The global mining drill market is expected to be worth US$ 4996.7 million by 2032, with the market growing at a 4.7% CAGR from 2022 to 2032. This market is expected to reach US$ 3144.4 million by the end of 2022. During the forecast period, the mining drill market will grow due to rising demand for efficient mining solutions and the need for powerful machinery.
Mining drills are machines used for drilling purposes at mining sites where the equipment must drill holes into the Earth’s surface or rocks to retrieve mineral ores. These holes are wider than they are deep, and the drill bits are designed to meet mining specifications. Drilling equipment is required for all underground mining operations in order to bore deep and precise holes. This increases demand for the target market.
Furthermore, various mine drilling equipment on the market promises straight and steep holes in a short period of time with minimal power loss. Mining drill equipment is constantly improved by incorporating advanced technological advancements that increase precision and speed. This contributes to the overall growth of the mining drill market.
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Moreover, there’s been a notable rise in mining activities across the world, particularly in emerging economies. In recent years, rising economic regions are the main growth drivers of the target market as mining drill machines are being extensively used in the advancing mining operations taking place in these regions.
Again, there’s a prevailing demand for faster and more precise drilling operations. The global mining sector is, thus, seeking more efficient mine drilling equipment that can drill meticulous, straight, and clean holes while consuming less energy. This bodes well for the growth of the mining drill market during the forecast period.
“Advancing mining activities in emerging economies will likely drive the global growth of the mining drill market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising environmental concerns may hamper the market growth.
- The mining drill market in Europe will hold 21% of the market share in 2022.
- By the end of 2022, Asia Pacific’s mining drill market will own about 13% of the overall market share.
- North America’s mining drill market will account for 18% of the market share.
- By technique, the rotary drilling segment will register a heightened demand.
Competitive Landscape
Joy Global Inc., Sandvik AB, Caterpillar Inc., Metso Corporation, Atlas Copco AB, Komatsu Ltd., Liebherr, Epiroc, Boart Longyear, and Doosan Corporation among others are some of the major players in the mining drill market profiled in the full version of the report.
Leading market players are focusing on strategic industry-wide cooperation and partnerships with financial institutions to offer better financing alternatives to consumers. These organizations are increasing their investment in research and development activities to improve machine operations and adopting different technologies to differentiate their product offerings from others to remain competitive.
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More Insights into Mining Drill Market Report
In its latest report, FMI offers an unbiased analysis of the global mining drill market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of application (mining drill rigs, mining drill jumbos, rock mining drill surface crawlers), operation (diesel operated mining drills, battery/ electric operated mining drills), technique (rotary mining drill, track mining drill, compact core mining drill, down-the-hole mining drill, top hammer mining drill), mounting (handhold mining drill, pusher leg mining drill, rig mining drill, column & bar mining drill, carriage mining drill), fluid used (liquid filled, foam filled air filled), and region.
According to the latest FMI reports, based on segmentation, the rotary drilling technique segment will perform remarkably well during the forecast period. The high versatility of this segment will result in market domination of this segment during 2022-2032.
Based on region, the mining drill market in Europe will dominate the global space and account for 21% of the overall share in 2022. The presence of large quantities of minerals, crude oil, gas, and other such commodities will stimulate mining activities in this region and contribute to the target market growth.
In addition, North America and the Asia Pacific regions will also exhibit substantial growth in the mining drill market during 2022-2032. A surge in the number of coal mining projects, especially in the U.S. and Canada, will offer several lucrative opportunities to the mining drill market in North America while in increasing automation of building and mining operations will fuel the market in the Asia Pacific region during the forecast period.
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Key Segments Covered in the Mining Drill Industry Analysis
Mining Drill Market by Application:
- Mining Drill Rigs
- Mining Drill Jumbos
- Rock Mining Drill Surface Crawlers
Mining Drill Market by Operation:
- Diesel Operated Mining Drills
- Battery/Electric Operated Mining Drills
Mining Drill Market by Drilling Technique:
- Rotary Mining Drill
- Track Mining Drill
- Compact Core Mining Drill
- Down-the-Hole Mining Drill
- Tophammer Mining Drill
Mining Drill Market by Mounting:
- Handhold Mining Drill
- Pusherleg Mining Drill
- Rig Mining Drill
- Column & Bar Mining Drill
- Carriage Mining Drill
Mining Drill Market by Drill Fluid Used:
- Liquid Filled
- Foam Filled
- Air Filled
Mining Drill Market by Region:
- North America Mining Drill Market
- Latin America Mining Drill Market
- Europe Mining Drill Market
- Asia Pacific Mining Drill Market
- Middle East and Africa Mining Drill Market
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