Mining Drills Market to increase by USD 5.26 billion from 2022 to 2027, The rise in demand for housing projects globally to drive the growth - Technavio
NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The mining drills market size is set to grow by USD 5.26 billion between 2022 and 2027 and register a CAGR of 7.61%, according to Technavio's latest market research report estimates. The report is segmented by Product, Application, and Geography. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Atlas Copco AB, Boart Longyear Ltd., Caterpillar Inc., FLSmidth and Co. AS, FURUKAWA Co. Ltd., Geodrill Ltd., Hitachi Ltd., Komatsu Ltd., Matrix Design Group LLC, Metso Outotec Corp., Murray and Roberts Holdings Ltd., Robit Plc, ROCKMORE International Inc., Sandvik AB, Sulzer Management Ltd., TEI Rock Drills, and Universal Field Robots are some of the major market participants. The increase in demand for precious metals, the rise in demand for housing projects globally, and growing mineral and metal exploration activities will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments.
The report also covers the following areas:
The mining drills market is fragmented, and the degree of fragmentation will accelerate. The increase in demand for precious metals will offer immense growth opportunities. However, the Increasing popularity of rental and leased mining equipment will hamper the market growth.
Mining Drills Market 2023-2027: Segmentation
- Product
- Hydraulic Breakers
- Rock Breakers
- Crawler Drills
- Rotary Drills
- Application
- Surface Mining Drills
- Underground Mining Drills
- Geography
- APAC
- North America
- Europe
- South America
- Middle East And Africa
The hydraulic breakers segment will account for a major market growth share during the forecast period. Hydraulic breakers, or hydraulic hammers, serve as specialized attachments utilized in diverse mining and construction applications to fracture resilient materials like rock, concrete, and asphalt. Indispensable in construction and demolition tasks, these hammers play a crucial role in breaking concrete and rock.
Mining Drills Market 2023-2027: Company Analysis and Scope
To help businesses improve their market position, the mining drills market provides a detailed analysis of around 15+ vendors operating in the market. Some of these vendors include Atlas Copco AB, Boart Longyear Ltd., Caterpillar Inc., FLSmidth and Co. AS, FURUKAWA Co. Ltd., Geodrill Ltd., Hitachi Ltd., Komatsu Ltd., Matrix Design Group LLC, Metso Outotec Corp., Murray and Roberts Holdings Ltd., Robit Plc, ROCKMORE International Inc., Sandvik AB, Sulzer Management Ltd., TEI Rock Drills, and Universal Field Robots.
- Atlas Copco AB - The company offers mining drill services such as instrument air, drilling air, and electricity supply.
Market Dynamics
Driver
The rise in demand for housing projects globally is notably driving the market growth. Mining drills are indispensable tools in meeting the demand for minerals and raw materials driven by the construction and real estate sectors. The swift pace of urbanization fuels the construction of residential buildings, commercial complexes, and public utilities, all necessitating the extraction of materials through drilling.
Trends
An increase in environment-friendly mining equipment and processes is an emerging trend shaping the market growth. The attainment of environmental friendliness in mining is achievable through the formulation and implementation of innovative mining strategies and methods. Integrating these approaches directly into mining sites is crucial for mitigating the adverse environmental impact associated with mining activities.
Challenges
Stringent environmental regulations on mining activities are a significant challenge hindering market growth. Mining operations generate numerous adverse environmental impacts, including the formation of sinkholes, loss of biodiversity, soil erosion, pollution of both soil and water and the erosion of exposed slopes.
Mining Drills Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist mining drills market growth during the next five years
- Estimation of the mining drills market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behaviour
- The growth of the mining drills market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of mining drills market vendors
Related Reports:
The connected mining market size is estimated to grow at a CAGR of 20.44% between 2022 and 2027 and the size of the market is forecast to increase by USD 28.44 billion.
The construction and mining equipment market size is estimated to grow at a CAGR of 6.7% between 2022 and 2027 and the size of the market is forecast to increase by USD 62.13 billion.
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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SOURCE Technavio
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