Surpassing the global valuation of approximately US$2.6 Bn in 2019, mining drilling services market is estimated to experience almost double revenue growth through the forecast year, 2027. As metal and mineral consumption continues to climb up, demand for mining drilling services will also see a continuous upswing, says preliminary industry research.
Increasing Metal and Mineral Exploration Activities to Shape Mining Drilling Services Market
Mining drilling services are mainly used for exploration and production at mining sites. In terms of exploration, these services provide a detailed overview and information regarding land formation below the surface of the ground. From the production standpoint, these services are used to carry out extraction of metals and minerals based on the information gathered from exploration activities. Significant investments are being initiated to carry out exploration activities to obtain minerals and metals in a bid to meet their growing demand. For instance, in April 2021, the US Government made a huge investment of more than US$19 Bn to fund critical extraction activities of minerals. This was carried out owing to increasing demand for minerals from manufacturers of magnets, batteries and other components needed in electric vehicles in the country. Companies are also undertaking exploration activities to discover new assets. This factor remains instrumental in driving the growth of mining drilling services market.
In addition, mining drilling services to extract coal is another factor driving market growth. Coal is considered as one the major sources for energy generation, despite its negative environmental impact. According to International Energy Agency (IEA), it accounts for around 27% of the energy used on the global front, with a 38% share in electricity generation. This factor has fuelled the need for mining drilling services in coal mining activities worldwide.
New Launches to Achieve Sustainable Mining Output to Pave New Opportunities for Mining Drilling Services Market
In the mining sector, drilling services are used to measure depth of tracking in a precise manner with higher accuracy. Mining drilling services facilitate improvement in the efficiency of various mining activities along with enhancing safety of workers. Several players in the mining drilling services market are persistent on developing advanced products to maximise process output by carrying out research and development initiatives. On the back of growing environmental concerns, companies providing mining drilling services are focused on offering sustainable solutions to the mining industry.
In September 2021, a new truck was launched by Sandvik AB, referred to as Sandvik TH550B. Powered by batter technology, this truck can support mining operators in enhancing process productivity, reduce service costs and establish a better working environment. Similarly, in 2022, Epiroc received a huge order from Société Nationale Industrielle et Miniere (SNIM) in Mauritania. As per request, Epiroc would be delivering advanced autonomous mining drilling solutions. Such developments and use of advanced technology in the drilling space is expected to augur well for the mining drilling services market.
Surface Mining Poised to Account for a Significant Share in Mining Drilling Services Market
Surface mining has prevailed as widely adopted mining method used for the removal of terrain surface to obtain minerals underneath. Compared to underground mining, surface mining has been enjoying higher traction owing to its advantages such as low cost, high safety, and its ability to recover significant portion of the resource while carrying out the mining activity. Moreover, large-scale mining equipment can be used in surface mining to obtain high production rates. These benefits of surface mining have fuelled its adoption, which expected to largely contribute towards the value and volume growth of the market in the forthcoming years.
Asia Pacific to Remain a Substantial Contributor to Mining Drilling Services Market
Rising demand for precious metals such as silver, gold, platinum, and diamond has led to an increase in the adoption of mining drills in Asia Pacific. In addition, increasing for coal production activities in the region owing to rising demand for energy and power is driving the growth of the mining drilling services market. For instance, according to the US EIA (Energy Information Administration), developing countries across the Asia Pacific region remain robustly tied to coal to generate electric power and for industrial output. In 2020, around two-thirds of the electricity generation in India was fuelled by coal. Moreover, consumption of coal in India and China is the highest on the global front, making Asia the largest coal consumer geographically. This has resulted in an increase in the mining activities in the region, thus fuelling use of mining drills, in turn giving an impetus to the growth of mining drilling services market.
Mining Drilling Services Market: Competitive Landscape
A few of the major players in 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.
The Global Mining Drilling Services Market Is Segmented As Below:
Key Elements Included In The Study: Global Mining Drilling Services Market
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