Rise in demand for underground mining equipment and surge in demand for coal, metal, and mineral mine drive the growth of the global mining drills and breakers market
PORTLAND, Ore., Feb. 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Mining Drills and Breakers Market by Machinery Type (Drills and Breakers), Business (Original Equipment and Aftersales), and Application (Metal Mining, Mineral Mining and Coal Mining): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global mining drills and breakers industry generated $13.58 billion in 2020, and is estimated to reach $20.67 billion by 2030, witnessing a CAGR of 4.1% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise in demand for underground mining equipment and surge in demand for coal, metal, and mineral mine drive the growth of the global mining drills and breakers market. However, strict government regulations related to mining operations hinder the market growth. On the other hand, technological advancements in the mining sector and rise in investments in the mining industries present new opportunities in the coming years.
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Covid-19 Scenario
- Production activities of different machinery types of drills and breakers stopped completely or partially due to lockdown restrictions. Moreover, shortage of raw materials and disruptions in the supply chain led to halt in production activities.
- The demand from construction and industrial sectors reduced considerably due to disruptions in daily activities. These sectors began operations with full capacities post-lockdown and the demand for drillers and breakers rose steadily.
The drills segment to maintain its lead position by 2030
Based on machinery type, the drills segment held the largest market share in 2020, accounting for more than two-thirds of the global mining drills and breakers market, and is expected to maintain its lead position by 2030. This is attributed to development in transport and conveyance sector and increased mineral fertilizers for advancing agriculture activities. However, the breakers segment is estimated to register the highest CAGR of 4.8% during the forecast period, owing to rise in usage of artificial sand in the construction sector and surge in mining operations that need breakers such as tunnel breakers, heat-resistant breakers, and stationary breakers.
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The metal mining segment to maintain its leadership status based in terms of revenue by 2030
Based on application, the metal mining segment accounted for nearly half of the global mining drills and breakers market in 2020, and is estimated to maintain its leadership status based in terms of revenue by 2030. Moreover, this segment is expected to manifest the fastest CAGR of 4.5% during the forecast period. This is attributed to surge in demand from the automotive, aerospace, and construction industries along with need for premium metals such as titanium, diamond, and platinum in developing countries. The research analyzes the segments including mineral mining and coal mining.
Asia-Pacific, followed by North America, to maintain its dominance throughout the forecast period
Based on region, Asia-Pacific, followed by North America, contributed to the highest market share in 2020, accounting for nearly half of the total market share of the global mining drills and breakers market, and is estimated to maintain its dominance throughout the forecast period. Moreover, this region is projected to witness the largest CAGR of 4.8% during the forecast period. This is attributed to rise in demand for minerals and precious metals such as gold, diamond, silver, and platinum along with surge in need for coal.
Leading Market Players
- Boart Longyear
- Caterpillar, Inc.
- Doosan Corporation
- Atlas Copco AB
- Epiroc AB
- Furukawa Co., Ltd.
- GEODRILL Limited
- Komatsu Ltd.
- Metso Outotec Corporation
- Sandvik AB
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