures:||255|
|Segments covered:||Product, Operations, Application Mining, and Region|
Get more details on this report - Request Free Sample PDF
Mine operators in Europe, the U.S., and Japan are keen on substituting old machineries with advanced solutions to meet increasing global demand and provide quality aggregates. Additionally, stringent government regulations in mining industry are compelling borehole operators to deploy advanced machineries to lessen emission and follow safety regulations.
Deteriorating capital expenditure has negatively impacted the product demand in recent years. However, strong need for boring and exploration operations and policy developments may positively impact growth. Producers concentration towards improving efficacy, cost reduction, and productivity in operations to increase profitability is another factor influencing demand.
Borehole Equipment Market, By Product
Fixed borehole equipment market will witness over 5% CAGR up to 2024. Increased demand from industrial sector including oil & gas and mining have positively fuelled demand. High strength and efficiency due to less exposure to machine depreciation and lack of movement will drive market growth in this segment. However, lack of demand for these machines from seismically active areas may hamper product demand.
Portable borehole equipment is expected to generate revenue over USD 6 billion by 2024. Ease in transportation, rotation, and ability to perform at most remote places are key factors driving product demand. Portable rig and drilling unit availability that can be transported manually enables the disassembling if required provides competitive edge to the portable borehole equipment. Rising application in MEA, where oil exploration and large mining activities take place will enhance product penetration.
Borehole Equipment Market, By Operation
Hydraulic operations accounted for over 60% of the global market share in 2016. Increasing preference for fire-resistant hydraulic fluid for underground mining is the major factor driving demand. Benefits such as easy to maintain along with constant torque or force provided regardless of change in machine speed has influenced hydraulic operations growth.
Pneumatic operations will witness growth over 5.5% up to 2024. Long operating cycles and need for less maintenance will drive the demand. Use of compressible gas resulting in equipment less subject to shock damage along with low chances of catching fire will augment the market growth. Increasing applications in the unstable environment where hydraulic or electric tools cannot be used give competitive advantage to pneumatic operations.
Borehole Equipment Market, By Application
Mining will account for over 60% of the market share by 2024. Evolution from underground to economical and advanced open pit mining is anticipated to boost the borehole equipment demand for mineral mining applications. Growth of high-performance machineries has made possible the extraction of ores of deteriorating grades deprived of increase of costs. This trend has enhanced the borehole equipment adoption by steel manufacturing companies who are planning to enter the mining sector for improving supplies of iron and coal ore.
Infrastructure market is anticipated to be worth over USD 9 billion by 2024. Residential, industrial, and commercial construction expansion owing to growth in public-private partnerships is anticipated to drive market growth. Rising government investments for infrastructure development as well as regulation regarding the soil quality and strong building foundation is expected to offer lucrative opportunities Urbanization leading to the demand for infrastructure development projects including sewage facilities, roads, transit systems, and mega cities will support the market expansion.
Borehole Equipment Market, By Region
Europe accounted for over 15% of the industry share in 2016. Rapid urbanization in Germany, UK, France & Russia will propel the industry demand. As per analysis, urban population in UK is expected to surpass 80% by 2030. Urban population growth enhancing the construction will fuel regional industry growth.
Asia Pacific is the fastest growing region with CAGR over 6% up to 2024. Changing demographic trends including rapid growth in global population has enhanced the construction necessity. As per analysis, global population is expected to reach 8 billion by 2030, with India overtaking China with largest labour force in the world. Government initiatives in infrastructure development to meet the demand from rising population will drive regional demand.
Competitive Market Share
Global industry manufacturers market share includes Bohrmeister (Pty) Ltd., Dando Drilling International, Borehole Machinery and Getech International. Other prominent players include Audie Steel & Engineering, Shandong Xin Mei Mining Group, Glorytek Industry and PRD Rigs. Heavy R&D investments and technological innovations are some of the strategies adopted by the service providers of the market.
Global borehole equipment market share is highly fragmented owing to the presence of numerous service providers. Boart Longyear, Major Drilling, Foraco, Energold and Orbit Garant are key service providers.
Borehole equipment are used for extraction of water, petroleum, minerals or other substances found beneath earth crust. Increased innovations have led to various range of equipment suitable for different applications. Portable machinery is used for setting up public infrastructure utilities. It is a mobile machinery utilized for fast boring /drilling operations. These machine is widely known as crawler-based unit or involves truck-mounted rigs for quick set-up and operation. Fixed machines involve setting up rig in stationary position which uses rods for boring operation. It is usually used in mining sector for continuous excavation of natural resources.
Frequently Asked Questions (FAQ) :