Mining drills and breakers market size set to be worth US$15,817.8 million by 2026
The global mining drills and breakers market size is expected to reach US$15,817.8 million by 2026 according to a new study by Polaris Market Research. The report provides a detailed insight into current market dynamics and provides analysis on future market growth.
The mining industry has witnessed a huge shift in production, exploration activities, technological advancements and many more in the recent years. The industry uses sophisticated and productive machinery with digitisation to increase productivity and decrease costs. The sector deals with huge tasks that are related to operations and maintenance. Increase in demand for metals in various industries have accelerated the mining activities across the globe.
Developments Driving The Demand
One of the major factors driving the demand for mining drills and breakers market the development of underground and surface exploration operations. During the mining operations, drills are used to dug into the surface and breakers are used to break the rocks into smaller pieces. This in turn, has driving the growth of in demand for mining drills and breakers. Technological advancements such as use of IoT, infrared, sonic and optical cameras have also fuelled the growth of this market. However, stringent government regulations pertaining to environment protection is anticipated to hamper the growth of this market in the near future. China has implemented the Environmental Protection Tax Law to cope with the pollution caused by exploration activities.
Metal mining holds a major share in the global market. Increasing demand for metal across the globe has propelled the growth in demand for drills and breakers. Coal mining is also expected to exhibit rapid growth in the overall market. Asia Pacific is expected to witness exponential growth in the mining drills and breakers market over the forecast period. Rapidly growing construction market in this region is projected to fuel the growth in demand for mining drills and breakers. The market is dominated by after-sales as the equipment and their parts are subject to massive wear and tear during operations. The companies operating in this market are providing repair services along with rental services.
Who are the key players?
Some of the leading players in the global market include Caterpillar, Boart Longyear, Energold Drilling, Doosan, Epiroc, Geodrill, Komatsu, Metso, Furukawa and Sandvik, among others. The key players in this market have adopted the strategy of product differentiation with a focus on pricing and specifications. In addition to this, providing application specific breakers is also expected to bring in new opportunities for the major players in this market. In addition, partnerships to strengthen the distribution channels can prove as a major developmental strategy for the key players in this market.