Press release
Mining Drilling Services Market: $3.01B to $4.3B by 2029, driven by Resource Demand and Technology Advancements
Mining Drilling Services Market Insights
What Is The Projected Market Size Of The Global Mining Drilling Services Market And Its Growth Rate?
The mining drilling services market has experienced substantial growth over the recent years. Key statistics include:
•The market size has grown from $3.01 billion in 2024 to an expected $3.23 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 7.1%.
•The increase is attributed to a resource demand surge, boom in exploration activities, commodity price fluctuations, mining industry cycles, and discovery of new deposits.
•Projections predict market growth to $4.3 billion in 2029, with a CAGR of 7.5%.
•Development of mining infrastructure, dynamic market competition, global geopolitical stability, energy transition initiatives and economic trends are responsible for this predicted growth.
What Is Driving The Growth In The Mining Drilling Services Market?
The growth of the mining drilling services market is driven by the rise in mining production. The method of extracting useful materials from the earth, known as mining, has seen an increase in product demand due to industries' dependency on mineral supply from underground. For example, in June 2024, the Australian mining sector reportedly achieved a record-breaking $455 billion in export earnings. This impressive performance portrays the industry as a crucial global supplier needed to meet the rising demand for resources, which, in turn, increases the demand for mining drilling services.
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Who Are the Key Players Driving Mining Drilling Services Market Growth?
The major players contributing to the growth of the mining drilling services market include:
•Schlumberger Limited
•Sandvik Mining and Construction
•Perenti Group
•BoartLongyear
•Major Drilling Group International Inc
•Byrnecut Mining Pty. Ltd
•Action Drill & Blast
•Barminco
•Foraco International S.A
•Capital Drilling (and several others)
What Are The Key Trends In The Mining Drilling Services Market?
During the forecast period, major trends include:
•Advancements made in drilling technologies
•Increased adoption of automation and robotics
•Data-driven decision making
•Remote operations and monitoring
What Are The Segments Of The Global Mining Drilling Services Market?
•By Type: Surface Mining, Underground Mining
•By Application: Metal, Coal, Mineral, Quarry
•By End-User: Construction, Manufacturing, Technology Industries
Which Region Leads The Mining Drilling Services Market?
Asia-Pacific was the largest region in the mining drilling services market in 2024. Other regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa also contribute to the global market, although not as prominently as Asia-Pacific.
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What Is Covered In The Mining Drilling Services Market Global Market Report?
•Market Size Analysis: Analyze the Mining Drilling Services Market size by key regions, countries, product types, and applications.
•Market Segmentation Analysis: Identify various subsegments within the Mining Drilling Services Market for effective categorization.
•Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
•Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
•Market Contribution: Evaluate contributions of different segments to the overall Mining Drilling Services Market growth.
•Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
•Industry Challenges: Analyze challenges and risks affecting the Mining Drilling Services Market.
•Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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