The Auger Drilling Market is expected to reach a value of USD 1.7 billion by 2027, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing demand for auger drilling services in the oil and gas industry. Auger drilling is a type of drilling technology used to drill small diameter holes in the earth’s surface. It is typically used for geotechnical drilling, mining exploration, and construction projects.
The report further states that the auger drilling market is expected to grow at a CAGR of 5.5% from 2021 to 2027. This growth is driven by the increasing demand for energy, the development of renewable energy sources, and the increasing investments in infrastructure projects.
In terms of application, the oil and gas segment is expected to account for the largest share of the market. This is attributed to the increasing demand for oil and gas drilling services in the industry. The segment is expected to be driven by the increasing demand for energy, the development of renewable energy sources, and the increasing investments in infrastructure projects.
In terms of geography, North America is expected to account for the largest share of the market. This is attributed to the increasing demand for energy, the development of renewable energy sources, and the increasing investments in infrastructure projects in the region.
In terms of competitive landscape, the report states that the auger drilling market is highly competitive and fragmented. Some of the key players in the market include Halliburton Company, Schlumberger Limited, Weatherford International plc, Baker Hughes Incorporated, and National Oilwell Varco, Inc.
Overall, the auger drilling market is expected to witness significant growth over the forecast period. This growth is attributed to the increasing demand for energy, the development of renewable energy sources, and the increasing investments in infrastructure projects. Moreover, the increasing demand for oil and gas drilling services in the industry is also expected to drive the market growth.