Global Borehole Equipment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Borehole Equipment Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global borehole equipment market report has been segmented on the basis of type, operation, and region.
Global Borehole Equipment Market: Overview
Borehole equipment is self-propelled as well as stationary machines, particularly designed for drill hole enlarging and mud drilling in several applications such as oil & gas, construction and mining, agriculture, and infrastructure. Borehole equipment can handle several types of soil and rock configurations such as hard rock, loose mud & silt, and porous limestone.
Global Borehole Equipment Market: Dynamics
The borehole equipment market is largely driven by increasing spending on infrastructure. Benefits including easy transportability and performing task in remote locations are some major influencing properties for growth of the target market. In addition, increasing investments and R&D activities regarding industrial and residential infrastructure are expected to drive borehole equipment demand in the infrastructure segment. Moreover, high demand for boring and exploration activities, along with growing developments in the mining sector are some factors expected to support market growth. Moreover, technological advancement regarding real-time analysis and detect failure are projected to propel demand. Furthermore, machine up-gradation along with shifting focus towards maximum productivity is expected to offer lucrative business opportunities in the coming period.
Latest trend shows that rising demand for oil & gas exploration activities along with the emergence of laser drilling is expected to show significant growth in the drilling process. Laser drilling benefits such as reduce drilling time, precious drilling, and others.
Whereas, possible diversion of investments from oil & gas projects toward renewables, may hamper growth of the borehole equipment market.
Global Borehole Equipment Market: Segment Analysis
Among the type segments, the portable borehole equipment segment accounts for significant market share, due to increasing oil & gas exploration activities.
Among the operation segments, the hydraulic segment accounts for major market share revenue and is expected to maintain its dominance over the forecast period.
Global Borehole Equipment Market: Regional Analysis
The market in North America is expected to dominate the global market in terms of revenue. Factors such as technological advancements, ongoing large-scale mining projects, growing construction sector, and increasing extraction activities in countries such as the US and Canada in the region. The market in the Asia Pacific accounted for second-highest revenue share in the target market, followed by markets in the Middle East & Africa, Europe, Latin America respectively. High demand for metal from numerous end-use industries including construction, packaging, energy, and transport sector in emerging economies is expected to drive business growth. Moreover, demographic trends along with government initiatives in infrastructure development are expected to drive regional demand for borehole equipment.
The Middle East & Africa is also expected to propel growth of the target market during the forecast period, owing to increasing infrastructure development, increasing mineral extraction activities in Venezuela and Nigeria, along with huge untapped hydrocarbon reserves in Mexico are expected to contribute product penetration.
Global Borehole Equipment Market Segmentation:
Segmentation by Product:
- Portable Borehole Equipment
- Fixed Borehole Equipment
Segmentation by Operation:
Segmentation by Application:
- Mineral Mining
- Oil & gas mining
- Coal mining
- Metal Mining
- Public infrastructure
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- National Oilwell Varco
- Schlumberger Limited
- Gardner Denver, Inc.
- Weatherford International plc.
- Flowserve Corporation
- Weir Group
- Ebara Corporation
- Tsurumi Pump
- Xylem Inc.
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