Global Mining Drilling Services Market Grows Steadily at a CAGR of 6.71%

Introduction

"Mining drilling services" refers to a business niche that serves many mining clients by performing drilling operations. Commodities include coal, metals like copper, nickel, and zinc, and metal minerals. Mineral mining drilling includes core extraction. The technical analysis begins after removing a solid rock core. Due to low importance, mining companies outsource "non-core" services to BoartLongyear. A mining company's project may depend on technical research results. Drilling services are used throughout mining.

Market Dynamics

Rising Interest in Plug-In Hybrids and Electric Cars Drive the Global Market

The demand for the minerals used to make batteries is increasing due to the rising popularity of electric vehicles. The use of electric vehicles has considerably expanded recently in developed countries like North America and Europe. In emerging economies, there is expected to be a surge in electric vehicles, increasing the need for lithium-ion batteries. In addition, cobalt is a crucial component in manufacturing electric vehicles. The growing demand for lithium-ion batteries is a crucial growth driver for lithium and cobalt mining companies. The aforementioned factor ought to promote the expansion of the drilling services sector.

Incorporating Renewable Energy Sources Creates Tremendous Opportunities

SR market research predicted a rise in mineral consumption as the world moves toward a low-carbon economy. Fossil fuels have helped raise living standards. Greenhouse gas emissions have caused global warming. The car industry prioritizes energy-efficient and low-emission transportation solutions to combat global warming. Low-emission energy and transportation systems demand more minerals than fossil fuel-based ones; thus, the mining sector could gain. Mining may benefit from this low-carbon economic transformation. Renewable energy is predicted to cut greenhouse gas emissions in the mining sector, which is expected to propel market growth.

Regional Analysis

Asia-Pacific is the most significant global mining drilling service market shareholder and is expected to grow at a CAGR of 6.9% over the forecast period. China, India, Indonesia, Australia, and Japan contribute to this. Asia-Pacific has the most metal and coal mining due to its large surface and underground reserves. Gold, silver, diamond, and platinum demand has increased in Asia-Pacific. Therefore, local mining drilling services have increased. Coal production is rising, which boosts electricity demand. In addition, China, India, Australia, and Indonesia dominate coal output. Most Asia-Pacific coal is used for power production, followed by the iron and steel industries and others. Mining drilling is most popular in Asia-Pacific due to increased mining and production in these locations. China leads Asia-Pacific metal and coal mining in output, consumption, and reserves. Industry companies might profit from high-end machinery demand, which is expected to drive market growth.

Key Highlights

• The global mining drilling service market was valued at USD 2.41 billion in 2022. It is estimated to reach USD 4.14 billion by 2031, growing at a CAGR of 6.21% during the forecast period (2023–2031).
• Based on mining type, the market is segmented into coal, metal, mineral, and quarry. The coal segment dominates the global market and is estimated to exhibit a CAGR of 6.71% over the forecast period.
• Asia-Pacific is the most significant global mining drilling service market shareholder and is expected to grow at a CAGR of 6.9% over the forecast period.

Competitive Players

Competitive Players

The key players in the global mining drilling services market are BoartLongyear, Ausdrill, Action D&B, PAMA, and Byrnecut Australia.

Recent Developments

Market News

• In February 2023, Australia's NRW Holdings, a big construction and mining company, said it had won a drilling and blasting deal worth AUD 300 million.
• In March 2023, NRW Holdings said that DIAB Engineering had given a USD 30 million deal to two of its subsidiaries. Over the next three years, the money will be used to keep the new Iron Bridge magnetite mine's crushing and support facilities in good shape.

Segmentation

Global Mining Drilling Service Market: Segmentation

By Mining Type

• Coal
• Metal
• Mineral
• Quarry

By Regions

• North America
• Europe
• Asia-Pacific
• Rest of the World