The new tunneling and rock drilling equipment market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Tunneling and Rock Drilling Equipment Market 2020-2024 (Photo: Business Wire)
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"One of the primary growth drivers for this market is the rapid rise in technologies," says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the tunneling and rock drilling equipment market size to grow by USD 985.74 million during the period 2020-2024.
Tunneling and Rock Drilling Equipment Market Segment Highlights for 2020
- The tunneling and rock drilling equipment market is expected to post a year-over-year growth rate of -6.53%.
- Based on the application, the mining segment saw maximum growth in 2019. The rising demand from the coal mining industry coupled with the increasing mining activities in the US is fueling the demand for tunneling and rock drilling equipment in the mining sector.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 48% of the growth will originate from the APAC region.
- The rising infrastructural activities are one of the prime factors that will facilitate the tunneling and rock drilling equipment market growth in APAC over the forecast period.
- China and Australia are the key markets for tunneling and rock drilling equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The tunneling and rock drilling equipment market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The tunneling and rock drilling equipment market is segmented by application (Mining and Construction) and geography (APAC, North America, Europe, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Astec Industries Inc., Atlas Copco AB, Furukawa Electric Co. Ltd., Hitachi Zosen Corp., Hyundai Motor Co., IHI Corp., Kawasaki Heavy Industries Ltd., Komatsu Ltd., Sandvik AB, and Xugong Group Construction Machinery Co. Ltd.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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