Wilmington, Delaware, United States, March 13, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a Transparency Market Research study, the auger drilling market is expected to grow at a CAGR of 6.1% from 2023 to 2031. The global market value was US$ 2.0 Bn in 2022.
Auger drilling has been used to form boreholes in rock, soil, or other subsurface materials. Auger drilling involves the use of a rotational blade called an auger, which is fixed to a drill stem.
Auger drilling has emerged as an effective method, and the drilling products used in the procedure are available in both single start and double start designs and in bucket and continuous flight structures.
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New product launches are helping leading market players gain an edge over others and generate significant revenue. In October 2020, Barco Inc. announced the launch of a new line of drilling products in the range of 48-950.
Prominent auger drilling market players are collaborating with other companies to expand their presence and increase revenue shares. Leading manufacturers are likely to increase their production capabilities to fulfill customer needs in various end-use industries.
Key Findings of Market Study
- Growth in Oil and Gas Industry: The oil and gas industry has witnessed significant growth in the last few years. Some of the procedures employed in the manufacturing and distribution of oil and gas are complicated and involve significant capital. Increase in manufacturing and demand for oil from different end-use industries is anticipated to trigger the demand for auger drilling equipment and propel the market in the next few years.
- Surge in Demand for Drilling Machines: In terms of type, the global market has been bifurcated into handheld and machine. The machine type segment is expected to account for a dominant share in the next few years. Increase in demand for drilling machines from construction and mining end-use industries is anticipated to help business growth in the near future. Handheld types of machines are estimated to account for a significant share in the next few years. Handheld machines can be equipped for various soil conditions, are portable, and are cost-effective. These factors are projected to fuel the demand for handheld drilling products and propel the market.
- Increase in Demand for Construction Purposes: Based on end-use, the global market has been segmented into mining, construction, and others (industrial and agricultural). The construction end-use segment is anticipated to account for a dominant market share in the next few years. Rise in demand for continuous flight augers and bucket augers to form deep foundations and make building structures more resistant to earthquakes is estimated to drive market development in the next few years.
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Auger Drilling Market-Key Drivers
- Increase in demand from different end-use industries such as construction, automotive, and oil & gas is expected to drive the global market in the next few years
- Rise in government investments toward infrastructure development is likely to fuel the demand for auger drilling equipment and help expand market size in the next few years
Auger Drilling Market-Regional Landscape
The auger drilling market in Asia Pacific is projected to account for leading share in the next few years. Increase in investments toward infrastructure development, a surge in mining activities, and growth in the residential sector in both developed and developing economies such as China and India are anticipated to drive market development in the region. Leading market players are likely to invest in auger drilling machines production units and R&D centers in countries in Asia Pacific, which is likely to help market development in the region.
Auger Drilling Market-Key Players
The global market is consolidated and has a small number of international and local players. If new players enter the market in the next few years, it is likely to lead to intense competition.
Prominent companies are investing in R&D to manufacture improved auger drilling products. Rise in demand for improved products is estimated to help create business opportunities in a few years.
Some key players operating in the auger drilling market are Terex Corporation, Barbco Inc., Champion Equipment Company, Marl Technologies Inc., Sollami Company, and Premier Attachments.
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The global market has been segmented as follows:
Type
Structure
- Bucket Augers
- Continuous Flight Augers
Design
End-use
- Construction
- Mining
- Others (Industrial, Agricultural)
Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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