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Tunneling and Rock Drilling Equipment Market by Application and Geography - Forecast and Analysis 2020-2024

Tunneling and Rock Drilling Equipment Market by Application and Geography - Forecast and Analysis 2020-2024

Published: Dec 2020 120 Pages SKU: IRTNTR46394

The tunneling and rock drilling equipment market size has the potential to grow by USD 985.74 million during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of 3.14%. 

This report provides a detailed analysis of the market by application (mining and construction), geography (APAC, North America, Europe, MEA, and South America), and key vendors. 

Market Overview

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • Astec Industries Inc.
  • Atlas Copco AB
  • Furukawa Electric Co. Ltd.
  • Hitachi Zosen Corp.
  • Hyundai Motor Co.
  • IHI Corp.
  • Kawasaki Heavy Industries Ltd.
  • Komatsu Ltd.
  • Sandvik AB
  • Xugong Group Construction Machinery Co. Ltd.

 

The tunneling and rock drilling equipment market is fragmented and the vendors are deploying growth strategies such as infrastructural development to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as rapid rise in technologies to achieve growth opportunities. However, factors such as geological complexities in tunneling and rock drilling operations will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the tunneling and rock drilling equipment market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies, 

This tunneling and rock drilling equipment market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Tunneling and Rock Drilling Equipment Market: Key Drivers and Trends

  • One of the primary tunneling and rock drilling equipment market growth drivers is the rapid rise in technology.
  • Technological advances have resulted in greater use of underground tunnel construction as technologies enable easy access to construction in any terrain.
  • Electronic monitors and sensors placed in the tunnel boring machine (TBM) help in the smooth functioning of machines while digging, avoiding existing structures in the process. 
  • This machinery facilitates cost saving as well as reduces the time of construction by a great margin.
  • This machinery also provides analytical tools to facilitate the design of the tunnels. These advancements are expected to propel growth in the global tunneling and rock drilling equipment market during the forecast period.
  • One of the latest tunneling and rock drilling equipment market trends is the growing innovation in the tunnel dismantling the machine.
  • TBM manufacturers have designed and developed the world's first tunnel dismantling machine (TDM). 
  • TDM works in reverse principal with the machine, emptying the tunnel segment from behind and filling them with cement with the arm located in front.
  • The TDM provides concrete lining along the face of the tunnel and prevents it from collapsing. The support helps to achieve linear lining of the tunnel. The backward movement of the machine is achieved by using compressed air technology. 
  • The advantages are expected to augment growth in the global tunneling and rock drilling equipment market in the coming years.

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Tunneling and Rock Drilling Equipment Market: Segmentation by Geography

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48% of the market’s growth will originate from APAC during the forecast period. China and Australia are the key markets for tunneling and rock drilling equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The rising infrastructural activities is one of the prime factors that will facilitate the tunneling and rock drilling equipment market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Tunneling and Rock Drilling Equipment Market: Segmentation by Application

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The rising demand from the coal mining industry coupled with the increasing mining activities in the US is fueling the demand for tunneling and rock drilling equipment in the mining sector. Hence, the market segment is expected to record a fast growth rate during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the tunneling and rock drilling equipment market size. Fetch actionable market insights on post COVID-19 impact on each segment.   

 

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Tunneling and Rock Drilling Equipment Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive tunneling and rock drilling equipment market growth during the next five years
  • Precise estimation of the tunneling and rock drilling equipment market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the tunneling and rock drilling equipment industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of tunneling and rock drilling equipment market vendors

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Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Tunneling and Rock Drilling Equipment market growth will increase by 985.74 million during 2019-2024.

The Tunneling and Rock Drilling Equipment market is expected to grow at a CAGR of 3.14% during 2019-2024.

Tunneling and Rock Drilling Equipment market is segmented by Application( Mining, Construction) Geographic( APAC, North America, Europe, MEA, South America)

Astec Industries Inc., Atlas Copco AB, Furukawa Electric Co. Ltd., Hitachi Zosen Corp., Hyundai Motor Co., IHI Corp., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Sandvik AB, Xugong Group Construction Machinery Co. Ltd. are a few of the key vendors in the Tunneling and Rock Drilling Equipment market.

APAC will register the highest growth rate of 48.44% among the other regions. Therefore, the Tunneling and Rock Drilling Equipment market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

China, US, Germany, Australia, UK

  • Advances in technologies is the driving factor this market.

The Tunneling and Rock Drilling Equipment market vendors should focus on grabbing business opportunities from the Mining segment as it accounted for the largest market share in the base year.