Borehole Equipment Market Share to Significantly Expand Through 2024
The size of Borehole Equipment Market was registered at USD 17 billion in the year 2016 and is anticipated to cross USD 27 billion by 2024. Between the period 2017-2024, the ++ market is expected to register a CAGR of 5.5%.
Borehole equipment market, over the years, has stood as a prominent vertical of the HVAC industry, generating quite a substantial momentum in terms of remuneration. In fact, in the yesteryear, the overall borehole equipment industry share attained an appreciable revenue of USD 17 billion. What analysts cite as the major factors driving this growth are the exponentially increasing exploration and excavation activities globally, the technological interferences in the mining equipment industry, developments in offshore & onshore drilling, and the launch of high performance machineries. The mining applications, as per experts, will account for 60% of the borehole equipment industry share in 2024.
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Not to mention, the expanding industrial and residential infrastructure sector has also had a vital impact on the borehole equipment market share. As per reliable statistics, as of 2015, more than 460 high-rise buildings were under construction. A report by Global Market Insights, Inc. estimates the overall borehole equipment industry size from infrastructure applications to surpass USD 9 billion by 2024. Reportedly, the increasing infrastructure projects demand a massive use of borehole equipment, primarily the portable ones, which offers efficiency in terms of transportation, remote location accessibility, and rotation. In fact, as per the estimates, portable borehole equipment industry size is estimated to surpass a revenue of USD 6 billion by 2024.
Looking at the aforementioned trends, North America, bagging a strong hold across the mining as well as the infrastructure sector, is slated to be one of the top-notch growth avenues for borehole equipment industry. The region, as per the estimates, accounted for more than 30% of the global share in 2016. It is imperative to mention that despite Toronto having led the regional terrain in terms of infrastructural projects (130 projects in 2013), New York is claimed to be its major rival in the ensuing years, with a recorded 26% growth in high-rise building construction since 2012.
Speaking of the infrastructural projects and a favorable regulatory framework, MEA is another region establishing a strong contendership in borehole equipment market. In a major turn of events recently, the Turkish government, in a bid to support the Ghanaian government’s water and sanitation program, announced its plan of constructing 25,000 boreholes in Ghana. The project basically aimed to ensure the supply of potable water to every citizen in the country. Not only this, the Turkish government, further extended the deal to provide the region with all the necessary machines and equipment to facilitate the project. The project depicts quite a substantial effort by the regional entities toward infrastructure development, which in extension is boosting MEA borehole equipment industry share.
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.
The phenomenally expanding wave of urbanization has also had a massive impact on the profitability landscape of borehole equipment market. In this regard, both Asia Pacific and Europe have emerged as strong contenders of the regional share. In fact, Europe accounted for 15% of the global industry share in 2016, with a major influence from Germany, France, and UK. As per reliable estimates, the urban population in Europe is deemed to hold more than 80% of the regional population base by 2030.
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Some Point from Table of Contents:
Chapter 4. Borehole Equipment Market, By Product
4.1. Global borehole equipment market share by product, 2016 & 2024
4.2. Portable borehole equipment
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013 – 2024
4.3. Fixed borehole equipment
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 5. Borehole Equipment Market, By Operation
5.1. Global borehole equipment industry share by operation, 2016 & 2024
5.2. Hydraulic
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.3. Pneumatic
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.4. Others (electric, mechanical)
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Market estimates and forecast, by region, 2013 – 2024
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