Major players in the mining drilling services market are Action Drill & Blast, Ausdrill, BoartLongyear, Byrnecut Mining Pty. Ltd., PT United Tractors Tbk, Perenti Group, PAMA SPA, Aban Offshore, Capital Drilling, Geodrill, Gregg Drilling LLC, Orbit Garant Drilling Inc., Foraco International S.A, Major Drilling Group International Inc., and Schlumberger Limited.
The global mining drilling services market is expected to grow from $2.64 billion in 2022 to $2.85 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mining drilling services market is expected to grow to $3.73 billion in 2027 at a CAGR of 6.9%.
The mining drilling services market includes revenues earned by entities by providing impact drill, rotatory drill, breaking, ore removing, blasting services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The mining drilling services is a process of extracting stones, minerals, and resources from different levels beneath the surface.It is a process that required very heavy equipment to complete mining drilling work processes.
These services are used in providing geologists with different samples of soil for analysis and facilitating the extraction of precious minerals.
Asia-Pacific was the largest region in the mining drilling services market in 2022. The regions covered in the mining drilling services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of mining drilling services are surface mining and underground mining.Surface mining refers to a form of mining in which the soil and the rock covering the mineral deposits are removed.
The various applications involved are metal, coal, mineral, and quarry and it is used in construction, manufacturing, and by technology industries.
The rise in the production of mining is expected to propel the growth of the mining drilling services market going forward.Mining refers to the method of extracting useful materials from the earth.
Mining production is growing due to industries’ dependency on the supply of mineral commodities from underground.Thus, these requirements have increased the demand for mining drilling services.
For instance, in February 2022, according to the United States Geological Survey, a US-based Government Agency, U.S mines produced nearly $90.4 billion in mineral commodities in 2021, a $9.7 billion increase over the 2020 revised total of $80.7 billion. Therefore, the rise in the production of mining is driving the growth of the mining drilling services market.
Technological advancement is a key trend gaining popularity in the mining drilling services market.Major companies operating in the mining drilling services market are focused on developing new technological solutions to strengthen their position in the market.
For instance, in July 2021, Perenti, an Australia-based company operating in mining drilling services, launched idoba, a new technology-driven service offering for the mining industry, that leverages in-house technology and data expertise to add value to the global mining services activities. The idoba technology is the culmination of Perenti’s strategic technological growth which, in addition to supporting the Perenti business, would provide digital product and technology services to clients with revenue and earnings that are generated from these services.
In June 2021, Major Drilling Group International Inc., a Canada-based company operating in the mining drilling services, acquired McKay Drilling PTY Limited for $39.7 million. With this acquisition, Major Drilling Group International Inc. extends its portfolio in mining drilling services. McKay Drilling PTY Limited is an Australia-based company providing mining drilling services.
The countries covered in the mining drilling services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mining drilling services market research report is one of a series of new reports that provides mining drilling services market statistics, including mining drilling services industry global market size, regional shares, competitors with a mining drilling services market share, detailed mining drilling services market segments, market trends and opportunities, and any further data you may need to thrive in the mining drilling services industry. This mining drilling services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.