During the forecast period, the global diamond core drilling market is expected to grow at a CAGR of 6.3%. The market is valued at US$ 2 billion in 2023, and it is expected to reach US$ 3.7 billion by 2033.
The primary driver of the market is thought to be an increase in construction activities due to population growth. People are moving to cities from villages in search of better opportunities, which is causing rapid urbanisation. Aside from that, the number of mining activities has increased, particularly in the oil and gas sector.
Aside from that, governments around the world are making massive investments to improve infrastructure. This can be seen in the form of offshore drilling projects and the establishment of oil rig hubs. The investment in the exploratory wells project has also increased.
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The diamond core drilling machines offer robust mechanical capabilities as compared to a lot of other forms of drilling machines. In addition to reducing fractures, these machines also operate at a very high precision. Moreover, these also act as a replacement for chisel, drilling tools, etc. which also shows the multifunctionality of these machines.
In the current times, the investors and end-users are impressed with AI enabled diamond core drilling machines. The ability to work at a very high efficiency, coupled with the feature to differentiate different kinds of metals has grabbed a lot of attention. The ability to ensure that minimum number of workers are employed in this process allows companies to put human capabilities at other aspects. This might increase the demand for diamond core drilling machines during the forecast period.
However, the high cost associated with these machines might challenge the market growth during the forecast period. There are also rising cases of illness associated with the usage of diamond core drilling machines.
Thus, from the insights provided by FMI analysts, it can be inferred that, “surge in the construction activities, introduction of AI enabled drilling machines, and a lot of other factors are expected to surge the sales of diamond core drilling machines during the forecast period.”
Key Takeaways:
- The diamond core drilling market is expected to grow at a CAGR of 6.3% during 2023-2033.
- The market is valued at US$ 2 billion in 2023.
- By 2033, the market is expected to reach a valuation of US$ 3.7 billion.
- Asia Pacific is expected to be the largest market during the focus period.
- USA diamond core drilling market is expected to grow at a CAGR of 3.1%.
- UK market is projected to surge at a CAGR of 7.5%.
- China market is anticipated to advance at a CAGR of 10.5%.
- Japan market is all set to grow at a CAGR of 5.4%.
- South Korea market is expected to grow at a CAGR of 7.6%.
- Based on the operation type, the rig operated segment is expected to be the largest segment, and is projected to grow at a CAGR of 6.2%.
- Based on the drilling technique, the stitch drilling segment is expected to be the largest segment, and is estimated to grow at a CAGR of 6.9%.
Competitive Landscape
The key players operating in the market are focusing on technological upgradation and are making massive investments in R&D. Apart from that, the focus also happens to be revolving around sustainable development. There are also investments being made in the activities pertaining to mergers to acquisitions.
Some of the recent developments in the diamond core drilling market are:
- In June 2022, Hilti released a lot of new features for its semi-automatic robot, ‘Jaibot’.
- In August 2022, Atlas Copco launched its latest high pressure nitrogen generation skid package that offers enhanced performance.
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Diamond Core Drilling Market Segmentation
By Operation Type:
- Hand Held,
- Rig Operated
By Drilling Technique:
- Stitch Drilling,
- Underwater Diamond Drilling,
- Surface Drilling,
- Underground Drilling
By Drilling Type:
- Rotary Drilling,
- Wireline Drilling
By End Use:
- Construction Industry,
- Mining Industry (Open Pit Mines, Closed Pit Mines)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
About Future Market Insights, Inc.
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