by The global mining drilling services market, which was valued at approximately US$2.6 billion in 2019, is on the cusp of experiencing extraordinary growth, with revenue expected to nearly double by the end of the forecast year in 2027. This projection is substantiated by preliminary industry research, indicating an ongoing surge in demand for mining drilling services as metal and mineral consumption continues to climb.
Increasing Metal and Mineral Exploration Activities Fuel Market Expansion
Mining drilling services play a pivotal role in both exploration and production activities at mining sites. They provide invaluable insights into the subterranean landscape, aiding in the discovery and extraction of precious metals and minerals. The global mining industry is witnessing substantial investments in exploration activities to meet the growing demand for these vital resources. In a significant move in April 2021, the US Government allocated over US$19 billion for critical mineral extraction, driven by the surging demand from electric vehicle manufacturers, among others. This commitment to exploration remains a key driver of the mining drilling services markets growth.
Furthermore, the market benefits from its role in coal extraction, a major energy source despite environmental concerns. Coal accounts for approximately 27% of global energy consumption and 38% of electricity generation, according to the International Energy Agency (IEA). As coal remains an essential energy source, the demand for mining drilling services in coal mining activities continues to rise, contributing significantly to market expansion.
New Innovations Promote Sustainable Mining Practices
In an era of increasing environmental awareness, mining drilling services providers are committed to offering sustainable solutions. They are continuously developing advanced products to enhance the efficiency and safety of mining operations. For example, in September 2021, Sandvik AB introduced the Sandvik TH550B, a battery-powered truck designed to boost productivity, reduce costs, and improve working conditions for mining operators. Similarly, in 2022, Epiroc secured a substantial order for advanced autonomous mining drilling solutions, indicating a growing emphasis on technological innovation within the industry.
Surface Mining Emerges as a Dominant Segment
Surface mining has emerged as the preferred method for resource extraction due to its cost-effectiveness, safety advantages, and ability to recover a significant portion of resources. Large-scale mining equipment is frequently employed in surface mining operations, leading to higher production rates. These benefits have driven the widespread adoption of surface mining, making it a significant contributor to the growth of the mining drilling services market.
Asia Pacific: A Thriving Hub for Mining Drilling Services
The Asia Pacific region is witnessing robust demand for precious metals such as silver, gold, platinum, and diamonds, driving the adoption of mining drills. Additionally, the regions increasing coal production activities, fueled by rising energy and power demands, are bolstering the growth of the mining drilling services market. India and China, two major players in the region, are the worlds largest coal consumers. In India alone, coal accounted for two-thirds of electricity generation in 2020. This surge in mining activities underscores the importance of mining drills, contributing significantly to the markets expansion.
Key Players in the Mining Drilling Services Market
Prominent players in the global mining drilling services market include Boart Longyear, Major Drilling, Gregg Drilling LLC, Perenti Group, PT United Tractors Tbk, Foraco, Byrnecut Group, Ausdrill, Geodrill, Capital Drilling, and Aban Offshore.
As the global demand for metals, minerals, and coal continues to grow, the mining drilling services market is poised for exceptional growth. With a focus on innovation and sustainability, the industry is set to play a pivotal role in meeting the worlds resource needs while ensuring responsible mining practices.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/mining-drilling-services-market
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This press release first seen on Brilad
COMTEX_442127245/2840/2023-10-19T11:41:42
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.