The market for rock breakers is expected to increase significantly, with a CAGR of 6.1%, to reach a market valuation of US$ 50,833.6 million by the end of 2033 from its current value of US$ 28,118.8 million.
In recent years, the rock breakers market has experienced rapid expansion. Due to the rising demand for blasting materials from the mining and construction industries, this growth is anticipated to continue over the forecast years, beginning in 2023 and ending in 2033. There will be more ongoing and upcoming industrial and commercial construction projects as a result of population growth and rapid urbanization. In the upcoming years, this is anticipated to aid in the market’s expansion.
According to FMI, the mining industry has been exhibiting steady growth in the global rock breakers market. Countries in Europe and East Asia have seen this growth. Additionally, technological advancements suggest that the explosives market will expand quickly, especially in the coal and metal mining sectors.
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Researchers have always placed a priority on tackling problems like explosives storage safety, rock breaker operation risks, and finding more economical solutions. End-use industries have found it challenging to select the best product for a given application, so manufacturers have added more features to offer improved efficiency and satisfy customer demands.
The market stands to benefit significantly from the end-use industries’ rising demand. With several end-use industries affected in regions such as Europe, East Asia, and South Asia-Pacific, the supply and shortage in demand are expected to result in a significant drop in Y-O-Y growth yet FMI expects the global rock breakers Market to grow at 6.1% CAGR through 2033.
What is the Commercial Potential of Rockbreakers?
Rockbreakers have a wide range of applications in the n construction sector, particularly for tunnel making, building demolitions, and other activities. The increasing demand for minerals and metals, coupled with the pressure to increase output cost-effectively, has led to digital transformation in the mining industry. This is expected to boost the demand for Rockbreakers. In addition, opportunities for mining in the deep sea, space, and abandoned mines are expected to create significant opportunities for rock breaker manufacturers.
FMI has projected China to remain one of the most remunerative markets throughout the forecast period. One of the key factors supporting expansion is the growth of the mining sector in the country. China is leading coal and metal-producing country. Also, the construction segment is rapidly growing in the country which is expected to accelerate the total sales in the forecast period.
India’s rock breakers market is the largest in South Asia & Pacific. The demand for rock breakers is expected to be high during the forecast period due to the growing coal mining and quarry sectors in India. India is one of the fastest-growing countries in the world, exhibiting rapid industrialization. This has resulted in high demand for power supplies and manufacturing raw materials.
The construction segment is the fastest-growing segment for the rock breakers market in the U.S. Many new construction projects have been announced by the government, which will enhance the demand for rock breakers in the country.
Some of the leading companies operating in the market are
- Orica
- Hanwha Corporation
- Enaex S.A.
- Dyno Nobel
- BME Mining
- Sandvik
- NOF Corporation
- Sichuan Yahua Industrial Group Limited
- ASTEC Industries
- Yantai Eddie Precision Machinery Co., Ltd
- Furukawa
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Rockbreakers Market
Technology
- Hydraulic Rock Hammers
- Hydraulic Rock Splitters
- Hand Held Breakers
- Expanding Grouts and Mortars
- Explosives
- Pyrotechnic Products
End User
- Construction
- Residential Construction & Excavation
- Commercial Construction & Excavation
- Industrial Construction & Excavation
- Infrastructure Construction & Excavation
- Mining
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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