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.
The demand for drilling services is expected to increase in metal mining. This is attributed to rise in production of electric vehicles. As rise in production of electric vehicles fuels the adoption of lithium, which is used in the manufacturing of batteries. However, currently, the mining activities in Asia are hampered and the 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.
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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. 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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The mining drilling services market is analyzed on the basis of mining type and region. On the basis of mining type, the market is fragmented into coal, metal, mineral, and quarry. 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.