PUBLISHER: The Business Research Company | PRODUCT CODE: 1436495
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436495
Mining drilling services involve the extraction of stones, minerals, and resources from various subsurface levels. This process necessitates the use of substantial and robust equipment to carry out the drilling tasks. Such services play a crucial role in providing geologists with diverse soil samples for analysis and aiding in the retrieval of valuable minerals.
The primary categories of mining drilling services encompass surface mining and underground mining. Surface mining involves the extraction method where the soil and overlaying rock covering mineral deposits are excavated. Its applications span across metals, coal, minerals, and quarries, serving industries such as construction, manufacturing, and technology
The mining drilling services market research report is one of a series of new reports from The Business Research Company that provides mining drilling services market statistics, including mining drilling services industry global market size, regional shares, competitors with a mining drilling services market share, detailed mining drilling services market segments, market trends and opportunities, and any further data you may need to thrive in the mining drilling services industry. This mining drilling services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The mining drilling services market size has grown strongly in recent years. It will grow from $2.84 billion in 2023 to $3.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The expansion observed in the past can be ascribed to an increased demand for resources, a surge in exploration activities, fluctuations in commodity prices, cycles within the mining industry, and the discovery of new deposits.
The mining drilling services market size is expected to see strong growth in the next few years. It will grow to $4.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated expansion during the forecasted period is driven by the progression of mining infrastructure, evolving market competition, sustained global geopolitical stability, initiatives towards energy transition, and prevailing economic patterns. Key trends expected in this period encompass advancements in drilling technologies, the integration of automation and robotics, the emphasis on data-centric decision-making, as well as the proliferation of remote operations and monitoring.
The anticipated surge in mining production is poised to fuel the expansion of the mining drilling services market in the foreseeable future. Mining, which involves extracting valuable materials from the earth, has seen a notable increase in production owing to industries relying on underground mineral commodities. This heightened reliance has consequently spurred greater demand for mining drilling services. For instance, as reported by the United States Geological Survey, a US-based Government Agency, mining activities in the United States yielded approximately $90.4 billion in mineral commodities in 2021, marking a substantial $9.7 billion increase from the revised total of $80.7 billion in 2020. Hence, the upswing in mining production remains a primary driver behind the growth trajectory of the mining drilling services market.
The anticipated surge in electricity consumption stands as a key driver for the projected growth of the mining drilling services market in the foreseeable future. Electricity, being a vital form of energy stemming from the presence of charged particles, whether statically or in current, heavily relies on mining drilling services for extracting essential raw materials such as coal, minerals, or metals. These resources play a fundamental role in powering electricity generation processes and manufacturing components crucial to electrical infrastructure. For example, as per Enerdata's World Energy and Climate Statistics, a France-based information services company, electricity consumption in the United States witnessed a 1.8% increase in 2022. Consequently, the escalating demand for electricity serves as a primary catalyst propelling the expansion of the mining drilling services market.
Technological advancement emerges as a prominent trend gaining traction within the mining drilling services market. Leading companies in this sector are concentrating on developing novel technological solutions to fortify their market positions. For example, in July 2021, Perenti, an Australia-based company specializing in mining drilling services, introduced idoba-a new technology-centric service offering tailored for the mining industry. This innovative service harnesses Perenti's in-house technology and data expertise to enhance value across global mining services activities. The idoba technology epitomizes Perenti's strategic technological evolution, aimed at not only supporting their business operations but also providing clients with digital product and technology services that generate revenue and earnings.
Leading entities within the mining drilling services market are strategically forging partnerships to elevate drill hole data analysis within the mining sector. A strategic partnership denotes a collaborative alliance between multiple entities, be it corporations, entities, or governmental bodies, aimed at mutually advantageous goals. For instance, in December 2023, International Directional Services (IDS) LLC, a US-based drilling services enterprise, entered a partnership with Veracio, a US mining technology firm. Through this collaboration, the objective is to enhance the precision and caliber of drill hole data analysis, amplify operational efficiency, and propel advancements in drilling and downhole technologies. Leveraging expertise in directional drilling and geological data gathering, this joint effort seeks to enable clients to curtail drilling expenses, mitigate operational discrepancies, minimize waste, and champion sustainable mining practices.
In June 2021, Major Drilling Group International Inc., a Canadian company specializing in mining drilling services, successfully acquired McKay Drilling PTY Limited for a sum of $39.7 million. This strategic acquisition enhances Major Drilling Group International Inc.'s portfolio within the mining drilling services sector. McKay Drilling PTY Limited, based in Australia, is recognized for its expertise in providing comprehensive mining drilling services.
Major companies operating in the mining drilling services market report are Schlumberger Limited, Quanta Services, Sandvik Mining and Construction, Perenti Group, Boart Longyear, Layne Christensen Company, Major Drilling Group International Inc., Byrnecut Mining Pty. Ltd., Action Drill & Blast, Barminco, Foraco International S.A, Capital Drilling, Orbit Garant Drilling Inc., Geodrill, Master Drilling Group Limited, Ausdrill, Aban Offshore, Geotech Drilling Services Ltd., Gregg Drilling LLC, PAMA SPA, REI Drilling Inc., Viking Drilling LLC, PT United Tractors Tbk, Drillmech Engineering & Hydraulic Services, Boomerang Forestry, Dando Drilling International, Central African Drilling, Drillex International, Xploration Services Limited, Midwest Mineral Exploration Services
Asia-Pacific was the largest region in the mining drilling services market in 2023. The regions covered in the mining drilling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the mining drilling services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The mining drilling services market includes revenues earned by entities by providing impact drill, rotatory drill, breaking, ore removing, blasting 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.
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.
Mining Drilling Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on mining drilling services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for mining drilling services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The mining drilling services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.