World - Boring Or Sinking Machinery - Market Analysis, Forecast, Size, Trends And Insights
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The article discusses the depressed market for boring machinery worldwide, with a forecasted contraction in both volume and value terms over the next eight years. Singapore emerges as a dominant player in both consumption and production of boring machinery. The article highlights notable declines in import prices and export values, showcasing significant trends in the global market.
Market Forecast
Depressed by shrinking demand for boring machinery worldwide, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -14.0% for the period from 2022 to 2030, which is projected to depress the market volume to 441K units by the end of 2030.
In value terms, the market is forecast to contract with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $15.2B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Boring Or Sinking Machinery
Global boring machinery consumption declined notably to 1.5M units in 2022, falling by -44.8% compared with the previous year's figure. In general, consumption showed a deep contraction. As a result, consumption reached the peak volume of 3.1M units. From 2015 to 2022, the growth of the global consumption failed to regain momentum.
The global boring machinery market revenue dropped significantly to $11.1B in 2022, shrinking by -20.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a deep slump. The growth pace was the most rapid in 2020 when the market value increased by 9.5% against the previous year. Over the period under review, the global market reached the peak level at $24.7B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.
Consumption By Country
The country with the largest volume of boring machinery consumption was Singapore (1.2M units), comprising approx. 80% of total volume. Moreover, boring machinery consumption in Singapore exceeded the figures recorded by the second-largest consumer, Brazil (41K units), more than tenfold.
In Singapore, boring machinery consumption decreased by an average annual rate of -6.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: Brazil (+28.8% per year) and Australia (+20.1% per year).
In value terms, Singapore ($3.3B) led the market, alone. The second position in the ranking was taken by Brazil ($422M).
In Singapore, the boring machinery market decreased by an average annual rate of -7.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Brazil (+28.7% per year) and Australia (+14.8% per year).
From 2012 to 2022, the average annual growth rate of the boring machinery per capita consumption in Singapore totaled -7.4%. In the other countries, the average annual rates were as follows: Australia (+18.4% per year) and Brazil (+27.8% per year).
Production
World Production of Boring Or Sinking Machinery
In 2022, the amount of boring or sinking machinery produced worldwide fell slightly to 2.8M units, standing approx. at the year before. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 2%. Over the period under review, global production attained the peak volume at 2.8M units in 2021, and then declined modestly in the following year.
In value terms, boring machinery production declined slightly to $88.7B in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 16%. As a result, production attained the peak level of $102.4B. From 2019 to 2022, global production growth remained at a lower figure.
Production By Country
Singapore (2.5M units) remains the largest boring machinery producing country worldwide, comprising approx. 89% of total volume. Moreover, boring machinery production in Singapore exceeded the figures recorded by the second-largest producer, China (96K units), more than tenfold.
In Singapore, boring machinery production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: China (+0.4% per year) and the United States (+0.6% per year).
Imports
World Imports of Boring Or Sinking Machinery
In 2022, overseas purchases of boring or sinking machinery increased by 17% to 452K units, rising for the fourth year in a row after four years of decline. In general, imports showed a strong expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 91% against the previous year. Global imports peaked at 637K units in 2014; however, from 2015 to 2022, imports failed to regain momentum.
In value terms, boring machinery imports declined dramatically to $1.3B in 2022. Overall, imports, however, showed a abrupt curtailment. The pace of growth appeared the most rapid in 2019 with an increase of 74%. Over the period under review, global imports attained the maximum at $4.1B in 2012; however, from 2013 to 2022, imports remained at a lower figure.
Imports By Country
Singapore prevails in imports structure, finishing at 241K units, which was approx. 53% of total imports in 2022. Brazil (41K units) took a 9.1% share (based on physical terms) of total imports, which put it in second place, followed by Australia (5.8%) and the United States (5.7%). The following importers - Uganda (11K units), Canada (11K units), Peru (11K units), India (8.8K units), the United Arab Emirates (8.1K units) and Chile (6.8K units) - each amounted to a 12% share of total imports.
From 2012 to 2022, average annual rates of growth with regard to boring machinery imports into Singapore stood at +20.2%. At the same time, Brazil (+28.3%), Peru (+26.5%), Uganda (+25.2%), the United Arab Emirates (+25.0%), Chile (+23.4%), Australia (+16.3%), India (+11.7%) and the United States (+11.1%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in the world, with a CAGR of +28.3% from 2012-2022. By contrast, Canada (-4.5%) illustrated a downward trend over the same period. Singapore (+32 p.p.), Brazil (+7.2 p.p.), Australia (+2.6 p.p.), Uganda (+1.8 p.p.) and Peru (+1.8 p.p.) significantly strengthened its position in terms of the global imports, while Canada saw its share reduced by -7.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the largest boring machinery importing markets worldwide were the United States ($111M), the United Arab Emirates ($104M) and Canada ($40M), together accounting for 19% of global imports. India, Singapore, Australia, Chile, Peru, Uganda and Brazil lagged somewhat behind, together comprising a further 12%.
Uganda, with a CAGR of +5.2%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced mixed trends in the imports figures.
Import Prices By Country
The average boring machinery import price stood at $2,964 per unit in 2022, shrinking by -45.6% against the previous year. Overall, the import price faced a drastic downturn. The growth pace was the most rapid in 2015 an increase of 70% against the previous year. Over the period under review, average import prices hit record highs at $23,107 per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($12,773 per unit), while Brazil ($129 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (-5.5%), while the other global leaders experienced a decline in the import price figures.
Exports
World Exports of Boring Or Sinking Machinery
In 2022, overseas shipments of boring or sinking machinery increased by 231% to 1.8M units, rising for the fourth consecutive year after four years of decline. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 257%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.
In value terms, boring machinery exports declined rapidly to $1.2B in 2022. In general, exports, however, continue to indicate a deep slump. The growth pace was the most rapid in 2018 with an increase of 106% against the previous year. The global exports peaked at $3.7B in 2013; however, from 2014 to 2022, the exports remained at a lower figure.
Exports By Country
Singapore prevails in exports structure, recording 1.6M units, which was approx. 88% of total exports in 2022. It was distantly followed by the United States (96K units) and China (86K units), together mixing up a 10% share of total exports.
Singapore was also the fastest-growing in terms of the boring or sinking machinery exports, with a CAGR of +53.3% from 2012 to 2022. At the same time, China (+37.6%) and the United States (+17.2%) displayed positive paces of growth. While the share of Singapore (+70 p.p.) and China (+2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-10.4 p.p.) displayed negative dynamics.
In value terms, the largest boring machinery supplying countries worldwide were China ($224M), the United States ($187M) and Singapore ($109M), together comprising 44% of global exports.
Singapore, with a CAGR of +0.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced a decline in the exports figures.
Export Prices By Country
The average boring machinery export price stood at $668 per unit in 2022, which is down by -79.1% against the previous year. Overall, the export price faced a precipitous shrinkage. The pace of growth was the most pronounced in 2016 when the average export price increased by 126%. The global export price peaked at $42,995 per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($2,610 per unit), while Singapore ($70 per unit) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-27.1%), while the other global leaders experienced a decline in the export price figures.
This report provides an in-depth analysis of the global boring machinery market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 28921255 - Boring or sinking machinery (including fixed platforms used for oil or natural gas exploration) (excluding self-propelled)
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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