Diamond Core Drilling Market

Diamond Core Drilling Market: Overview

The diamond core drilling market is projected to display upward revenue graph over the forecast period from 2020 to 2030. The diamond core drilling market gains from a slew of applications of diamond core drilling including plumbing, drainage, electrical, manholes, structural testing, and HVAC.

Diamond core drilling is preferred as it is a more accurate, faster, and efficient method of drilling concrete, masonry, asphalt, and steel structures.

Diamond Core Drilling Market: Competitive Landscape

The diamond core drilling market is fragmented with presence of several large and mid-size players. Mergers and acquisitions and strategic alliances are some key growth strategies of keen players in the diamond core drilling market. Large players are focused on M&As with small players to foray into regional market and capitalize on opportunities in these regions.

Prominent players in the diamond core drilling market include Layne, Elite Drilling Inc., DOT Diamond Core Drilling Inc., SCS Diamond Drilling, Master Drilling, AK Drilling Inc., Peak Drilling Ltd., and Silverado Drilling Corp.

Diamond Core Drilling Market: Key Trends

Large projects for exploration of exploratory wells for their mineral compositions is providing immense growth opportunities to the diamond core drilling market. And, such initiatives are expected to increase with ever-growing energy needs.

The diamond core drilling market gains an edge due to mechanical benefits of diamond core drilling over other drilling methods. First and foremost, diamond core drilling eliminates the risk of fractures and reduces spalling. Employing the right diamond drill bits assures sharp, accurate, and clean openings that do not require patches or any other work.

Diamond Core Drilling Market: Regional Outlook

Asia pacific is a key region in the diamond core drilling market. Voluminous production of diamond core drilling equipment in China is behind the prominence of the region in the diamond core drilling market.

Europe and the U.S. are some other key regions in the diamond core drilling market.

Increasing Mining and Construction Operations Worldwide to Accelerate Diamond Core Drilling Market Growth

The global diamond core drilling market is expected to witness substantial growth due to the rising mining and construction operations around the world. End-users' need for automation and customization has set the stage for revolutionary automated rig-operated drilling machines to improve efficiency. As a result, the global diamond core drilling market is projected to expand in the coming years.

The COVID-19 pandemic had a significant impact on the sales of diamond core drilling market. With the onset of COVID-19, growth expectations were lowered, and supply-chain dynamics were disrupted. Mining and production activities were halted, particularly in emerging markets like India, significantly impacting the global diamond core drilling market. However, with the start of the vaccination drive, the market is projected to rise in the future years as construction and mining operations acquire traction.

The mechanical benefits of diamond core drilling over other drilling technologies are projected to drive the growth of the diamond core drilling market during the forecast period. Diamond core drilling is preferred over other methods of drilling asphalt, masonry, steel, and concrete structures since it is quicker, more exact, and more efficient. The use of diamond core drilling tools in the construction sector provides many benefits over conventional tools such as hammer drills, drilling tools, chisels, etc. Traditional tools take longer to make a single hole in the wall and a larger workforce to operate. To some extent, traditional tools can be effective for single holes. They are, however, most likely to distort the dimension and design of walls.

Region-wise, the diamond core drilling market in Asia Pacific is expected to grow during the forecast period. One of the primary factors contributing to the construction sector and thus raising the demand for diamond core drilling is the expanding urbanization activities. Another important factor driving market expansion in this region is the government's projects to boost trade and supply chain operations. According to the Make in India report, India has 1,531 active mines and produces 90 minerals each year. Increased underground mining operations and mineral output throughout the country are projected to drive the growth of the diamond core drilling market.