Air Core Drilling Market

Air Core Drilling Market Size (2023 - 2028):

The Global Air Core Drilling Market was worth USD 1.25 billion in 2022 and is anticipated to reach a valuation of  USD 1.79 billion by 2028, and is predicted to register a CAGR of 6.40% during the foreseen period of 2023 - 2028.

Market Trends:

In terms of application, powder application creates the highest call in the worldwide air core drilling market. This technology is employed to reduce hydrostatic pressure in the wellbore and is widely employed in mature sedimentary basins that have consolidated hard rock formations. Additionally, the nitrogen membrane method is predicted to show the fastest expansion, over the foreseen period, due to reduced operating costs, minimal downhole fire risk, and problems with reduced transport compared to another cryogenic nitrogen drilling.

Market Drivers:

New oil and gas wells are discovered around the world, where exploration and extraction are ongoing. This is creating a call for efficient mining techniques, driving the compressed air drilling market forward. Escalating research and development (R&D) initiatives are creating opportunities in the global air core drilling market during the foreseen period. The strict specifications of the products contribute to this expansion. The increase in worldwide oil and gas exploration and production activities and the presence of untapped hydrocarbon reserves are key factors in the expansion of the global air core drilling market. Additionally, escalating energy call and rising well-drilling activity are other factors supposed to drive expansion in the worldwide air core drilling market during the outlook period. The increasing application of core drilling in the commercial and industrial sectors and declining ore grades are likely to stimulate mineral exploration and mining activities. However, political economy, labor costs, access to land, and environmental regulations are supposed to have a negative impact on the worldwide industry during the foreseen period. The surge in the number of mergers and acquisitions in the mining industry is estimated to increase the number of worldwide exploration and mining projects during the projection period, promoting calls for air-core drilling.

Market Restraints:

Strict environmental regulations on carbon emissions and access to land for drilling are major factors holding back the expansion of the worldwide air core drilling market.

Market Opportunities:

Strict product specifications coupled with an increased call for high-value ore grades provide an opportunity for R&D initiatives in the development of efficient and sustainable mining equipment. Recent innovations in bit technology such as video surveillance and the X-ray scanner will allow remote observation of operations and monitoring of the mineralogy of cuttings transferred to the surface. Automated field testing and real-time monitoring of sample data will help create sample grade and risk assessment reports and reduce equipment handling risks associated with mining operations. The call for compressed air drilling technology is predicted to increase worldwide due to several factors, such as increased investment in exploration and production activities in various unconventional energy sources to meet the increased energy needs. In addition, the presence of huge untapped hydrocarbon reserves, the liberalization of the Mexican oil and gas industry, and rapid technological advances are helping to energize the market.

Market Challenges:

Lack of skilled labor and high development and maintenance costs are other factors likely to hamper the expansion of the worldwide aerial drilling market during the foreseen period.

AIR CORE DRILLING MARKET REPORT COVERAGE:

Market Segmentation:

Air-Core Drilling Market - By Application:

• Dust
• Mist
• Foam
• Aerated Fluid
• Nitrogen Membrane

Nitrogen and mist methods are employed to eliminate the risk of downhole explosions. With an adjustable fluid-to-gas ratio, foam drilling allows cuttings to be dragged out of the hole without additional equipment.

Air-Core Drilling Market - By End-User:

• Mining
• Oil & Gas
• Construction

Market Regional Analysis:
The Air Core Drilling Market report includes the segmentation of Regions:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Currently, the North American market represents the largest share in terms of revenue compared to other regions. This can be attributed to the growing call for efficient drilling techniques for soft-soil hydrocarbon regions and the escalating call for conventional energy sources in the countries of the region. The Asia-Pacific market is predicted to experience the fastest expansion during the foreseen period, due to rising energy calls and increased exploration activities in emerging economies such as China and India. In addition, the Middle East and Africa market is expected to experience moderate expansion during the outlook period, due to the existence of unexplored hydrocarbon reserves and the presence of sand hydrocarbon reserves in Egypt and Nigeria.

North America has a significant share of the worldwide aerial drilling market, which is likely to continue during the forecast period due to technological advancements and a massive increase in requirements for energy in the area. The presence of soft-soil hydrocarbon regions that require efficient drilling techniques also contributes to the growing call. North America was the main region and represented 35.2% of the total industry. The local market is characterized by technological advances and the growing call for efficient drilling techniques for regoliths and loose soil hydrocarbon regions. The growing energy needs in the area, particularly in the United States, are pushing industry players to explore unconventional reserves. This is estimated to drive industry expansion in the region over the foreseen period.

Asia-Pacific is supposed to see the fastest expansion with a CAGR of 5.6% from 2022 - 2027 due to several upcoming exploration and production projects and large unexplored hydrocarbon reserves, primarily in Southeast Asia. The Middle East and Africa were other important regional market and is estimated to see significant expansion over the next nine years. Large sand hydrocarbon reserves, particularly in Nigeria and Egypt, are anticipated to drive market expansion in the locale.

Impact of Covid-19 on the Air Core Drilling Market:

The coronavirus pandemic had its worst impact on several industries around the world, including mining, construction, and so on. Hence, with the impact of COVID-19, the spiral of declining oil prices has become a major concern for all participants in the oil and gas industry, which is acting negatively on the air-core drilling market. However, the market is estimated to register significant growth in the second half of 2021.

Market Key Players:

Major industry players include

1. Schlumberger

2. Halliburton

3. Baker Hughes

4. Weatherford

5. Atlas Copco

6. Allis Chalmers

7. San Antonio Global Ltd

8. Tesco and Premier Ltd.

9. AusDrill

10. Master Drilling

11. Chicago Pneumatic

12. Brown Bros

Market Recent Developments:

• Humphrey Hale of Carnavale Resources Ltd (ASX: CAV) speaks with Andrew Scott of Proactive after announcing the launch of a 6,450-meter aerodynamic drilling program, which is part of a systematic exploration program for the Kookynie Gold project in the fields of western Australian gold.

• Navarre Minerals Limited (ASX: NML) has launched a major gold-targeted drilling program on five projects in central and western Victoria. Up to 25,000 meters of drilling will be completed over the next six months, the majority on the Irvine and Tandarra projects to better define the extent of mineralization.