Borehole Equipment Market: Regional Outlook, Top Manufacturers Analysis & Business Opportunities, 2024
The borehole equipment market is set to grow from its current market value of more than USD 17 billion to over USD 27 billion. The profitability landscape of borehole equipment industry has been witnessing a massive turnaround of sorts in the recent years, on account of the rising number of mining operations, heavy infrastructural development, and the increased demand for water in drought-ridden areas. In this regard, companies partaking in borehole equipment industry share have been striving to brainstorm rather innovative products and techniques for borehole drilling.
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While the developed and developing economies across the globe have been rather proactive in global borehole equipment industry, in recent times, companies have been tapping the unexplored suburbs of the African continent, that seem to have depicted quite a perceptible potential as far as drilling operations and deploying the apt equipment for the same are concerned. Countries such as Zambia, South Africa, and the Republic of The Gambia, have lately emerged as profitable avenues for borehole equipment market, subject to the stream of favorable initiatives that are being undertaken by regional and international governmental agencies in order to combat the water shortage in these areas.
For instance, merely a couple of years earlier, Boart Longyear, a rather prominent player in borehole equipment market, was involved in a project that included installing a ventilation shaft for a longwall coal mine in Wyoming. The company deployed a dual-tube flooded reverse-circulation drilling technique that was far advanced than the ones used for a traditional raised bore rig, as it pumped air via the outer tube, forcing mud upward through the inner tube, thereby preventing porous rock from being plugged for the borehole. The same year witnessed Boart launching the game-changing TruProbe drilling system that enables the deployment of gamma, geophysical, survey sensors inside drill strings for identifying any traces of previous metals and minerals at an affordable cost, majorly impacting the product landscape of borehole equipment industry.
In a bid to deal with the severe impact of the droughts in KwaZulu-Natal, a funding of nearly ZAR 500,000 has been provided to drill boreholes in communities such as Verulam, Wyebank, Umbumbulu, and Ladysmith. To combat the water scarcity in the region and aid the expansive regional mining industry, companies and governmental organizations plan to make sufficiently huge investments in South Africa, that would eventually impel the regional borehole equipment market share.
The National Savings and Credit Bank (NatSave) and the Musika Development Initiative struck a deal in the second quarter of 2017 for implementing a 12-month-long project in the Kalomo district of Zambia, worth ZMW 2 million. The program would apparently entail the sinking of 20 solar-powered boreholes for increasing the productivity of small-scale farmers and improving their access to irrigation solutions in the area. The memorandum of understanding (MoU) for this pilot project is certain to gain ground in the regional borehole equipment market, encouraging other players to follow suit.
APAC borehole equipment market will record the highest CAGR of 6% by 2024. Asia Pacific will further explore a slew of opportunities pertaining to the borehole equipment industry in the coming years, courtesy – the massive increasing population, infrastructure development, and the evolving urbanization trends. It is prudent to mention that in terms of commercialization.
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Some Point from Table of Contents:
Data Tables
TABLE 1. Borehole equipment industry 360° synopsis, 2013 – 2024
TABLE 2. Global borehole equipment market estimates & forecast, 2013 - 2024, (USD Million)
TABLE 3. Global borehole equipment industry estimates & forecast by product, 2013 - 2024 (USD Million)
TABLE 4. Global borehole equipment industry estimates & forecast by operation, 2013 - 2024 (USD Million)
TABLE 5. Global borehole equipment industry estimates & forecast by application, 2013 - 2024 (USD Million)
TABLE 6. Global borehole equipment industry estimates & forecast by region, 2013 - 2024 (USD Million)
TABLE 7. Industry ecosystem analysis
TABLE 8. Industry impact forces
TABLE 9. Global portable borehole equipment industry estimates & forecast, (USD Million), 2013 – 2024
TABLE 10. Global portable borehole equipment industry estimates & forecast by region, (USD Million), 2013 – 2024
TABLE 11. Global fixed borehole equipment industry estimates & forecast, (USD Million), 2013 – 2024
TABLE 12. Global fixed borehole equipment market estimates & forecast by region, (USD Million), 2013 – 2024
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