Global Market Insights has recently added a report on Borehole Equipment Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
Borehole Equipment Market in North America will register growth over 5% up to 2024. Improved economic condition and rising investment in mining sector will significantly fuel product demand. As of 2015, the industrial minerals, coal and metals mined in U.S. was valued at USD 109.6 billion. Institutional investors are likely to raise their exposure to metals and mining exploration partially through co-investments with private equity, offering lower risk and greater transparency.
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Rapid urbanization coupled with increased in construction spending will drive borehole equipment market growth. Increasing concern for regular water supplies, energy consumption and environmental aspects will propel product penetration. As per industry experts, global infrastructure spending is anticipated to surpass USD 9 trillion by 2024.
Increasing adoption of modern technologies and solutions as well as emphas on high production volume fostering borehole equipment market growth. Global mining industry is volatile in nature and drilling companies face various challenges such as shortage of skilled labor or technological expertise. Thus, exploration companies are focusing on techniques to reduce the cost and time associated with mining activities to meet government revenue expectation.
Global borehole equipment market share is highly fragmented owing to strong presence of regional as well as multinational service providers. Some of the key industry players include:
- Bohrmeister (Pty) Ltd.
- Getech International
- Dando Drilling International
- Major Drilling
- Boart Longyear
- Orbit Garant
Companies are anticipated to increase R&D investments and technological innovations to gain competitive advantage.
Infrastructure application is likely to surpass 9 billion by 2024. Increasing number of public works infrastructure project will substantially boost product application scope. Public and private sector companies’ partnership is likely to play a key role for this segment growth. Rising industrial and commercial sector will further augment borehole equipment market.
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Mining applications generated over USD 11 billion revenue in 2016. Increasing concern regarding maturing of existing mines driving exploration activities worldwide. Thus, in order to meet rising demand companies are likely to invest in high-performance boring equipment’s for efficient productivity, improving iron and coal ore supplies. In addition, cost optimization and high production volume are the key factors driving product demand in oil & gas industry.
Portable borehole equipment market is expected witness growth over 6.5% up to 2024. Factors such as ease of exploration and convenient transportation at most remote areas are driving product demand. Increasing oil & gas exploration activities at untapped places is anticipated to provide lucrative opportunities for this segment growth.