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Borehole Equipment Market Analysis

Report ID: GMI2266
Published Date: Sep 2023
Report Format: PDF

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Borehole Equipment Market Analysis

Borehole Equipment Market Size, By Product, 2021 - 2032 (USD Million)

The portable borehole equipment segment exceeded USD 5.5 billion in 2022. Remotely operated borehole drills are driving the growth of portable borehole equipment. These advanced systems enhance efficiency, safety, and precision in drilling operations, making them ideal for various applications. This advanced system is designed to enhance efficiency and reduce expenses in the offshore renewable energy sector. While industries prioritize cost-efficiency and automation, the demand for such portable & remote-controlled borehole equipment continues to rise, boosting its prominence in the borehole equipment market.

Borehole Equipment Market Share, By Operation (2022)

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The hydraulic segment held approximately 64% market share in 2022. Hydraulic operations in borehole equipment provide a substantial power advantage, making them well-suited for challenging drilling tasks. The system's efficiency ensures that energy is effectively converted into drilling force, enabling the creation of boreholes even in demanding geological conditions. Additionally, hydraulic systems offer precise control over drilling operations, allowing for adjustments in drilling speed and force as needed. This level of control ensures accurate & controlled borehole creation, reducing the risk of errors and minimizing the potential for damage to surrounding geological formations.

U.S. Borehole Equipment Market Size, 2021 - 2032 (USD Million)

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North America led the global borehole equipment market with a share of over 30% in 2022. In North America, borehole equipment plays a pivotal role in infrastructure development. With aging infrastructure and the need for modernization, geotechnical investigations using boreholes are essential for assessing soil stability, foundation design, and subsurface conditions in construction projects. These investigations help ensure the safety and longevity of bridges, roads, buildings & other critical infrastructure. As urbanization continues and infrastructure demands grow, the borehole equipment industry in North America experiences steady growth driven by construction & development needs.

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The market size of borehole equipment was exceeded USD 15.2 billion in 2022 and will register over 4.5% CAGR from 2023 to 2032, due to the higher demand for mineral, metal, and oil & gas coupled with the growing utilization of natural resources worldwide.

Portable borehole equipment market recorded USD 5.5 billion in 2022 on account of its ability to enhance efficiency, safety, and precision in drilling operations.

North America registered over 30% revenue share of the borehole equipment market in 2022 and will incur commendable growth rate from 2023 to 2032, owing to the growing aging infrastructure and the need for modernization in the region.

Schlumberger, Halliburton, Sandvik, Dando Drilling International, Bohrmeister Ltd., Borehole Machinery, and Getech International. are some of the major borehole equipment companies worldwide.