According to the report published by Allied Market Research, the global mining drilling services market generated $2.5 billion in 2019, and is estimated to reach $4.4 billion by 2030, registering a CAGR of 6.7% from 2020 to 2030. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Increase in the demand for electric vehicles and rise in penetration of advanced technologies drive the growth of the global mining drilling services market. However, strict government regulations related to the mining operations hinder the market growth. On the other hand, transition to a low-carbon economy creates new opportunities in the coming years.
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The report offers a detailed segmentation of the global mining drilling services market based on product type and region.
Based on product type, the mineral segment contributed to the largest share in 2019, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. On the basis of mining type, the market is fragmented into coal, metal, mineral, and quarry. The mineral segment contributed to the largest share in 2019, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 6.9% from 2020 to 2030. Furthermore, the metal segment is expected to register the CAGR of 6.3% during the forecast period.
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On the basis of region, the market is analyzed across the U.S., Asia-Pacific, and rest of the world. According to the U.S. Geological Survey, U.S. mines produced nearly $82.2 billion in minerals in the year 2018. There is 3% increase in the mining production as compare to the production in the year 2017. This increase in mining and production activities in the region drives the growth of the U.S. drilling services market. China, India, Australia, and Indonesia are the top players in the coal production globally, which is driving the mining drilling services market growth in the Asia-Pacific region. Most of the coal produced in Asia-Pacific is utilized in the electricity production followed by the iron & steel industry, and other.
The major player studied and profiled in the global mining drilling services Market are BoartLongyear, Ausdrill, Action D&B, PAMA, and Byrnecut Australia.
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Covid-19 scenario:
- During the coronavirus pandemic, the mining operations are carried out with the guidelines that have been issued on health screening, personal protective equipment, and social distancing.
- The operations in the mining industry are carried out with minimum numbers of workers as lockdown restrictions ease off. Moreover, the supply chain has been impacted negatively during the lockdown.
Key Findings Of The Study:
- On the basis of mining type, the coal segment garnered a share of 4.4% in 2019 in terms of revenue.
- By region, Europe and North America acquired the more than half of mining drilling services market share in 2019, and Asia-Pacific is anticipated to be the largest segment by the end of 2030.
- Australia is the fastest growing market in the pharmaceuticals sector, registering a significant CAGR during the forecast period
- Mineral mining segment is the capturing major share in the mining drilling services market, growing at a significant CAGR from 2020 to 2030.
- Layne Drilling is the key player in the U.S. mining drilling services market, holding around one-fourth market share.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.