During the forecast period, the global diamond core drilling market is expected to develop at a CAGR of 6.3%. The market is predicted to be worth US$ 2 billion in 2023 and US$ 3.7 billion by 2033.
A rise in construction activity as a result of population growth is believed to be the key market driver. In search of greater possibilities, people are relocating from villages to cities, leading in rapid urbanisation. Aside from that, the number of mining operations, particularly in the oil and gas business, has increased.
Aside from that, governments all around the world are investing heavily on infrastructure. Offshore drilling projects and the creation of oil rig hubs are examples of this. The amount of money invested in the exploratory wells project has also increased.
When compared to other types of drilling equipment, diamond core drilling machines have more robust mechanical capabilities. These machines, in addition to decreasing fractures, operate with extreme precision. Furthermore, these machines can be used to replace chisels, drilling tools, and other instruments, demonstrating their versatility.
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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
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Table of Content
- Executive Summary | Diamond Core Drilling Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
- Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
- Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Operation Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Operation Type, 2017 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Operation Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Operation Type, 2017 to 2022
5.5. Absolute $ Opportunity Analysis By Operation Type, 2023 to 2033
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