Increasing mineral and metal exploration activities and rising need for energy- and cost-efficient underground mining equipment are key factors driving market growth
Market Size – USD 11.90 Billion in 2020, Market Growth – at a CAGR of 10.3%, Market Trends – Increasing R&D activities to develop safer and more efficient mining equipment
The global Mining Drills & Breakers Market size is expected to reach USD 26.07 Billion by 2028 and register a revenue CAGR of 10.3%, according to the latest report by Reports and Data. Rising demand for energy- and cost-efficient underground mining equipment and increasing exploration activities are key factors expected to drive market growth over the forecast period. In addition, increasing investment in mining industries to expand research and development and to produce more efficient and safer mining equipment to enable more productive mining operations is another key factor expected to drive revenue growth of the market over the forecast period.
Mining drills and breakers are extraction equipment utilized for surface mining operations and to drill below the earth’s surface, while breakers are used to break large stones and rocks during the process. Drilling in mines is primarily to create blastholes for tunneling or mining purposes, but secondary goals can be to place bolts or facilitate exploration activities. Rapid advancements in high-performance drill heads has enhanced feasibility of mining machinery and this is expected to drive market growth over the forecast period. Increasing incorporation of Artificial Intelligence and automated solutions is a key trend major mining companies are following, and this is expected to continue over the forecast period.
Rapid technological advancements in infrared, sonic drills, and optical micro cameras, and increasing adoption of IoT and automation across the mining industry is further expected to boost market revenue growth over the forecast period. However, stringent regulations regarding impact on the environment and increasing pollution caused by mining operations is expected to restrain market growth to a certain extent over the forecast period. Negative impacts such as erosion, sinkholes, and contamination of groundwater and surface water due to chemicals used or released during mining operations are expected to hamper market growth to a significant extent over the forecast period.
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Major companies in the market include Komatsu Ltd., Caterpillar, Inc., Sandvik AB, Atlas Copco AB, Geodrill Ltd., Epiroc AB, Metso Corporation, and Boart Longyear Ltd., among others.
Some Key Highlights from the Report:
Rock breakers segment is expected to register significant revenue CAGR over the forecast period, attributable to increasing mining activities and rising popularity of breakers that augment safety and productivity of mining equipment and operations.
Metal mining segment is expected to account largest revenue share in the global market over the forecast period owing to rising demand for metals such as gold, steel, and aluminum across various industry verticals such as automotive and building & construction.
Asia Pacific market revenue is expected to expand significantly over the forecast period owing to rapid expansion of building & construction sector, increasing infrastructure development, rising economic growth, and increasing implementation of favorable policies that support exploration activities in the region.
In October 2020, Komatsu Mining introduced three new drilling and bolting products that are designed to cater to consumer demand for safer, more reliable, and productive mining equipment.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/mining-drills-and-breakers-market
For the purpose of this report, Reports and Data has segmented the global mining drills & breakers market based on product, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East & Africa
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Sr. Research Analyst at Reports and Data