Asia Pacific will further 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 market will record the highest CAGR of 6% over 2017-2024.Speaking of the infrastructural projects and a favorable regulatory framework, MEA is another region establishing a strong contendership 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 industry 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.
Not to mention, the expanding industrial and residential infrastructure sector has also had a vital impact on the borehole equipment market share. As per reliable statistics, as of 2015, more than 460 high-rise buildings were under construction. A report by Global Market Insights, Inc. estimates the overall borehole equipment industry size from infrastructure applications to surpass USD 9 billion by 2024. Reportedly, the increasing infrastructure projects demand a massive use of borehole equipment, primarily the portable ones, which offers efficiency in terms of transportation, remote location accessibility, and rotation. In fact, as per the estimates, portable borehole equipment market size is estimated to surpass a revenue of USD 6 billion by 2024.
Looking at the aforementioned trends, 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 industry. 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.
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The phenomenally expanding wave of urbanization has also had a massive impact on the profitability landscape of borehole equipment market. In this regard, both Asia Pacific and Europe have emerged as strong contenders of the regional share. In fact, Europe accounted for 15% of the global industry share in 2016, with a major influence from Germany, France, and UK. As per reliable estimates, the urban population in Europe is deemed to hold more than 80% of the regional population base by 2030.
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.
It is overt that in terms of such an intensive regulatory as well as regional frame of reference, the global borehole equipment industry will witness a dynamic competitive landscape in the coming years. Speaking along similar lines, some of the top-notch participants in borehole equipment market include Dando Drilling International, Getech International, Borehole Machinery, and Bohrmeister (Pty) Ltd. What remains to be seen is how these industry players vie with each other in such a fast-paced and technologically emerging vertical, which as per experts, will surpass a mammoth revenue of USD 27 billion by 2024.