The global air core drilling market size is expected to reach USD 1.79 billion by 2030, according to a new study by Polaris Market Research. The report “Air Core Drilling Market Share, Size, Trends, Industry Analysis Report, By Industry (Mining, Oil & Gas, Construction, Others); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The industry is also driven by the presence of sizable untapped hydrocarbon resources, the liberalization of Mexico's oil and gas industry, and swift technological improvements. The key players in the industry are focusing on the development of products with advanced technologies, which is driving industry growth.
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For instance, in August 2021, Hilti, North America, a pioneer in the development of tools, technologies, software, and services for commercial construction projects, announced the launch of a semi-autonomous drill system.
Further, due to numerous causes, including increased investment in exploration and production activities throughout various non-conventional energy sources to fulfill the rising need for energy, the industry for air core drill technology is anticipated to expand globally. With the government's social and economic progress, the demand for energy is increasing.
The local production of natural gas and crude oil is far insufficient to meet the current hydrocarbon consumption. Accelerating exploration and production activities in the nation is essential to close the energy supply-demand gap.
In addition, as per the Ministry of Petroleum and Natural Gas, as the nation's social and economic conditions improve, so will its energy needs. About 83.0% of the nation's needs for crude oil and about 470% of its needs for natural gas are met by imports.
Also, in the situation that the government has granted in-principle authorization for strategic underinvestment, the Department for Promotion of Industry and Internal Trade (DPIIT) issued an executive order allowing 100% foreign direct investment (FDI) through the government route for oil and natural gas PSUs.
The industry expansion of the air core drill system will likely be constrained by strict environmental rules on carbon emissions and issues with access to land for drilling. The biggest and most important obstacle to the industry's expansion will be the lack of competent labor and the high cost of development and maintenance.
Air Core Drilling Market Report Highlights
Polaris Market Research has segmented the air core drilling market report based on application, industry, and region:
Air Core Drilling, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Air Core Drilling, Industry Outlook (Revenue - USD Billion, 2018 - 2030)
Air Core Drilling, Regional Outlook (Revenue - USD Billion, 2018 - 2030)