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Air core drilling is a method used extensively to bore a hole into the ground for drilling water wells, natural gas extraction wells or oil wells. Toughened steel, as well as tungsten blades, are used to bore a hole into the ground. Air core drilling is mostly preferred over Percussion Rotary Air Blast Drilling (PRAB) as it provides cleaner samples during mineral explorations. As per the various secondary resources, the global mining equipment market is expected to cross USD 190 – 200 Billion till 2026 which is expected to impact and boost the air core drilling market globally.
Key Market Driver -
• Rising need for effective techniques for extraction in mines and in oil and gas wells • Diminishing ore grades and surging demand in the commercial and industrial usage of energy resources driving extensive mineral exploration and mining
Key Market Restraint -
• High labor costs and stringent government policies to access land
There are many opportunities also present in the market, which include stringent product specifications coupled with increased demand for high-value ore grades. Further, recent innovations in technology such as video surveillance and X-ray scanner will enable remote observation of operations and monitor mineralogy of cuttings that are transferred to the surface. Also, there are many trends in the market, such as increase in investment in exploration & production activities across various non-conventional energy sources to meet the rise in need for energy, which is expected to fuel the air core drilling market, globally during the forecast period 2019-2026.
The key Vendors within the global air core drilling market are extending and exploring their operations in developing or underdeveloped regions. The major companies comprising the air core drilling market are Schlumberger Limited, Ranger Drilling, Atlas Copco (India) Ltd., Bostech Drilling Australia Pty Ltd., Weatherford, Baker Hughes, Master Drilling, Ausdrill Limited etc.
North America is considered to be the leading region in the global air core drilling market, owing to the rising demand for efficient drilling techniques in this region. The market in the region is characterized by technological advancements and the increasing requirement for efficient drilling techniques for loose soil hydrocarbon regions. Furthermore, surging energy requirements in the U.S. is pushing the industry participants to explore unconventional reserves, which is also expected to fuel the air core drilling market in the region.
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Asia Pacific is anticipated to experience the fastest growth during the forecast period, owing to several upcoming Energy & Power projects as well as large unknown hydrocarbon reserves, mostly in South-East Asia. Moreover, arctic discoveries and increase in emphasis on water drilling are expected to open new opportunities in the market. Middle East and Africa is also estimated to witness significant growth during the forecast period owing to vast sand hydrocarbon reserves, principally in Nigeria and Egypt are expected to boost market growth in the region.
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