Blast Monitoring Equipment Market Expected to Reach $412.7 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Blast Monitoring Equipment Market," The blast monitoring equipment market size was valued at $253.30 million in 2021, and is estimated to reach $412.7 million by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

The blast monitoring equipment features a variety of sensors for specialized monitoring purposes, such as geophones, accelerometers, tilt meters, Velocity of Detonation (VoD) probes, and pressure gauges. The increase in acceptance of sensors equipment in machine monitoring systems, as well as the increase in acceptance of automated condition monitoring technologies and smart factory penetration, and the arrival of secure cloud computing platforms used in condition monitoring, are expected to be the most significant factors driving the blast monitoring equipment market growth.

The blast monitoring equipment market is further constrained by the effect of the governing rules of conduct and the lack of skilled technological resources for data analysis. Furthermore, the unavailability of expertise at remote locations, as well as the blast monitoring equipment maintenance, these factors are expected to hamper the blast monitoring equipment market during the forecast period.

The mining industry is the main consumer of blast monitoring equipment market. To increase mine workers’ safety and reduce the damage mining activities bring to the environment, several rules and regulations have been implemented. For instance, the Surface Mining Control and Reclamation Act (SMCRA) of the U.S. encourages the adoption of more advanced blasting techniques in order to reduce harm and damage to people and property. The use, transportation, possession, and storage of explosives for quarrying, mining, and other civil activities are all governed by Ghana's Minerals and Mining (Explosives) regulations. Similar regulations have been put in place in a number of countries, including India, Australia, Canada, and the U.S., where mining has a significant economic impact.

The blast monitoring equipment market share is segmented on the basis of product type, end-use industry, application, and region. By product type, it is classified into blast monitors, real time dust monitors, dust samplers, and visibility monitors. By end-use industry, it is divided into defense, chemicals, mining & constriction, oil, appliances, and others. By application, it is classified into underground mines, surface mining, demolition, rock blasting, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the blast monitoring equipment market report include Orica, Acoem, ECOTECH PTY LTD, Hexagon AB, Core Lithium, and Maine Drilling and Blasting.

The report offers a comprehensive analysis of the global blast monitoring equipment market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Blast Monitoring Equipment Industry

• Sales of blast monitoring are directly proportional to the demand from the chemicals, mining, oil & gas, and chemicals industries. However, various sectors such as chemicals and construction were negatively impacted by the COVID-19 pandemic, which has affected the production and demand for blast monitoring equipment due to a disrupted supply chain.
• The COVID-19 pandemic impacted almost all industries across the globe. Blast monitoring equipment manufacturing companies ceased their operations owing to import-export restrictions, lockdowns imposed across several countries, shortage of labor; the fear of contracting the novel coronavirus led to sluggish demand in the market.
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market

Key Findings of the Study

• Based on product type, the blast monitors sub-segment emerged as the global leader in 2021 and the real time dust monitors sub-segment is anticipated to be the fastest growing during the forecast period
• Based on end-use industry, the mining & construction sub-segment emerged as the global leader in 2021 and is predicted to witness the fastest growth in the upcoming years
• Based on application, the underground mines sub-segment emerged as the global leader in 2021 and the surface mining sub-segment is projected to witness the fastest growth in the upcoming years
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is expected to maintain its position during the forecast period
• The report provides the depth blast monitoring equipment market analysis about the current scenario and futuristic conditions of the market