Mining Drilling Services Market Development Leads To High Demand

Surge in the demand for EV and rise in penetration of advanced technologies drive the growth of the global mining drilling services market. However, strict government regulations related to the mining operations hinder the market growth. On the other hand, transition to a low-carbon economy creates new opportunities in the coming years.

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Global mining drilling services market is estimated to reach $4.4 billion by 2030, registering a CAGR of 6.7% from 2020 to 2030. 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. Drilling service at mining sites is majorly used for exploration, which focuses on gaining detailed information about the land formation below the ground surface; and production to facilitate the extraction of iron ore. Numerous investments to explore and produce more metals and minerals to satisfy the growing needs of metals are projected as one of the leading factors in propelling the growth of the market size.

The mining drilling services market is analyzed on the basis of mining type and region.

Based on mining type, the mineral segment contributed to the largest share in 2019, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 6.9% from 2020 to 2030. Furthermore, the metal segment is expected to register the CAGR of 6.3% during the forecast period. This is attributed to increase in the demand for lithium, and cobalt owing to rise in adoption of lithium from battery manufacturers.

Based on region, Asia-Pacific contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 7.7% from 2020 to 2030.

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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.

Key Findings of the Study:
• By type, distribution pole emerged as the global leader in 2018 and a similar segment likely to continue its dominance on the global utility poles market. Electric distribution activities required a repeated number of poles as per the electricity demand which drives the growth of this segment.
• By material, wood is the largest revenue-generating segment in 2018. Wood is the pioneer material in the pole making industry due to which it is still used significantly across the globe. However,
• By application, energy transmission and distribution is the major segment accounted for around 70% market share in 2018. Utility poles are mainly required in the energy transmission and distribution activities that make this segment the largest one among others.
• Composite utility poles offer the longest lifespan due to which it is expected to register highest CAGR during the forecast period

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