Borehole Equipment Market: Great Opportunities Available For The Vendors 2021-2031
Borehole Equipment Market: Introduction
A borehole is a narrow shaft drilled in the ground, either vertically or horizontally. A borehole may be built for many different purposes, including the extraction of water, other liquids (such as petroleum) or gases (such as natural gas), as part of a geotechnical investigation, for environmental site assessment, mineral exploration, temperature measurement, etc. Samples collected from boreholes are often tested in a laboratory to determine their physical properties, or to assess levels of various chemical constituents or contaminants.
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Key Drivers of the Borehole Equipment Market
The borehole equipment market is largely driven by the increase in spending on infrastructure. Countries such as the U.S., China, Japan, Italy, India, Australia, and Germany have vast infrastructure. Along with infrastructure, agriculture also requires borehole equipment for irrigation proposes by tapping into underground water sources.
Mining and oil & gas industries also rely on borehole equipment to extract oil, gas, and other related fuels and derivatives. Laying of craters and holes for explosives and creating access to underground mines is primarily carried out using borehole equipment. Thus, borehole equipment is used in a project that needs to work below the ground. This drives the market for borehole equipment.
Technological Advances Creating Opportunities in the Borehole Equipment Market
Recent technological advances help in creating new opportunities for the product in the market. Recently introduced, high-resolution, acoustic logging-while-drilling (LWD) borehole image logs have reflected detailed characterization of borehole shape to the extent that one can visualize and analyze the root causes of occurrence. LWD logging also enhances the use of time-lapse logging – comparing images from the drilling first pass and then repeated at later stages in drilling to look for worsening conditions of the borehole shape. This data can be used for several new or existing critical applications that can be split into two main categories; drilling hazards and completion hazards.
Risks Associated with Borehole Equipment
There are few risks and hazards associated with borehole equipment during construction such as being struck by the crane, load, truck, pinched fingers while assembling the equipment, burns from cutting and welding on the drilling nipple, temporary eye irritation from welding light flash, falling from heights etc. These factors are risky to human lives while working with such equipment and may act as restraints for the product in the market.
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Asia Pacific the dominant region
China and India are the largest markets for borehole equipment. Asia Pacific is the key region in the borehole equipment market, due to increase in government expenditure on infrastructure and extensive mining for resources. China and India significantly depend on coal for their power requirements. These countries have vast coal reserves and carry out heavy mining for coal. These factors are imparting a robust impetus to the expansion of the borehole equipment market in the region.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level.
Some of the major companies identified in the borehole equipment market are:
- Dando Drilling International
- Bohrmeister (Pty) Ltd.
- Borehole Machinery
- Getech International
- Shandong Xin Mei Mining Group
- Audie Steel & Engineering
Borehole Equipment Market: Research Scope
Borehole Equipment Market, by Type
- Portable
- Self-propelled
- Stationary
Borehole Equipment Market, by Operation
- Hydraulic
- Pneumatic
Borehole Equipment Market, by Process
- Drilling rig
- Hand-operated rig
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