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The latest report by IMARC, titled “ MiningDrillingServicesMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForeca st2023-2028
”findsthattheglobalminingdrillingservicesmarketsizereachedUS$2.5Billionin2022.
Mining drilling services involve a range of drilling activities performed on a contract basis to extract various commodities, such as coal, metals, and minerals. Some commonly offered mining drilling services include mine exploration, development, production, and mine closure. They rely on mud motors, autonomous drills, and rotary steerable systems for logging-while-drilling (LWD) and measurement-while-drilling(MWD)operations.
They aid in surface and underground blast hole drilling, cabling and dewatering, underground roof bolting, and body characterization. They also assist in enhancing the efficiency of mining operations and improving the safety of workers while offering precise depth tracking. As a result, mining drilling servicesaregainingimmensetractionincoal,quarry,mineral,andmetalmining.
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The increasing onshore and offshore oil exploration activities represent the primary factor driving the market growth. Additionally, the escalating energy demand across the globe has led to the widespread adoption of efficient mining drilling services in both developed and developing countries for the optimum extraction of oil and gas resources. In line with this, the shifting inclination toward low-emission energy and transportation systems across various industries has catalyzed market growth. This is further supported by the large-scale integration of automobile components that utilize mineral-based fuels instead of fossil fuels by automotive manufacturers to reduce carbon footprints. Furthermore, the leading players are heavily investing in research and development (R&D) activities to introduce innovative product variants, such as automated and battery-operated drill rigs.
Besides this, the rising adoption of directional drilling services that provide higher flexibility and minimal soil contamination, site restoration requirements, and geological abnormalities has propelled the market growth. Other factors, including the rapid expansion of the mining sector, surging coal production, escalating demand for precious metals, advancements in drilling technologies, and supportive government policies, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 3.8 Billion by 2028, growing at a CAGR of 7.46% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyMiningType:
•Metal
•Coal
•Mineral
•Quarry
BreakupbyRegion:
•NorthAmerica
•UnitedStates
•Canada
•Asia-Pacific
•China
•Japan
•India
•SouthKorea
•Australia
•Indonesia
•Others
•Europe
•Germany
•France
•UnitedKingdom
•Italy
•Spain
•Russia
•Others
•LatinAmerica
•Brazil
•Mexico
•Others
•MiddleEastandAfrica
CompetitiveLandscapewithKeyPlayers:
• ActionDrill&Blast
• BakerHughes
• BoartLongyear
• ByrnecutGroup
• HalliburtonCompany
• PerentiGlobalLimited
• PTUNITEDTRACTORSTBK
• SchlumbergerLimited
ViewFullReportwithTOC&ListofFigure:
https://www.imarcgroup.com/mining-drilling-services-market
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