APAC Borehole equipment market, over the years, has stood as a prominent vertical of the HVAC industry, generating quite a substantial momentum in terms of remuneration. In fact, in the yesteryear, the overall borehole equipment industry share attained an appreciable revenue of USD 17 billion. What analysts cite as the major factors driving this growth are the exponentially increasing exploration and excavation activities globally, the technological interferences in the mining equipment industry, developments in offshore & onshore drilling, and the launch of high performance machineries.
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Asia Pacific will explore a slew of opportunities pertaining to the borehole equipment market in the coming years, courtesy – the massive increasing population, infrastructure development, and the evolving urbanization trends. It is prudent to mention that in terms of commercialization; APAC borehole equipment industry will record the highest CAGR of 6% over 2017-2024.
North America, bagging a strong hold across the mining as well as the infrastructure sector, is slated to be one of the top-notch growth avenues for borehole equipment market. The region, as per the estimates, accounted for more than 30% of the global share in 2016. It is imperative to mention that despite Toronto having led the regional terrain in terms of infrastructural projects (130 projects in 2013), New York is claimed to be its major rival in the ensuing years, with a recorded 26% growth in high-rise building construction since 2012.
Borehole Equipment Market, By Application:
- Mineral Mining
- Oil & Gas Mining
- Coal Mining
- Metal Mining
- Industrial & Commercial
- Public Infrastructure
Important pointers encompassed pertaining to the Application spectrum:
- Substantial details about the Application spectrum are provided in the report.
- The study mentions about the valuation estimate of each of the Application categories in detail, by the end of the forecast period.
- The market share that each of the Application segments account are mentioned in the study.
- The trends that the Application landscape is defined by are also contained in the report.
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MEA is another region establishing a strong contender ship in borehole equipment market. In a major turn of events recently, the Turkish government, in a bid to support the Ghanaian government’s water and sanitation program, announced its plan of constructing 25,000 boreholes in Ghana. The project basically aimed to ensure the supply of potable water to every citizen in the country. Not only this, the Turkish government, further extended the deal to provide the region with all the necessary machines and equipment to facilitate the project. The project depicts quite a substantial effort by the regional entities toward infrastructure development, which in extension is boosting MEA borehole equipment market share.
The mining applications, as per experts, will account for 60% of the borehole equipment market share in 2024, thereby standing as a dominant end-use sector. In this regard, the untapped regions including Chile, Zambia, and Peru are listed as strong avenues for the market penetration with a plethora of commercialization potentials.
Global borehole equipment market share is highly fragmented owing to strong presence of regional as well as multinational service providers. Some of the key industry players include:
- Bohrmeister (Pty) Ltd.
- Getech International
- Dando Drilling International
- Major Drilling
- Boart Longyear
- Orbit Garant
Companies are anticipated to increase R&D investments and technological innovations to gain competitive advantage.
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