Borehole Equipment Market: Business Opportunities, Top Key Players & Regional Outlook Up to 2024
Borehole Equipment Market size is set to exceed USD 27 billion by 2024. The phenomenally expanding wave of urbanization has also had a massive impact on the profitability landscape of borehole equipment industry. In this regard, both Asia Pacific and Europe have emerged as strong contenders of the regional share. In fact, Europe accounted for 15% of the global industry share in 2016, with a major influence from Germany, France, and UK. As per reliable estimates, the urban population in Europe is deemed to hold more than 80% of the regional population base by 2030.
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The profitability landscape of borehole equipment market has been witnessing a massive turnaround of sorts in the recent years, on account of the rising number of mining operations, heavy infrastructural development, and the increased demand for water in drought-ridden areas. In this regard, companies partaking in borehole equipment industry share have been striving to brainstorm rather innovative products and techniques for borehole drilling. For instance, merely a couple of years earlier, Boart Longyear, a rather prominent player in borehole equipment industry, was involved in a project that included installing a ventilation shaft for a longwall coal mine in Wyoming.
The company deployed a dual-tube flooded reverse-circulation drilling technique that was far advanced than the ones used for a traditional raised bore rig, as it pumped air via the outer tube, forcing mud upward through the inner tube, thereby preventing porous rock from being plugged for the borehole. The same year witnessed Boart launching the game-changing TruProbe drilling system that enables the deployment of gamma, geophysical, survey sensors inside drill strings for identifying any traces of previous metals and minerals at an affordable cost, majorly impacting the product landscape of borehole equipment industry. In retrospect, it would be apt to state that Boart Longyear has indeed established itself as one of leading participants in borehole equipment market, setting ambitious standards for its fellow rivals and new entrants.
APAC borehole equipment market will record the highest CAGR of 6% by 2024. Asia Pacific will further explore a slew of opportunities pertaining to the borehole equipment industry in the coming years, courtesy – the massive increasing population, infrastructure development, and the evolving urbanization trends.
Looking at the aforementioned trends, North America, bagging a strong hold across the mining as well as the infrastructure sector, is slated to be one of the top-notch growth avenues for borehole equipment industry. The region, as per the estimates, accounted for more than 30% of the global share in 2016. It is imperative to mention that despite Toronto having led the regional terrain in terms of infrastructural projects (130 projects in 2013), New York is claimed to be its major rival in the ensuing years, with a recorded 26% growth in high-rise building construction since 2012.
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Some Point from Table of Contents:
Data Tables
TABLE 1. Borehole equipment industry 360° synopsis, 2013 – 2024
TABLE 2. Global borehole equipment market estimates & forecast, 2013 - 2024, (USD Million)
TABLE 3. Global borehole equipment industry estimates & forecast by product, 2013 - 2024 (USD Million)
TABLE 4. Global borehole equipment industry estimates & forecast by operation, 2013 - 2024 (USD Million)
TABLE 5. Global borehole equipment industry estimates & forecast by application, 2013 - 2024 (USD Million)
TABLE 6. Global borehole equipment market estimates & forecast by region, 2013 - 2024 (USD Million)
TABLE 7. Industry ecosystem analysis
TABLE 8. Industry impact forces
TABLE 9. Global portable borehole equipment industry estimates & forecast, (USD Million), 2013 – 2024
TABLE 10. Global portable borehole equipment market estimates & forecast by region, (USD Million), 2013 – 2024
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