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Borehole Equipment Market Trends

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

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Borehole Equipment Market Trends

Land drilling for scientific exploration is significantly driving the demand for borehole equipment. This trend is primarily fueled by increased geological and environmental research, resource assessment & infrastructure development projects. As the demand for data collection, resource discovery, and environmental monitoring continues to grow, the borehole equipment market will experience a corresponding surge in demand, supporting its market expansion.

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.