Mining Drilling Services Market Size USD 3.8 Billion by 2028 growing at a CAGR of 7.46%

IMARC Group, a leading market research company, has recently releases report titled "Mining Drilling Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global mining drilling services market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big are the mining drilling services?

The global mining drilling services market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.46% during 2023-2028.

What are mining drilling services?

Mining drilling services include several drilling activities executed on a contract basis to extract several commodities, such as metals, coal, and minerals, from the ground. Some commonly provided drilling services include mine exploration, production, development, and closure of mining operations. They depend on autonomous drills, mud motors, and rotary steerable systems for measurement-while-drilling (MWD) and logging-while-drilling (LWD) operations. In addition, they are used for surface and underground blast hole drilling, underground roof bolting and cabling, body characterization, and dewatering. They also help improve the efficiency of mining operations and the safety of workers while providing precise and accurate depth tracking. Owing to these benefits, mining drilling services are widely used in metal, coal, mineral, and quarry mining operations across the globe.

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What are the growth prospects and trends in the mining drilling services industry?

The market is primarily driven by the expanding mining industry and rising on-shore and off-shore oil exploration activities. In addition, the escalating demand for renewable energy as countries are using measures to minimize dependency on non-renewable resources of energy, increasing investment towards harnessing solar and wind power, and organizations working with silver, copper, and lithium are contributing to the market growth. In line with this, the surging energy need is accelerating the adoption of effective mining drilling services for optimal extraction of oil and gas resources. Moreover, the widespread adoption of mining drilling services in metal mining due to the increasing demand for lithium for the manufacturing of batteries and the extensive use in the production of electric vehicles (EVs) represents another major growth-inducing factor. Besides this, the widespread adoption of low-emission energy and transportation systems across various industries and the incorporation of components that use mineral-based fuels instead of fossil fuels to minimize the carbon emissions by automobile manufacturers are propelling the market growth. Additionally, the growing use of directional drilling services to prevent soil contamination and provide improved flexibility and minimal site restoration requirements, is influencing the market growth. Apart from this, the mining drilling services market is growing at different rates in numerous regions, with the Asia Pacific region being one of the largest mining drilling services markets due to the growing demand for minerals and precious metals such as diamond, platinum, gold, and silver. Moreover, the industry is expected to face competition in the forthcoming years as various key players are implementing competitive strategies to sustain their presence in the market. For instance, in March 2021, Major Drilling achieved accomplishment by surpassing its record of drilling a 2,000-meter hole with an even deeper hole of 2,021.3 meters PQ3 for Oyu Tolgoi. Furthermore, advancements in drilling technologies, such as the development of battery-operated drill rigs, continuous product launches, favorable government policies, rising research and development (R&D) activities, and mergers and acquisitions (M&A) between key market players, are also creating a positive market outlook. For instance, in July 2021, Perenti introduced iboda, a technology-driven service that leverages in-house technology and data expertise to add value to global mining activities. Moreover, in February 2022, Perenti's iboda acquired Orelogy and Atomorphis, which aligns with Perenti's strategy to establish digital, innovation, and technology services that enhance sustainability and operational performance outcomes for the mining industry.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Mining Type:

Metal
Coal
Mineral
Quarry

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Action Drill & Blast
Baker Hughes
Boart Longyear
Byrnecut Group
Halliburton Company
Perenti Global Limited
PT UNITED TRACTORS TBK
Schlumberger Limited.

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