Press release
Mining Drilling Services Industry Outlook 2025-2029: Market Set to Cross $3.78 Billion Milestone
Mining Drilling Services
How Large Will the Mining Drilling Services Market Size By 2025?
In recent times, the market size of mining drilling services has been on a steady incline. Projected growth forecasts a rise from $3.01 billion in 2024 to $3.12 billion in 2025, invoking a compound annual growth rate (CAGR) of 3.5%. Elements like the increase in demand for resources, escalation of exploration activities, variability in commodity prices, the cyclical nature of the mining industry, and the unearthing of new deposits have all contributed to this historic growth.
How Big Is the Mining Drilling Services Market Size Expected to Grow by 2029?
The market size of mining drilling services is projected to experience consistent expansion in the upcoming years, reaching $3.78 billion in 2029 with an annual compound growth rate of 4.9%. Factors contributing to the growth during the forecast period include the development of mining infrastructure, market competition forces, worldwide geopolitical stability, initiatives related to energy transition, and economic movements. Key trends for the forecasted period involve cutting-edge drilling technologies, automation and robotics, data-based decision-making processes, as well as remote operations and monitoring.
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Which Key Market Drivers Powering Mining Drilling Services Market Expansion and Growth?
The growth of the mining drilling services market is anticipated to be fueled by an increase in mining production. Mining, which involves the extraction of valuable materials from the earth, is on the rise due to industrial reliance on the provision of mineral commodities from underground sources. This need has subsequently fueled the demand for mining drilling services. For example, in June 2024, the Australian Bureau of Statistics, a government agency in Australia, revealed that the country's mining sector hit a new high with export earnings of $455 billion during the 2022-23 fiscal year. This emphasizes Australia's exceptional capabilities in mineral extraction and processing, establishing the industry as a key global provider to help meet the escalating resource demand. Thus, the uptick in mining production is propelling the growth of the mining drilling services market.
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What Are the Key Trends Driving Mining Drilling Services Market Growth?
Technological progression is emerging as a critical trend in the mining drilling services market. Major businesses in this market are concentrating on creating new technological solutions to solidify their market standing. For example, in September 2024, New Concept Mining, a firm based in South Africa that offers ground support solutions for mining, inaugurated a Hydraulic Rock Drill (HRD) production plant in Johannesburg. This novel facility is dedicated to producing cutting-edge hydraulic rock drills, crucial for hard-rock mining operations. The establishment of this production plant bolsters New Concept Mining's reputation as a leading provider of advanced mining equipment and underscores its enduring commitment to innovation, production of high-quality, locally manufactured products for the international mining market.
What Are the Emerging Segments in the Mining Drilling Services Market?
The mining drilling services market covered in this report is segmented -
1) By Type: Surface Mining; Underground Mining
2) By Application: Metal; Coal; Mineral; Quarry
3) By End-User: Construction; Manufacturing; Technology Industries
Subsegments:
1) By Surface Mining: Open-Pit Drilling; Blast Hole Drilling; Geological Exploration Drilling; Auger Drilling
2) By Underground Mining: Diamond Core Drilling; Reverse Circulation Drilling; Raise Boring; Longhole Drilling
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Who Are the Global Leaders in the Mining Drilling Services Market?
Major companies operating in 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, Orbit Garant Drilling Inc., Geodrill, Master Drilling Group Limited, Ausdrill, Geotech Drilling Services Ltd., Gregg Drilling LLC, REI Drilling Inc., Viking Drilling LLC, Drillmech Engineering & Hydraulic Services, Dando Drilling International, Central African Drilling, Drillex International, Xploration Services Limited, Midwest Mineral Exploration Services
Which are the Top Profitable Regional Markets for the Mining Drilling Services Industry?
Asia-Pacific was the largest region in the mining drilling services market in 2024. The regions covered in the mining drilling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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