Summary
Major players in the market are Barco Well Service, Casey Well Drilling, Caster Drilling Enterprises, Craig waterwell and drilling Ltd., Gordon & Sons Water Well Drilling, Jim Jeffers Well Drilling, Johnson Water Well Drilling, LOMAN Drilling Inc., Tampa Well Drilling, Weninger Drilling LLC, Boart Longyear, Orla Drilling Co LLC, Gulf Inspection International Co., West Texas Water Well Service, and Jackson Water Well Drilling & Service, L.L.C.
The global water well drilling services market is expected to grow from $3.40 billion in 2022 to $3.59 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%.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 water well drilling services market is expected to reach $4.31 billion in 2027 at a CAGR of 4.6%.
The water well drilling services market includes revenues earned by providing drilling services that include air rotatory drilling, cable tool drilling, and reverse circulation drilling 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.
Water well drilling services refer to the process of drilling holes in the earth’s surface for the purpose of reaching a groundwater source. It offers water well construction services to a wide range of public and private downstream markets, including residential and commercial buildings public water supply infrastructure, repair and well construction.
Asia-Pacific was the largest region in the water well drilling services market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of water well drilling services are drilling type, surface casing services, pump services, environmental well services, specialized testing services, and others.Surface casing is a large-diameter, low-pressure pipe string installed in shallow but competent rocks to protect onshore freshwater aquifers.
These are distributed through various distribution channels such as rotary drilling, cable tools drilling, and auger drilling, and others, and is applied in various applications such as municipal or residential, industrial, agricultural, and others.
Increasing irrigation activities is expected to propel the growth of the water well drilling services market going forward.Irrigation is the technique of artificially supplying water to the soil by tubes, pumps, and sprays.
Water well drilling provides plenty of water for irrigating farms and also saves money on the energy bill, as it takes less energy to pump water from a well than to transport water from a municipal water supply. For instance, in July 2022, according to the Australian Bureau of Statistics, an independent government agency in Australia, 7.8 million megalitres of water were applied to crops and pastures in 2020-21, a 37% increase from 2019-20, while 1.9 million hectares of agricultural land were irrigated, a 28% increase from 2019-20. Therefore, increasing irrigation activities are driving the growth of the water well drilling services market.
Product innovations have emerged as the key trend gaining popularity in the water well drilling services market.Major companies operating in the water well drilling services market are developing innovative products to strengthen their position in the market.
For instance, in September 2021, Epiroc, a Sweden-based manufacturer of mining and infrastructure equipment, launched VA20 (Valoria) water well drill. This is a modular drill rig that delivers unique flexibility to select the preferred carrier to create the right configurations for drilling operations that are mechanically controlled from the driller’s console with a clear separation of main and auxiliary functions.
In July 2022, Dynamic Group, an Australia-based well drilling company acquired Welldrill for $19 million.Through this acquisition, Dynamic group expanded its well drilling portfolio providing a complementary service offering, increased customer diversification, and scale to drive cost efficiencies.
Welldrill is an Australia-based company that provides water well drilling services.
The countries covered in the water well 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 water well drilling services market research report is one of a series of new reports that provides water well drilling services market statistics, including water well drilling services industry global market size, regional shares, competitors with a water well drilling services market share, detailed water well drilling services market segments, market trends and opportunities, and any further data you may need to thrive in the water well drilling services industry. This water well drilling services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
