Borehole equipment market to be majorly influenced by the ongoing advancements in drilling technology, Africa to emerge as a viable revenue contributor over 2017-2024
The profitability landscape of borehole equipment market has been witnessing a massive turnaround of sorts in the recent years, on account of the rising number of mining operations, heavy infrastructural development, and the increased demand for water in drought-ridden areas. In this regard, companies partaking in borehole equipment industry share have been striving to brainstorm rather innovative products and techniques for borehole drilling. For instance, merely a couple of years earlier, Boart Longyear, a rather prominent player in borehole equipment market, was involved in a project that included installing a ventilation shaft for a longwall coal mine in Wyoming. The company deployed a dual-tube flooded reverse-circulation drilling technique that was far advanced than the ones used for a traditional raised bore rig, as it pumped air via the outer tube, forcing mud upward through the inner tube, thereby preventing porous rock from being plugged for the borehole. The same year witnessed Boart launching the game-changing TruProbe drilling system that enables the deployment of gamma, geophysical, survey sensors inside drill strings for identifying any traces of previous metals and minerals at an affordable cost, majorly impacting the product landscape of borehole equipment industry. In retrospect, it would be apt to state that Boart Longyear has indeed established itself as one of leading participants in borehole equipment market, setting ambitious standards for its fellow rivals and new entrants.
U.S. Borehole Equipment Market, By Product, 2016 & 2024 (USD Million)
The emerging economies of Africa: The upcoming hotbeds for borehole equipment market
While the developed and developing economies across the globe have been rather proactive in global borehole equipment industry, in recent times, companies have been tapping the unexplored suburbs of the African continent, that seem to have depicted quite a perceptible potential as far as drilling operations and deploying the apt equipment for the same are concerned. Countries such as Zambia, South Africa, and the Republic of The Gambia, have lately emerged as profitable avenues for borehole equipment market, subject to the stream of favorable initiatives that are being undertaken by regional and international governmental agencies in order to combat the water shortage in these areas. A succinct gist of a couple of these productive initiatives that have transformed borehole equipment market outlook has been enumerated below:
- The CEO of the Vision Development Foundation recently approved a borehole project in Kerr Demba Holley, Upper Niumi, Gambia, for GMD 500,000, that would be powered with solar and storage tanks to deal with the water supply shortage in the district.
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- In a bid to deal with the severe impact of the droughts in KwaZulu-Natal, a funding of nearly ZAR 500,000 has been provided to drill boreholes in communities such as Verulam, Wyebank, Umbumbulu, and Ladysmith. To combat the water scarcity in the region and aid the expansive regional mining industry, companies and governmental organizations plan to make sufficiently huge investments in South Africa, that would eventually impel the regional borehole equipment market share.
- The National Savings and Credit Bank (NatSave) and the Musika Development Initiative struck a deal in the second quarter of 2017 for implementing a 12-month-long project in the Kalomo district of Zambia, worth ZMW 2 million. The program would apparently entail the sinking of 20 solar-powered boreholes for increasing the productivity of small-scale farmers and improving their access to irrigation solutions in the area. The memorandum of understanding (MoU) for this pilot project is certain to gain ground in the regional borehole equipment market, encouraging other players to follow suit.
With extensive developments prevalent in the construction and infrastructure development verticals, it goes without saying that the humongous demand for advanced infrastructural facilities, massive requirement for residential and commercial spaces, in tandem with the regulations enforced with respect to strong building foundations and soil quality would have a profound impact on borehole equipment market size. Furthermore, these products find colossal applications in various grades of mining operations, thus opening up a plethora of new vistas for borehole equipment industry, given the vast expanse of mining exploration activities and the regulations that mandate mine operators to deploy highly advanced machinery for drilling. By and large, it would be apt to state that borehole equipment market trends would undergo dynamic transformations in the ensuing years, contingent on the changing demands of the expansive construction and mining sectors.
Author Name : Saipriya Iyer
North America insulated concrete form industry to experience high growth prospects over 2016-2024, surging requirement from residential applications to spur the regional demand
Insulated Concrete Form Market size is expected to rise prominently, driven by escalating demand for green construction across the residential and commercial sectors. The ability of the product to provide material strength, sound absorption, high indoor air quality, fire protection, energy efficiency, and ecological sensitivity to the buildings will generate profitable avenues for the business. Manufacturers have recognized the importance of minimizing operating costs, which will play a crucial role in shaping the industry trends in the next few years. The Federal and State governments are also contributing toward the business expansion. For instance, the European Union has introduced new building codes to be agreed upon by the construction sector. Even the U.S. government has implemented energy conservation programs. These initiatives are sure to leverage the business expansion. As per Global Market Insights, Inc., “Insulated concrete form industry, which collected the revenue of USD 470 million in 2015, is set to surpass USD 970 million by 2024.”
U.S. Insulated Concrete Form Market size, by application, 2013-2024 (USD Million)
The worldwide construction sector is expected to hit USD 15 trillion by 2030, with the U.S., India, and China contributing nearly 57% towards the overall construction spending. APAC is predicted to make notable contributions toward the global construction sector, which in turn will stimulate the development of insulated concrete form market. Asia Pacific insulated concrete form market is likely to make notable gains of over 10% during the period from 2016 to 2024. The growth can also be attributed to high consumer inclination towards the usage of PU foam based insulated concrete form across the construction sector. PU foam based insulated concrete form market contributed over USD 15 million to the APAC industry revenue in 2015. India, China, Japan, and Australia were the major regional revenue pockets.
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North America insulated concrete form industry is anticipated to expand remarkably over the years ahead, subject to growing consumer preference toward green buildings. U.S. insulated concrete form industry from the residential sector was worth USD 100 million in 2015, is likely to drive the regional growth over the coming years. Insulated concrete form market in Europe is expected to witness a high surge in the future, having attained a revenue of more than USD 120 million in 2015.
Insulated concrete forms also find extensive applications across the infrastructure and industrial sectors. Industrial applications are expected to grow at a CAGR of more than 10% over 2016-2024, driven by strict government rules favoring infrastructural development along with increased funding for commercial construction projects. Residential applications, which accounted for more than 55% of insulated concrete form market share, are forecast to gain a sizable revenue over the coming seven years. Nearly 80% of insulated concrete forms find applications across residential sectors – ICF market from residential applications are slated to reach a targeted revenue margin of USD 500 million by 2024.
Cellular concrete, polyester foams, cement bonded polystyrene beads, polyurethane foams, and cement bonded wood fibers are some of the major products of insulated concrete form market.
Polystyrene foams, which accumulated USD 300 million in 2015, are expected to make significant contributions toward insulated concrete form market revenue over the span of few years. Favorable product characteristics such as longevity and fire & heat resistance are expected to drive the business landscape.
Polyurethane foam industry, which accrued a revenue of more than USD 100 million in 2015, is expected to contribute remarkably toward insulated concrete form industry share in future. Growing product popularity across ICF constructions is expected to drive the revenue.
Manufacturers will try to acquire maximum share in this highly competitive insulated concrete form market through product differentiation, mergers & acquisitions, and new product launches. Quad-Lock Building Systems Limited, Airlite, Logix Insulated Concrete Forms Limited, IntegraSpec ICF, Nudura Corporation, Superform Products Limited, Plasti-Fab Incorporation, and BuildBlock Building Systems are the major players of insulated concrete form industry.
Author Name :Dhananjay Punekar