Mining Drilling Services Market to Reach $4.4 Bn, Globally, by 2030 at 6.7% CAGR: AMR

The rise in the demand for electric vehicles and the surge in penetration of advanced technologies drive the global mining drilling services market.

PORTLAND, OREGON, UNITED STATES, September 27, 2023 /EINPresswire.com/ -- Allied Market Research published a report, titled, “Mining Drilling Services Market by Mining Type (Metal, Coal, Mineral, and Quarry): Global Opportunity Analysis and Industry Forecast, 2020–2030.”

According to the report, the global mining drilling services industry generated $2.5 billion in 2019 and is expected to reach $4.4 billion by 2030, witnessing a CAGR of 6.7% from 2020 to 2030.

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Drivers, restraints, and opportunities

The rise in the demand for electric vehicles and the surge in penetration of advanced technologies drive the global mining drilling services market. However, stringent government regulations regarding mining operations hinder market growth. On the other hand, the transition to a low-carbon economy creates new opportunities in the coming years.

The demand for drilling services is expected to increase in metal mining. This is attributed to the rise in the production of electric vehicles. As rise in the production of electric vehicles fuels the adoption of lithium, which is used in the manufacturing of batteries. However, currently, mining activities in Asia are hampered and exports are disrupted due to COVID-19. Moreover, because of the quarantine measures, the supply chain is shattered across the global market, which is negatively impacting the market.

Covid-19 Scenario:

1. Mining companies have suspended drilling operations in the wake of the coronavirus pandemic to ensure workplace safety.
2. The unemployment rate has been increased due to lack of sufficient capital investment. As a result, workers and geologists have been hit by layoffs.
3. Many companies have not been able to attract new private investments, which poses challenges to the continuation of ongoing services and the commencement of new drilling operations.

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The mineral segment to maintain its dominance during the forecast period

Based on product type, the mineral segment contributed to the largest market share in 2019, accounting for nearly two-thirds of the global mining drilling services market size, and is estimated to maintain its dominance during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 6.9% from 2020 to 2030. This is attributed to usage in a number of applications such as construction, electrical, and automotive. In addition, trends toward a low-carbon economy raise the demand for mineral mining. The research also analyzes segments including coal, metal, and quarry.

Asia-Pacific to dominate in terms of revenue, North America to grow steadily

Based on region, Asia-Pacific accounted for the highest market share in terms of revenue in 2019, contributing to nearly three-fifths of the global mining drilling services market, and is estimated to maintain its leadership status throughout the forecast period. This is due to an increase in investment in the mining sector and the growth of the Australian mining industry. However, LAMEA is expected to witness the highest CAGR of 7.7% from 2020 to 2030, owing to a rise in infrastructure development and construction activities in the Middle East and demand for mining materials. North America is expected to register steady growth with a CAGR of 7.0% during the forecast period.

Leading Market Players

BoartLongyear
Ausdrill
Action D&B
PT United Tractors TBK
Byrnecut Australia

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Key Findings Of The Study:

1. On the basis of mining type, the coal segment garnered a share of 4.4% in 2019 in terms of revenue.

2. By region, Europe and North America acquired more than half of the mining drilling services market share in 2019, and Asia-Pacific is anticipated to be the largest segment by the end of 2030.

3. Australia is the fastest-growing market in the pharmaceuticals sector, registering a significant CAGR during the forecast period

4. The mineral mining segment is capturing a major share in the mining drilling services market, growing at a significant CAGR from 2020 to 2030.

5. Layne Drilling is the key player in the U.S. mining drilling services market, holding around one-fourth market share.

About Us:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Analytics LLP
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