Rotary Blasthole Drilling Rig Market to Reach $3.49 Billion by 2025 with 3.7% CAGR
The market is segmented on the basis of type, application, and geography. Based on type, the market is divided into mid-range drilling rig, large-range drilling rig, and other. The large-range drilling rig segment held the largest share in 2017, contributing more than two-thirds of the market share. However, the mid-range drilling rig segment is expected to register the fastest CAGR of 4.1% during the forecast period.
Rise in demand for metal and minerals, surge in construction activities, and expansion of existing mines have boosted the growth of the global rotary blasthole drilling rig market. However, expensive pricing hinders market growth. On the contrary, rapid technological advancements through AI and IoT are expected to create lucrative opportunities in the near future.
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On the basis of application, the market is segmented into quarries, open-pit mining, and others. The quarries segment is projected to manifest the fastest CAGR of 3.9% during the forecast period. However, the open-pit mining segment accounted for about two-fifths of the total market in 2017.
Based on geography, the market is divided into North America, LAMEA, Asia-Pacific, and Europe. Moreover, the Asia-Pacific region dominated the market in terms of revenue in 2017, contributing nearly one-third of the total market share. However, LAMEA is projected to portray the fastest CAGR of 4.7% during the forecast period.
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The major market players are analyzed in the report, including BAUER, Epicor, Komatsu Ltd., Sandvick, Schramm, Sunward, Caterpiller- CAT, FURUKAWA, Nanchang Kama Co., Ltd., and Sinosteel HYMC.
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