Press release
Leading Element Driving Change in the Rock Drilling Equipment Market in 2025: Growing Number Of Mining Projects Propels Market Growth Owing To Rising Global Demand For Minerals Driver
Rock Drilling Equipment
The increasing count of mining endeavors is anticipated to fuel the expansion of the rock drilling equipment market in the future. These mining efforts are designed processes which majorly concentrate on exploration, removal, and treatment of minerals or other geological materials from either the surface or subsurface of our planet. This surge in mining projects can be attributed to several factors including the escalated worldwide demand for minerals and raw materials underpinned by industrialization, urbanization, projects related to renewable energy, and advancements in technology. Rock drilling equipment plays a crucial role in mining efforts as it can proficiently craft accurate holes for tasks such as blasting, exploration, and tunneling, thus boosting productivity, guaranteeing safety, curtailing operational expenses, and facilitating the removal of valuable minerals with higher precision and minimal ecological damage. For example, in October 2024, as per the US Energy Information Administration, a government organization based in the US, there was an increase in US coal production by 2.9% in 2022, totaling 594.2 million short tons (MMst). The count of mines in production rose to 548, marking an increase from the 512 in 2021. Therefore, the escalating number of mining projects is stimulating the growth of the rock drilling equipment market.
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What is the projected compound annual growth rate (CAGR) of the rock drilling equipment market from 2025 to 2034, and what factors influence it?
In the past few years, the size of the rock drilling equipment market has seen a consistent rise. From a market size of $2.28 billion in 2024, it is projected to escalate to $2.39 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.8%. The substantial growth during the historical period can be credited to factors such as the increased durability provided by diamond-tipped bits, the burgeoning adoption of renewable technology, the rising demand for remote-controlled tools, growth in worldwide housing projects, and an emphasis on implementing smart mining procedures.
Over the next several years, the rock drilling equipment market is anticipated to experience consistent expansion. By 2029, the market is projected to reach $2.87 billion, showcasing a compound annual growth rate (CAGR) of 4.7%. Various factors contributing to the projected growth during this forecast period include an increase in demand for 3D-printed drill bits, the proliferation of multi-blade configurations, operations aimed at lessening the environmental impact of drilling, the upswing in geothermal energy projects, and heightened demand for steel. The forecast period will likely also see certain significant trends such as the manufacturing of energy-efficient drilling machines, technological progress, the emergence of automated drilling systems, the digital transformation of drilling equipment, and improvements in remotely operated drilling apparatus.
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How are the latest trends influencing the growth of the rock drilling equipment market?
Leading corporations in the rock drilling equipment market are striving to enhance drilling efficiency, minimize operational expenses, elevate safety levels, and boost the equipment's durability and performance under tough mining conditions by focusing on the development of down-the-hole (DTH) drilling. DTH drilling, a technique widely utilized in mining, construction, and the water well sector, involves attaching a drill bit to the bottom of a drill string whereby the drilling takes place at the base of the hole. An example of this is Epiroc AB, a mining firm hailing from Sweden, which in January 2023, introduced the Epiroc DTH drill bits. These bits offer an extended service life, translating to fewer disruptions and continued drilling. These bits have more buttons to increase the energy generated during drilling and are designed to handle drill cuttings more efficiently. Significant design improvements in these new drill bits enable them to last up to 20% longer than their predecessors which leads to a more stable drilling performance and enhances productivity for the users.
What are the major segments of the rock drilling equipment market and their role in driving growth?
The rock drilling equipment market covered in this report is segmented -
1) By Product: Rotary Drilling Tools, Down-The Hole Drilling Tools, Horizontal Drilling Tools, Handheld Drilling Tools, Other Products
2) By Manufacturer: Original Equipment Manufacturer (OEM), Aftermarket
3) By Application: Mining Industry, Construction Industry, Quarrying, Oil And Gas, Other Applications
Subsegments:
1) By Rotary Drilling Tools: Tricone Drill Bits, Drag Bits, Roller Cone Bits, Polycrystalline Diamond Compact (PDC) Bits
2) By Down-The-Hole (DTH) Drilling Tools: DTH Hammers, DTH Drill Bits, DTH Pipes, DTH Shock Absorbers
3) By Horizontal Drilling Tools: Horizontal Directional Drilling (HDD) Rigs, Mud Motors, Drill Pipes, Reamers
4) By Handheld Drilling Tools: Pneumatic Rock Drills, Hydraulic Rock Drills, Electric Handheld Drills, Manual Core Drills
5) By Other Products: Auger Drills, Sonic Drilling Equipment, Casing Drilling Tools, Percussion Drilling Equipment
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Which regions are key players in the growth of the rock drilling equipment market?
Asia-Pacific was the largest region in the rock drilling equipment market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the rock drilling equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the rock drilling equipment market?
Major companies operating in the rock drilling equipment market are Caterpillar Inc., Sandvik AB, Epiroc AB, Xuzhou Construction Machinery (XCMG) Group, Weir Group, Atlas Copco AB, Boart Longyear Pty Ltd., Boart Longyear Group Ltd., Herrenknecht AG, Mincon Group plc, Shanghai Hardrock Drills Co. Ltd., Rockmore International Inc., Furukawa Rock Drill Co. Ltd., Numa Tool Company, Drill King International Lp, Gill Rock Drill Company, Mindrill System Solutions Pvt. Ltd., Holte Drilling Manufacturing Co., Rock-Tech International Inc., Sunward Equipment Group
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What Is Covered In The Rock Drilling Equipment Global Market Report?
•Market Size Forecast: Examine the rock drilling equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the rock drilling equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the rock drilling equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the rock drilling equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the rock drilling equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the rock drilling equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the rock drilling equipment market.
•Competitive Landscape: Review strategic developments in the rock drilling equipment market, including expansions, agreements, and new product launches.
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