The global mining drilling services market size was worth around USD 2.41 Billion in 2022 and is predicted to grow to around USD 4.41 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.71% between 2023 and 2030.
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➤ The increasing demand for minerals to serve as a primary development factor
An exponentially increasing demand for minerals extracted from the earth’s interior is anticipated to be one of the primary factors contributing to the significant growth of the global mining drilling services market. Minerals such as iron and copper are the foundation of the contemporary world, which encompasses both residential and commercial sectors. The mining industry is experiencing a surge in demand, which is a result of rising demand from end-user verticals and pervasive industrialization. This has resulted in an increase in the demand for associated services.
➤ The market’s expansion is being constrained by the increasing environmental concerns.
In the long term, mining activities are regarded as a threat to the earth’s survival. This is particularly relevant to profit-oriented businesses that prioritize ultimate revenue over the irreversible harm to the ecosystem that results from irresponsible mining activities. Drilling services for mining can result in significant environmental damage, including soil erosion, water contamination, and air pollution. This is the reason why the mining drilling services industry is being heavily regulated worldwide, and world leaders are striving to restore or limit the detrimental effects of business operations on the planet.
➤ The increasing demand for renewable energy is expected to generate greater growth opportunities.
One of the key segments that are anticipated to significantly benefit the global mining drilling services market is the increasing demand for renewable energy, as countries implement strategies to decrease their dependence on non-renewable energy sources. During the forecast period, the most significant growth is anticipated in businesses that work with lithium, silver, and copper, as investments in the development of wind and solar power are on the rise. Moreover, the increasing interest in unexplored segments of unconventional resources, such as shale gas and confined oil, may generate additional growth opportunities for mining drilling services.
➤ Market growth may be hindered by geopolitical hazards.
The mining drilling services industry’s service providers are frequently rendered vulnerable or exposed to severe geopolitical instability, including war, terrorism, and political instability. The impact of the increasing political tension between the western and eastern territories is the subject of increasing speculation in the years ahead. The ongoing conflict between Russia and Ukraine serves as the most prominent illustration. The revenue of the industry is significantly influenced by these factors, which also address the scarcity of qualified labor.
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The Global Mining Drilling Services Market is segmented based on product, application and region
Global Mining Drilling Services Market: Product Segment Analysis
● Underground Mining
● Surface Mining
Global Mining Drilling Services Market: Application Segment Analysis
● Minerals
● Coal
● Metal
● Quarry
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The global Mining Drilling Services market profiles key players such as:
● Helmerich & Payne
● Boart Longyear
● NRW Holdings
● Schlumberger
● Epiroc
● Caterpillar
● Ausdrill
● Sandvik
● HMR Drilling Services
● Foraco
● Atlas Copco
● Orica Mining Services
● Major Drilling
● Layne Christensen Company
● DDH1 Drilling
● Orbit Garant Drilling
???? Recent Developments:
• NRW Holdings, a construction and mining contractor company headquartered in Australia, announced in February 2023 that it had secured a contract for drilling and explosion services worth AUD 300 million.
• In March 2023, NRW Holdings disclosed that DIAB Engineering had awarded a contract worth AUD 30 million to two of its subsidiaries. The funds will be allocated to the maintenance of the infrastructure sustaining and crushing the new Iron Bridge magnetite mine over the next three years.
➤ The Asia-Pacific region is expected to dominate the market growth.
The Asia-Pacific region is expected to experience the most significant development in the global mining drilling services market, primarily due to the extensive mining activities that are being conducted in various regions of the region. One of the major service providers in the industry is located in Australia. NRW Holdings has a global reputation for being recognized with numerous multi-billion-dollar assignments in the drilling and blasting sectors. In addition, the mining exports of the nation presently comprise 75% of the global market share and are a critical component of Australia’s economic expansion.
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