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Borehole equipment market 2019 analysis by trends, top key players & forecast to 2024

Author : Rahul Varpe | Published Date : 2019-05-31 

Global Borehole equipment Market Report offered by Global Market Insights gives a market overview of the oil & gas industry which covers product scope, market revenue, opportunities, growth rate, sales volumes and figures. The report also explores the worldwide players of the market and is segmented by region, type and application with forecast to 2024.

For instance, merely a couple of years earlier, Boart Longyear, a rather prominent player in borehole equipment market, was involved in a project that included installing a ventilation shaft for a longwall coal mine in Wyoming. The company deployed a dual-tube flooded reverse-circulation drilling technique that was far advanced than the ones used for a traditional raised bore rig, as it pumped air via the outer tube, forcing mud upward through the inner tube, thereby preventing porous rock from being plugged for the borehole.

The same year witnessed Boart launching the game-changing TruProbe drilling system that enables the deployment of gamma, geophysical, survey sensors inside drill strings for identifying any traces of previous metals and minerals at an affordable cost, majorly impacting the product landscape of borehole equipment industry. In retrospect, it would be apt to state that Boart Longyear has indeed established itself as one of leading participants in borehole equipment market, setting ambitious standards for its fellow rivals and new entrants.

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The profitability landscape of borehole equipment market has been witnessing a massive turnaround of sorts in the recent years, on account of the rising number of mining operations, heavy infrastructural development, and the increased demand for water in drought-ridden areas. In this regard, companies partaking in borehole equipment industry share have been striving to brainstorm rather innovative products and techniques for borehole drilling.

While the developed and developing economies across the globe have been rather proactive in global borehole equipment industry, in recent times, companies have been tapping the unexplored suburbs of the African continent, that seem to have depicted quite a perceptible potential as far as drilling operations and deploying the apt equipment for the same are concerned. Countries such as Zambia, South Africa, and the Republic of The Gambia, have lately emerged as profitable avenues for borehole equipment market, subject to the stream of favorable initiatives that are being undertaken by regional and international governmental agencies in order to combat the water shortage in these areas. A succinct gist of a couple of these productive initiatives that have transformed borehole equipment market outlook has been enumerated below.

In a bid to deal with the severe impact of the droughts in KwaZulu-Natal, a funding of nearly ZAR 500,000 has been provided to drill boreholes in communities such as Verulam, Wyebank, Umbumbulu, and Ladysmith. To combat the water scarcity in the region and aid the expansive regional mining industry, companies and governmental organizations plan to make sufficiently huge investments in South Africa, that would eventually impel the regional borehole equipment market share.

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The National Savings and Credit Bank (NatSave) and the Musika Development Initiative struck a deal in the second quarter of 2017 for implementing a 12-month-long project in the Kalomo district of Zambia, worth ZMW 2 million. The program would apparently entail the sinking of 20 solar-powered boreholes for increasing the productivity of small-scale farmers and improving their access to irrigation solutions in the area. The memorandum of understanding (MoU) for this pilot project is certain to gain ground in the regional borehole equipment market, encouraging other players to follow suit.

With extensive developments prevalent in the construction and infrastructure development verticals, it goes without saying that the humongous demand for advanced infrastructural facilities, massive requirement for residential and commercial spaces, in tandem with the regulations enforced with respect to strong building foundations and soil quality would have a profound impact on borehole equipment market size. Furthermore, these products find colossal applications in various grades of mining operations, thus opening up a plethora of new vistas for borehole equipment industry, given the vast expanse of mining exploration activities and the regulations that mandate mine operators to deploy highly advanced machinery for drilling. By and large, it would be apt to state that borehole equipment market trends would undergo dynamic transformations in the ensuing years, contingent on the changing demands of the expansive construction and mining sectors

Related News - https://www.marketwatch.com/press-release/truck-loader-crane-market-to-register-eur-225-bn-revenue-by-2025-liebherr-group-terex-corporation-sany-group-are-top-manufacturers-2019-05-31

https://www.marketwatch.com/press-release/underfloor-heating-market-statistics-2019-trend-growth-forecast-to-2025-2019-05-31

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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