According to a new report published by Allied Market Research, titled, "Jackhammer Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," The global jackhammer market size was valued at $202.8 million in 2018, and is projected to reach $361.2 million by 2026, growing at a CAGR of 7.8% from 2019 to 2026. A jackhammer is a demolition hammer and is generally powered by external power source or hydraulic power. In addition, it can be operated by gas or air pressure. It is widely used in construction and mining industries to break rock, concrete, and pavement. It operates by driving an internal hammer in down and up motion. The hammer strikes the rock or surface and moves back to its original position to repeat the operation cycle.
The key factors that drive the growth of the global jackhammer market include increase mining industry in the developing countries in Latin America, Africa, and Asia-Pacific. In addition, the expansion of existing mines due rise in demand for metal and minerals also boosts the jackhammer market growth. However, government regulation due the environmental concern is expected to restraint the market growth. Furthermore, it is widely utilized in the construction sector for various operations. Thus, the growth in construction sector around the globe offers lucrative growth opportunities for the market players.
Asia-Pacific serves as the most productive region as compared to others with diverse industry verticals significantly investing for business expansion, and in the metal and coal mining sector, which is anticipated to boost the demand for the equipment such as jackhammers. For instance, in September 2019. Atlas Copco, a manufacturer of industrial tools and equipment had invested $13.4 million for the expansion of the manufacturing facility in Hyderabad, India, doubling its capacity. Through this move Atlas Copco aims to increase its footprint in the Asia-Pacific region and expand its business.
In 2018, Europe dominated the global jackhammer market, in terms of revenue, accounting for around 47.4% share of the global market, followed by North America. The economy of Europe region has grown over the past couple of years, which in turn boosts the growth of the construction and mining industry. This in turn is expected to fuel the growth of the market.
By type, the hydraulic segment has largest share in the global jackhammer market share in 2018 and electric segment is expected to witness significant growth during the forecast period, owing to technical innovations and deployment in the mining industry. In terms of application, the mining segment secured the highest share in the jackhammer market in 2018, construction segment and is expected to grow at a CAGR of 9.1% during the forecast period owing to the increase in emphasis on the construction sector is expected to provide lucrative growth opportunities to market players in developing economies.
The major players in jackhammer market such as Techtronic Industries Company Limited, Stanley Black & Decker, Inc., and INDECO Ind. SpA. have focused on developing new products to strengthen their presence in the market. Moreover, these companies expand their business by launching innovative products to sustain the intense competition. For instance, in June 2019, Indeco launched new HP 100 mini hammer, which is the smallest model in Indecos’s product offering. It has a weight of 130 pounds and can be attached to excavators between 0.7 and 0.8 tons. Similarly, in May 2017, Stanley Infrastructure, a subsidiary of Stanley Black & Decker, launched new MBF5 line of hydraulic breaker. The series includes 6 new models ranging from 4,500lbs to 13,500lbs. The new product requires less maintenance and is cost effective especially for rental applications.
The key players profiled in the report include Atlas Copco, DEWALT, Einhell Germany AG, HiKOKI Power Tools, Hilti Corporation, Makita Corporation Milwaukee Tool, Robert Bosch Tool Corporation, STANLEY Infrastructure, and TR Industrial. For instance, in October 2017, Milwaukee, a brand of TTI, launched new K 2500 H Breaking Hammer. The new hammer features low vibration operation and can be used for applications such as cutting asphalt, digging through clay, breaking up trenches, digging, and others. Similarly, in April 2018, Hilti launched the new demolition hammer TE 2000-AVR and a pointed chisel attachment, TE-SPX SM. The new product is in 26 ft-lbs category and has a weight of 33 lbs. It also features AVR sub-chassis system, which improves the product performance and allows maximum working comfort.
Key Finding of The Jackhammer Market:
- The report provides an extensive analysis of the current and emerging jackhammer market trends and dynamics.
- Depending on type, the hydraulic segment dominated the market, in terms of revenue in 2018 and electric segment is projected to grow at a CAGR 9.0% during the forecast period.
- By application, the mining segment led the jackhammer market in 2018.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
- Key market players within the jackhammer market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the jackhammer industry.
- The report provides an extensive analysis of the market trends and emerging opportunities of the market.
- In-depth jackhammer market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global jackhammer market forecast analysis from 2018 to 2026 is included in the report.