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2020

Water Well Drilling Services Market

Water Well Drilling Services Market Size, Share, Competitive Landscape and Trend Analysis Report by Application and Drilling Method Type : Global Opportunity Analysis and Industry Forecast 2021-2027

CG : Consumer and general services

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Author's: Priya | Roshan Deshmukh
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The global Water well drilling services market 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 a water well or borewell in order to extract groundwater for various applications including residential use, irrigation, industries, commercial use, and others. There are different types of water well drilling methods that includes a rotary method, jetting method, cable tool method, auger drilling method, and others. Water well drilling can be done either mechanically or manually and the characteristics of equipment differ from simple & cheap to very sophisticated. Increasing demand for water well across the globe fuels the growth of the market. Moreover, the rising use of water well for irrigation purposes across the globe further fuels the growth of the water well drilling market. However, the scarcity of underground water is expected to hamper the growth of the water well drilling services market.

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Furthermore, rapid industrialization and a rising preference for underground water over surface water are anticipated to offer lucrative opportunities for market growth, in terms of value sales, during the forecast period. The population of the globe is currently estimated to be 7.7 billion people, and by 2050, that number is predicted to increase to 9.8 billion. Due to the increase in population, there is an increased need for water, particularly at the home level for drinking, sanitation, drainage, and other uses.

Global demand for water wells has surged as a result of this. Given that there is a plentiful quantity of groundwater available for residential use, the usage of water from wells and boreholes is significant. The need for water wells has risen as a result, which is fueling the market expansion for water well drilling services in terms of value sales.

Water is artificially delivered to the soil by a variety of pump, tube, and spraying methods. It is typically employed in regions where there is an expected drought or irregular rainfall. Groundwater is frequently used for irrigation all around the world. Around 70% of the groundwater extracted for human consumption worldwide is used by agriculture. Due to this, there is now more demand for irrigation water wells or borewells, which drives market expansion in terms of value sales. Additionally, groundwater has advantages that have expanded the use of water wells and borewells for irrigation, including crop intensification and diversification, on-demand irrigation, high water productivity, production security during protracted dry spells, and others. This in turn encourages the market for water well drilling services to expand.

A service product or service process that is based on a technological or methodical approach is referred to as a service innovation. Innovation in services, on the other hand, often occurs in non-technological sectors and is not just tied to the uniqueness of the technology itself. For instance, the advanced technique of drilling sonic water wells involves high-frequency resonant energy. Another advantage of the dual tube flooded reverse circulation method is that it can drill in difficult terrain, has faster penetration rates, and straighter holes, and does not require a big compressor because the lower drive is hydraulic. Therefore, in terms of value sales, this development fuels the expansion of the market for water well drilling services.

However, natural resources, including groundwater, are steadily deteriorating due to population increase and fast urbanization. The most prevalent cause of groundwater depletion is the repeated pumping of groundwater which causes a shortage. Additionally, it is frequently extracted by building and running extraction wells for use in municipal, industrial, and agricultural applications. As a result, it is predicted that over the projection period, the market for water well drilling services would grow more slowly in terms of value sales.

On the other hand, water is essential for processing, cooling, and waste product disposal in the industrial sector. In order to meet the many demands of the growing population, there is an increase in the demand for water for industrial usage. Petroleum refineries, smelting plants, and businesses that make chemicals, food, and paper all utilize water. Most of the time, producing food, paper, and chemicals requires a lot of water. Water used for fabrication, processing, washing, dilution, cooling, transporting, or incorporating water into a product, as well as for sanitary requirements inside the production facility, is referred to as industrial water consumption. Water used in manufacturing is typically substantially more than what is withdrawn. To meet industrial demand in places with limited surface water resources, groundwater is employed. As a result, companies are moving away from utilizing surface water and towards using groundwater, which is predicted to increase demand for water well drilling services in terms of value sales during the projection period.

Because it is relatively inexpensive and sediment-free, groundwater has frequently been chosen over surface water for use in households, irrigation, municipalities, and industry. Customers now have a greater need for water wells or borewells, which is boosting the expansion of water well drilling services globally. In the near future, it is anticipated that the demand for safe drinking water will significantly increase worldwide, supporting efforts in groundwater development and other water improvement industrial sectors. In turn, this is anticipated to present a plethora of potential for the market for water well drilling services to expand in terms of value sales throughout the course of the projected period.

Moreover, the National Ground Water Association (NGWA) estimates that every year in the U.S., some 500,000 new residential wells are built. Additionally, either from a public source or a private well, 44% of the US population relies on groundwater for drinking water. These two factors working together have increased the demand for water drilling services in this area. Additionally, North Americans now prefer groundwater to surface water, which is predicted to increase demand for water wells in this region and, in turn, provide the water well drilling services market with enormous opportunities in terms of value sales during the forecast period.

Segmental Overview

The global Water well drilling services market is segmented 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 market is segregated into rotary method, cable tools drilling & auger drilling method, and others. On the basis of region, it is analyzed across North America (U.S., Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, Korea, ASEAN, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, Turkey, and Rest of LAMEA).

By Application

On the basis of application, the market is classified into residential, irrigation, and institutional. The residential segment accounted for a major share of the water well drilling services market in 2019 and is expected to grow at a significant CAGR during the forecast period. It holds the highest share in the global water well drilling services market and is expected to sustain the same during the forecast period. Rural areas have a high demand for water wells because municipal services are not readily available. Additionally, the majority of homeowners in crowded areas like having their own private wells, which raises the need for residential water wells. Additionally, the advantages of having a personal water supply—such as no water meters or spikes in water bills, pure water free of chemicals, and others—drive demand for private water wells and support the expansion of the market for water well drilling services.

