Allied Market Research published a new report, titled, “Rotary Blasthole Drilling Rig Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018–2025.” The research states that the global rotary blast-hole drilling rig market generated $2.60 billion in 2017 and is estimated to garner $3.50 billion by 2025, with at a CAGR of 3.7% during the forecast period, 2018–2025. Asia-Pacific contributed to more than half of the total market share in 2017 and is estimated to register significant growth throughout the forecast period.
Rise in demand for metal and minerals, expansion activities for existing mines, and increase in activities for construction of tunnels, roads, and railways drive the growth in the global rotary blasthole drilling rig market. Moreover, technological advancements including AI and IOT for machines supplement the growth in the rotary blasthole drilling rig market. However, huge total cost of ownership restrains the growth in industry. On the other hand, increase in technological innovations and advent of different rotary tricone drill rigs would offer numerous growth opportunities in the market.
Mining industry has witnessed instability for long due to the uncertain economic and political conditions. The mining trade is highly affected by the relation between the nations and their respective trading policies. Hence, the mining equipment market reflects the growth and decline that is based on the current trading scenario. For instance, Chile exports its mineral ore and metals mainly to the European Union, China, Japan, and Macedonia markets. The countries exporting minerals includes Peru, Armenia, Iceland, Mozambique, Australia, Bolivia, Zimbabwe, South Africa, and Togo. As rotary blasthole drilling rigs are utilized during the blasting process to create open-mining pits, and quarries for mineral and metal extraction, their demand remains constant in the market. These rotary blasthole drilling rigs serve as the most effective machine to initiate the mining activity on a surface.
Based on application, the open-pit mining segment is expected to account for the largest share in the global market during the forecast period, due to increase in demand across Asia-Pacific, North America, and Europe. Based on type, the large-range drilling rig segment is expected to be the highest contributor, growing at a significant CAGR during the forecast period. This is attributed to rise growing need to find open-pit mines and quarries.
Key Findings of the Rotary Blasthole Drilling Rig Market:
- Based on type, the mid-range drilling rig segment is projected to grow at the second highest CAGR of 4.1% during the forecast period.
- Asia-Pacific generated the highest revenue in 2017 and is anticipated to dominate the market during the forecast period.
- The open-pit mining segment generated the highest revenue in 2017 and is estimated to grow at the rate of 3.2%.
- In Asia-Pacific, China accounted for the largest market share in 2017.
Leading Industry Players
The key players profiled in this report include BAUER, Caterpiller, Epicor, FURUKAWA, Komatsu Ltd., Nanchang Kama Co. Ltd, Sandvick, Schramm, Sinosteel HYMC, and Sunward.
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