Water Well Drilling Services Market

The global water well drilling services market size was valued at $2,833.3 million in 2019, and is projected to reach $3,900.6 million by 2027, registering a CAGR of 4.7% from 2021 to 2027. 

Water well drilling services are involved in the process of offering the service of drilling a hole in the ground to make water well or borewell in order to extract ground water for various application including residential use, irrigation, industries, commercial use and others. Water well drilling can be done either mechanically or manually and the characteristics of equipment differs from simple & cheap to very sophisticated. There are various methods to drill a water well that include rotary method, jetting method, cable tool method, auger drilling method and others. Additionally, the water well drilling services market analysis is done on the basis of regions, key players and segments.

The COVID-19 pandemic had a negative impact on the growth of the water well drilling services market. This is because, the activities of water supply through borewells to a high number of households, or industries, were already directed to protect public health especially from pathogens .Thus, owing to this, the demand for new drilling of water well  low in various sectors including municipality, education sector ,  agriculture sector, industrial sector and others. This has negatively impacted the water well drilling services market growth in terms of value sales.

The global water well drilling services market segment is categorized into application, drilling method types and region. Based on application, the market is divided into residential, irrigation and institutional. On the basis of drilling method type, the water well drilling services market is segregated into rotary, cable tools drilling & auger drilling and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France,  UK, Italy, Spain, Russia and the rest of Europe), Asia-Pacific (China, India, Japan, Australia & new Zealand , Korea, ASEAN and the rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia ,South Africa, Turkey, and others).

On the basis of application, the residential segment accounted for the highest water well drilling services market share in 2019. The demand for water wells in rural areas is high as municipal services is not accessible to them. Moreover, majority homeowners living in populated areas are considering becoming self-sustaining and having their own private well, which increases the demand for water well for residential use. This in turn has driven the water well services market growth in terms of value sales through this segment.  However, the institutional segment is expected to witness a significant growth during the water well drilling services market forecast period.

On the basis of drilling method type, the cable tools drilling & auger method drilling method segment accounted for the highest water well drilling services market share in 2019. Cable tool drilling is a slower drilling method, but it is preferable as it is cheaper and less complicated to operate than a rotary drill method. Through percussion drilling method it is easy to remove boulders and break harder formations, effectively and quickly through most types of earth. It can drill further into the water table than dug wells, even drilling past one water table to reach another. Thus, this method is still used today as it has several advantages including one-person operation, low equipment cost compared to other methods. Simple, rugged design requiring minimal maintenance. Thus, advantages offered by this method has made water drilling services easy, which in turn contributes in driving the growth of  the water well drilling services market.

Region-wise, the water well services market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the highest market share in 2019. Owing to the growing demand for water in this region presence of many waters well drilling service providers in this region. Moreover, the farmers in these regions are often dependent of ground water for irrigation, which has increased the demand for water wells or borewells in this region. This in turn has driven the water well drilling services market demand in this region in terms of values sales. Moreover, the rapid industrialization in this region has also increased the demand for ground water, which in turn is expected to offer immense opportunities for the growth of water well drilling services market in this region in terms of value sales during the forecast period.

The key players operating in the global water well drilling services market focus on prominent strategies to overcome competition and maintain as well as improve their market share globally. Some of the major players in the global water well drilling services industry analyzed in this report include 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 and Johnson Water well Drilling.

Key benefits for stakeholders

• The report provides a quantitative analysis of the current water well drilling services market trends, estimations, and dynamics of the market size from 2021 to 2027 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis and the water well drilling services market size and segmentation assist to determine the prevailing Water well drilling services market opportunity.
• Major countries in each region have been mapped according to their revenue contribution to the global industry. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of market players.
• The report includes the analysis of the regional as well as global market, key players, market segments, application areas, and growth strategies.

 Water Well Drilling Services Market Report Highlights