Water Well Drilling Services Market
By Application
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The Residential segment dominates the global water well drilling services market and is expected to retain its dominance throughout the forecast period.

 By Drilling Method Type

On the basis of drilling method type, the market is categorized into rotary drilling, cable tool drilling & auger drilling, and others. The cable tool drilling & auger drilling segment accounted for a major share of the water well drilling services market in 2019 and is expected to grow at a significant CAGR during the forecast period. Although cable tool drilling takes longer, it is still preferred to rotary drill drilling because it is less expensive and easier to use. The drilling technique makes it simple to shatter harder formations and remove boulders fast and efficiently. Compared to drilled wells, it may drill deeper into the water table and even cross one water table to reach another.

Water Well Drilling Services Market
By Drilling Method Type
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The Cable Tool Drilling & Auger Drilling segment dominates the global water well drilling services market and is expected to retain its dominance throughout the forecast period.

The fact that this approach may be operated by a single person and requires less equipment than other ways means that it is still in use today. Today, this technique is primarily utilized to drill relatively shallow depth wells of up to 100 feet in soft rock formations and unconsolidated materials. Because of all the benefits that come with using auger drilling and cable tools together, water well service providers now find it simple to complete water well drilling tasks, which enables them to give their customers better service. Consequently, the market for water well drilling services saw an increase in value sales.

By Region

On the basis of region, the Water Well Drilling Services market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific water well drilling services market accounted for a major share of the water well drilling services market in 2019 and is expected to grow at a significant CAGR during the forecast period. Due to the increased demand for water in this region, the market for water well drilling services in the Asia-Pacific is predicted to expand significantly during the forecast period. The need for water wells or borewells has increased since farmers frequently rely on groundwater for irrigation. The need for water well drilling services is thus increased. Furthermore, quick industrialization drives up demand for groundwater, which in turn drives up market expansion.

Water Well Drilling Services Market
By Region
2027
Asia-pacific 
North America
Europe
LAMEA

The Asia- Pacific segment dominates the global water well drilling services market and is expected to retain its dominance throughout the forecast period.

Competitive Analysis

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 Water Well & 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

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

Water Well Drilling Services Market Report Highlights

Aspects Details
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By Application
  • RESIDENTIAL
  • IRRIGATION
  • INSTITUTIONAL
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By DRILLING METHODS TYPE
  • Cable tool drilling & auger drilling
  • Rotary Drilling
  • .Others
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By Region
  • NORTH AMERICA  (US, MEXICO, CANADA)
  • EUROPE  (GERMANY, UK, FRANCE, ITALY, SPAIN, RUSSIA, REST OF EUROPE)
  • ASIA-PACIFIC  (INDAI, JAPAN, CHINA, .Australia & New Zealand, ASEAN, KOREA, REST OF ASIA-PACIFIC)
  • LAMEA  (BRAZIL, SAUDI ARABIA, SOUTH AFRICA, TURKEY, REST OF LAMEA)
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Key Market Players

BARCO WELL SERVICE, JIM JEFFERS WELL DRILLING, CRAIG WATERWELL & DRILLING LTD, JOHNSON WATER WELL DRILLING, WENINGER DRILLING, LLC, CASTER DRILLING, GORDON & SONS WATER WELL DRILLING, TAMPA WELL DRILLING, INC, LOMAN DRILLING INC.

Analyst Review

Key players operating in the global water well drilling services market have adopted developmental strategies, such as adoption of new advance water well drilling method, to strengthen their foothold in the market in terms of value sales. 

According to the key market players, increase in population growth and rise in demand for water well across the globe boosts the growth of the water well drilling services market in terms of value sales. Therefore, the key players are focused to invest in service innovation for providing satisfactory level of services to their customers as well as to maintain their position in the market. 

According to some of the key water well drilling services providers, the rising preference for using ground water over surface water, which has fueled the demand for water well across the globe. Moreover, the rising trend of having private water wells among consumers majorly in the residential sector is expected to fuels the growth of the water well drilling services market in terms of value sales. However, the scarcity of ground water across the globe is expected to hamper the water well drilling services market growth in terms of value sales during the forecast period.
 

Author Name(s) : Priya | Roshan Deshmukh
Frequently Asked Questions?

The global water well drilling services market size is projected to reach $3,900.6 million by 2027.

The global water well drilling services market is projected to grow at a CAGR of 4.7% from 2021 to 2027.

You can raise the query to our sales team, and they will get back to you with the sample for the water well drilling services Market Report.

The global water well drilling services market segment is categorized into application, drilling method types and region.

Increasing demand for water well owing to the rising population across the globe fuels the growth of the water well drilling services market.

The forecast period in the water well drilling services market is from the year 2021 to 2027

The rising consumer demand for private water majorly in the residential sector and the rising preference for using ground water over surface water are the key trends trends in the Water Well Drilling Services market report.

key players in the market are caster drilling, Jim Jeffers Well Drilling, Casey Well Drilling, LOMAN Drilling, CRAIG Water well Drilling, TAMPA WELL DRILLING, Gordon& Sons Water Well Drilling, Weninger Drilling, Barco Well Service and Johnson Water well Drilling.

The rising trend of having private water wells majorly in the residential sector and rising preference of groundwater over surface water is expected to fuel the growth of the water well drilling services market in terms of value sales.

The COVID-19 pandemic had a negative impact on the growth of the water well drilling services market. The demand for new drilling of water well is low in various sectors including municipality, agriculture sector, industrial sector, and others.

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Water Well Drilling Services Market

Global Opportunity Analysis and Industry Forecast 2021-2027