The mining drilling services market is projected to reach $4.4 billion by 2030, growing at a CAGR of 6.7% from 2020 to 2030.The demand for drilling services majorly depends on the exploration, production, and development activities conducted by mining companies, specifically with respect to commodities such as gold, copper, and other metals. Drilling services also comprise wide range of drilling technologies such as surface &underground diamond coring, reverse circulation, sonic drilling, and others.
The demand for drilling services is expected to increase in metal mining. This is attributed to rise in production of electric vehicles. As rise in production of electric vehicles fuels the adoption of lithium, which is used in the manufacturing of batteries. However, currently, the mining activities in Asia are hampered and the exports are disrupted due to COVID-19. Moreover, because of the quarantine measures, the supply chain is shattered across the global market, which is negatively impacting the market.
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The mining drilling services market is analyzed on the basis of mining type and region. On the basis of mining type, the market is fragmented into coal, metal, mineral, and quarry. On the basis of region, the market is analyzed across the U.S., Asia-Pacific, and rest of the world. According to the U.S. Geological Survey, U.S. mines produced nearly $82.2 billion in minerals in the year 2018. There is 3% increase in the mining production as compare to the production in the year 2017. This increase in mining and production activities in the region drives the growth of the U.S. drilling services market. China, India, Australia, and Indonesia are the top players in the coal production globally, which is driving the mining drilling services market growth in the Asia-Pacific region. Most of the coal produced in Asia-Pacific is utilized in the electricity production followed by the iron & steel industry, and other.
On the basis of mining type, the mineral segment accounted for the highest share in the market, more than half of market, in 2019. In addition, the metal segment accounted for one fourth market share. This is attributed to increase in the demand for lithium, and cobalt owing to rise in adoption of lithium from battery manufacturers. By region, Asia-Pacific accounted for the second highest share in the market; around 57.0% share in 2019. This is attributed to the presence of key players in the region
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The major player studied and profiled in the global mining drilling services Market are BoartLongyear, Ausdrill, Action D&B, PAMA, and Byrnecut Australia.
- During the coronavirus pandemic, the mining operations are carried out with the guidelines that have been issued on health screening, personal protective equipment, and social distancing.
- The operations in the mining industry are carried out with minimum numbers of workers as lockdown restrictions ease off. Moreover, the supply chain has been impacted negatively during the lockdown.
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