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The mining drills market size is estimated to grow at a CAGR of 7.61% between 2022 and 2027. The market size is forecast to increase by USD 5,267.61 million. The growth of the market depends on several factors such as an increase in demand for precious metals, a rise in demand for housing projects globally, and growing mineral and metal exploration activities. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by product (hydraulic breakers, rock breakers, crawler drills, and rotary drills), application (surface mining drills and underground mining drills), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Mining Drills Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The construction and real estate sectors play an important role in the demand for minerals and raw materials, and mining drills are essential to extracting these resources. Rapid urbanization is driving the construction of residential buildings, commercial complexes, and public utilities, all of which require materials to be extracted by drilling. Many areas face housing shortages, prompting governments and private developers to invest in housing projects to meet demand. Affordable housing initiatives continue to drive residential construction, driving demand for building materials derived from mining operations.
Along with housing projects, infrastructure development, and renovation projects are on the rise across the globe. Roads, bridges, and other public infrastructure projects require large amounts of aggregates and construction materials from mining operations. The growth of the construction sector translates into raised demand for minerals, metals, and aggregates obtained through mining drilling. These factors are expected to drive the demand for mining drills, which, in turn, is expected to drive the growth of the global mining drills market during the forecast period.
Mining can become environmentally friendly by developing new mining strategies and methods and integrating these methods into mining sites to reduce the adverse environmental impact of mining activities. The main strategy to reduce the negative environmental impacts of mining operations is to introduce mining equipment that releases less harmful particles into the environment.
Moreover, due to strict emission laws, demand for energy-saving equipment will grow. As a result, manufacturers will be forced to supply equipment that meets the latest emissions standards. Thus, these factors are expected to grow the demand for mining drills, which in turn is expected to boost the growth of the global mining drills market during the forecast period.
Mining has many negative environmental impacts, such as sinkhole formation, biodiversity loss, soil erosion, soil pollution, and erosion of exposed slopes. Also, mining affects the health of people living near the mining areas and leads to groundwater and surface water pollution. In addition, mining activities are disturbing the wilderness surrounding the mine by destroying ecosystems and habitats.
As a result, mining companies around the world are forced to comply with strict environmental regulations or even ban mining operations for a certain time of the year. Strict rules and regulations, such as the US government's Mine Control Act and strong opposition to widespread mining from local communities, can lead to mining activities decline in production, which may hamper demand for mining equipment. Therefore, such factors are expected to impede the growth of the global mining drills market during the forecast period.
The hydraulic breakers segment will account for a major share of the market's growth during the forecast period.?Hydraulic breakers, also known as hydraulic hammers, are specialized accessories used in various mining and construction applications to break hard materials such as rock, concrete, and asphalt. These hammers are essential for breaking concrete and rock during construction and demolition operations. Ongoing urbanization trends and urban renewal projects require hydraulic breakers for site preparation. As cities expand, hydraulic hammers play an important role in building new infrastructure and revitalizing urban areas.
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The hydraulic breakers segment was valued at USD 3,224.69 million in 2017 and continued to grow until 2021. Hydraulic breakers offer superior efficiency and productivity compared to traditional manual hammering methods. They significantly reduce the time and labor required to break down hard materials, resulting in cost savings and increased project turnaround times. When old hydraulic breakers reach the end of their life, the need for replacement is natural. Upgrades to newer models with improved performance and efficiency are driving replacement demand. These factors are expected to drive the demand for mining drills, which in turn is expected to fuel the growth of the hydraulic breakers segment of the market during the forecast period.
Based on application, the market has been segmented into surface mining drills and underground mining drills. The surface mining drills?segment will account for the largest share of this segment.? Surface mining drills are capable of operating at high drilling speeds, increasing productivity and efficiency in surface mining operations. Surface rigs contribute to the profitability of mining operations. High drilling speeds reduce operating costs, allowing miners to maximize return on investment(ROI). As mining operations expand in emerging regions, there is an increasing demand for surface drills to support the growth of mining operations. Thus, these factors are expected to fuel the demand for mining drills, which in turn is expected to boost the growth of the surface mining drills segment of the market during the forecast period.
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APAC is estimated to contribute 34% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Rapid industrialization and infrastructure development in countries like China, India, and Indonesia are creating a constant demand for minerals and construction materials that increase the demand for mining drills to support mining operations. The growing urban population in the APAC countries is driving the demand for building materials, leading to an increase in mining activities and the use of mining drills in aggregate mining.
Moreover, governments in the APAC region support the mining sector through policies that support, encourage, and invest in mining infrastructure. These initiatives create an enabling environment for miners and drive demand for mining drills. Growing demand for important minerals used in electronics, renewable energy technology, and other high-tech applications is driving exploration and mining efforts, increasing the need for minerals, and advanced mining drills. Thus, such factors are expected to boost the growth of the market in this region during the forecast period.
In 2020, the COVID-19 pandemic spread negatively affected the market in the APAC region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions, which led to the resumption of the mining industry. This, in turn, led to rising investments in exploration and drilling activities in mining, positively impacting the demand for mining drills. Thus, such factors are anticipated to boost the demand for mining drills, which, in turn, is expected to drive the growth of the regional mining drills market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Sulzer Management Ltd.: The company offers mining drills products such as process pumps, vertical sump pumps, axially split pump.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
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, TEI Rock Drills, and Universal Field Robots
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Mining Truck Market- The mining truck market share is expected to increase by USD 991.95 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.86%.
The mining drills market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Mining Drills Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.61% |
Market growth 2023-2027 |
USD 5,267.61 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.32 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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