Water Well Drilling Services Market to Reach $3.90 Bn, Globally, by 2027 at 4.7% CAGR, Says Allied Market Research

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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Covid-19 scenario:

• The water supply through borewells to households and industries are now redirected to protect public health from pathogens since the Covid-19 outbreak.
• The demand for new drilling of water well from the municipality, agriculture, and industrial sectors has been decreased as most of the people are working from home.

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

• Caster Drilling
• Jim Jeffers Well Drilling
• Casey Well Drilling
• LOMAN Drilling Inc.
• CRAIG Waterwell & Drilling Ltd
• TAMPA WELL DRILLING, INC.
• Gordon & Sons Water Well Drilling
• Weninger Drilling, LLC
• Barco Well Service LP
• Johnson Water well Drilling

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting services to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research