The global rock breakers market is expected to register significant growth at a phenomenal CAGR of 6.1% across the forecast period from 2023 to 2033. The global market is predicted to be valued at US$ 28,118.8 million in 2023 to surpass a valuation of US$ 50,833.6 million by the end of 2033. According to the historical analysis conducted by Future Market Insights, the global rock breakers market accounted for a 22% to 25% share of the global mining equipment market in the year 2022 with a total revenue of US$ 26,691.3 million. The market exhibited a CAGR of 3.1% during the historic period and was valued at US$ 22.9 billion in 2018.
The Growth of the market is attributed to the increasing population and rapid urbanization across the globe. This is anticipated to ensure significant opportunities for ongoing and upcoming industrial and commercial construction projects. Furthermore, rock breakers have been consistently employed in the mining and construction sectors. Demand growth for rock breakers has escalated due to the excessive production of coal in developing countries. Owing to the rising population and surging industrialization being one the primary factors driving force in the market.
Increasing investments in infrastructure, rising per capita income, and growing trade are anticipated to lead to significant developments in the market dynamics. Key developing nations have demonstrated positive economic growth potential, primarily due to rising urbanization and high demand from the construction and mining industries. Leading application/end-use sectors will collectively account for over 80% of absolute growth over the decade. Substantial growth in investments in construction and infrastructure activities throughout developing countries is anticipated to bode well for the global market.
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Key takeaways
- The rising number of housing and infrastructure projects along with the enhancement of public transportation facilities is expected to create opulent growth in the market over the assessment period.
- Rising transportation facilities including railways and roadways are expected to result in significant investments in tunneling and road development projects in countries such as India, South Africa, Brazil, and Mexico, among others.
- The construction industry in the United States is expected to witness steady growth, primarily due to economic recovery. This, in turn, is expected to fuel the demand for rock breakers in these regions.
- Various mining and exploration companies are focusing on channelizing investment towards extracting minerals from underground mines and adopting advanced technologies to extract mineral-rich resources at deeper levels.
- An increasing number of relatively mature mines coupled with ever-increasing stringent regulations are expected to increase underground mining activities in key growth regions. Furthermore, developing countries including the Asia Pacific region will provide the impetus for global rock breakers market growth.
- As per recent research, demand for rock breakers has witnessed a significant surge within the mining sector. This growth is observed in the European region and East Asian countries. Moreover, based on technology, the explosives segment is likely to grow at a rapid pace, particularly in the coal and metal mining industry.
- The market is likely to witness significant growth with opulent usage from various end-use industries. In addition to that, new research and developments in rock breakers are making their usage more convenient for end users, such as contractors.
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Competitive Landscape
The global market for rock breakers is anticipated to be a highly competitive space attributed to the presence of several manufacturers operating in the market. Key market players are looking to carve a niche for themselves in particular penetrated areas. This is characterized by a large supplier base and strong B2B networks. Moreover, manufacturers of rock breakers are into the development of new products owing to increasing market competition with domestic and local players.
There is a significant focus on strong research and development activities with innovation in the account. Dominant companies supplying rock breakers are aiming at strategic collaborations with end users and regional distributors to address the requirements of an expanding customer base. Brand consciousness and aggressive marketing strategies make it challenging for new entrants to come into this market.
More insights into the Rock Breakers Market
The Asia Pacific region is anticipated to dominate the global rock breakers market over the projection period. China is expected to remain one of the most remunerative markets throughout the course of the forecast period.
One of the key factors supporting market growth in the huge mining sector in the country. As China is a leading coal- and metal-producing country, the construction segment is rapidly growing in the country, which is expected to accelerate the sales growth for rock breakers over the coming years.
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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
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