PORTLAND, Ore., Nov. 11, 2020
Rising use of water well for irrigation purposes, service innovation, and service innovations drive the growth of the global water well drilling services market.
PORTLAND, Ore., Nov. 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Water Well Drilling Services Market by Application (Residential, Irrigation and Institutional), and Drilling Method Type (Rotary Drilling, Cable tool drilling & Auger drilling and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027". As per the report, the global water well drilling services industry was pegged at $2.83 billion in 2019, and is projected to reach $3.90 billion by 2027, growing at a CAGR of 4.7% from 2021 to 2027.
Drivers, restraints, and opportunities
Rise in use of water wells for irrigation purposes, service innovation, and service innovations drive the growth of the global water well drilling services market. However, scarcity of underground water hampers the market growth. On the contrary, rapid industrialization and increase in preference for underground water over surface water are expected to create lucrative opportunities for the market players in the future.
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The institutional segment to portray the highest CAGR through 2027
By application, the institutional segment is expected to register the highest CAGR of 6.7% during the forecast period, owing to rise in the population across the globe and rising demand for water for industrial use to meet the rapid industrialization. However, the residential segment dominated the market in 2019, accounting for nearly three-fourths of the global water well drilling services market, due to increase in awareness regarding self-sustaining and owning private well.
The cable tool drilling & auger drilling segment held the largest share
By drilling method type, the cable tool drilling & auger drilling segment held the largest share in 2019, contributing to more than two-fifths of the global water well drilling services market, due to several advantages including one-person operation and low equipment cost compared to other methods. Moreover, auger drilling method is fast method with low operating costs. However, the rotary drilling segment is expected to manifest the highest CAGR of 4.4% during the forecast period.
Asia-Pacific, followed by North America, held the lion's share
By region, the market across Asia-Pacific, followed by North America, held the largest share in 2019, contributing to around two-fifths of the market, due to growing demand for water and presence of many water well-drilling service providers in this region. Moreover, the farmers in these regions are often dependent on groundwater for irrigation, which has increased the demand for water wells or borewells in this region. However, the global water well drilling services market across LAMEA is projected to portray the highest CAGR of 7.3% from 2021 to 2027, owing to an untapped market for water well in the agriculture sector along with increasing awareness regarding the benefits associated with groundwater and having a private well over surface water in this region.
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Major market players
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