Rotary Blasthole Drilling Rig Market Expected to Reach $3.50 Billion by 2025 | AI and IOT technology in the mining equipment industry are expected to create lucrative opportunities
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.
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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.
The growth of the global rotary blasthole drilling rig market is driven due to increase in demand for metal and minerals, expansion of existing mines, and growth in construction of roads, tunnels, and railways. In addition, rise in technological advancements, and introduction of various powerful rotary tricone drill rigs are providing numerous growth opportunities in the market. Furthermore, technological innovations, such as AI and IOT in machines have fueled the growth of rotary blasthole drilling rig market. However, high cost of ownership hampers the growth of the rotary blasthole drilling rig industry.
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.
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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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