Portland, OR, Aug. 19, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mining drilling services market generated $2.5 billion in 2019, and is estimated to reach $4.4 billion by 2030, registering a CAGR of 6.7% from 2020 to 2030. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Increase in the demand for electric vehicles and rise in penetration of advanced technologies drive the growth of the global mining drilling services market. However, strict government regulations related to the mining operations hinder the market growth. On the other hand, transition to a low-carbon economy creates new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic, the mining operations are carried out with the guidelines that have been issued on health screening, personal protective equipment, and social distancing.
- The operations in the mining industry are carried out with minimum numbers of workers as lockdown restrictions ease off. Moreover, the supply chain has been impacted negatively during the lockdown.
The report offers a detailed segmentation of the global mining drilling services market based on product type and region.
Based on product type, the mineral segment contributed to the largest share in 2019, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 6.9% from 2020 to 2030. Furthermore, the metal segment is expected to register the CAGR of 6.3% during the forecast period.
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Based on region, Asia-Pacific contributed the highest share, accounting for nearly three-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 7.7% from 2020 to 2030.
Leading market players analyzed in the research include Action Drill & Blast, Boartlongyear, PT United Tractors TBK, Ausdrill, Byrnecut Group.
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