Mining Drills Market size to increase by USD 5.26 billion during 2022-2027, Increase in demand for precious metals to drive the growth - Technavio

NEW YORK, Sept. 6, 2023 /PRNewswire/ -- The mining drills market size is expected to grow by USD 5.26 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 7.61% during the forecast period. The market is segmented by Product (Hydraulic breakers, Rock breakers, Crawler drills, and Rotary drills), Application (Surface mining drills and Underground mining drills), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a FREE PDF Sample 

The rise in demand for housing projects globally drives the growth of the mining drills market. The construction and real estate sectors drive the demand for minerals and raw materials, and mining drills are essential to extracting these resources. Housing projects, as well as infrastructure development, and renovation projects, are on the rise across the globe. Furthermore, factors such as roads, bridges, and other public infrastructure projects requiring large amounts of aggregates and construction materials from mining operations also drive the demand for the market. Hence, growth in such projects is expected to drive the demand for mining drills, which, in turn, is expected to drive the growth of the global mining drills market during the forecast period.  An increase in environment-friendly mining equipment and processes is an emerging market trend. Strict emission laws enable the growth of the demand for energy-saving equipment, which consequently forces manufacturers to supply equipment that meets the latest emissions standards. However, stringent environmental regulations on mining activities hinder the market growth.  The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Higlights:

• The report recognizes the following as some of the key players in the mining drills market: Atlas Copco AB, Boart Longyear Ltd., Caterpillar Inc., FLSmidth and Co. AS, FURUKAWA Co. Ltd., Geodrill Ltd., Hitachi Ltd., Komatsu Ltd., Matrix Design Group LLC, Metso Outotec Corp., Murray and Roberts Holdings Ltd., Robit Plc, ROCKMORE International Inc., Sandvik AB, Sulzer Management Ltd., TEI Rock Drills, and Universal Field Robots.
• Mining Drills Market is fragmented in nature.
• Market to observe 7.32% YOY growth in 2023.

Keg Segments:

The market share growth by the hydraulic breakers segment will be significant during the forecast period. They are also known as hydraulic hammers. These breakers are specialized accessories used in various mining and construction applications to break hard materials such as rock, concrete, and asphalt. They offer superior efficiency and productivity in comparison to traditional manual hammering methods. The time and labor required to break down hard materials are reduced with their use. This results in cost savings and increased project turnaround times. Additionally, upgrades to newer models with improved performance and efficiency are driving replacement demand.  Hence, such factors fuel the growth of the hydraulic breakers market during the forecast period. Get a glance at the market contribution of the segments, Request a FREE Sample

Related Reports:

The coal mining market size is estimated to grow at a CAGR of 2.62% between 2023 and 2027. The market size is forecast to increase by USD 82.39 billion. 

The directional drilling market size is estimated to grow at a CAGR of 9.24% between 2022 and 2027. The market size is forecast to increase by USD 5,013.65 million.  

ToC:

Exclustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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