According to a new report published by Allied Market Research, titled, "Mining Drills and Breakers Market by Machine Type, Business Type, and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025," the global mining drills and breakers market size was valued at $1,223.8 million in 2017, and is projected to reach $2,172.8 million by 2025, growing at a CAGR of 7.4% from 2018 to 2025. In 2017, Asia-Pacific dominated the global market, in terms of revenue, accounting for around 55.6% share of the global market, followed by LAMEA.
The drills segment accounted for 75.2% in overall global mining drills and breakers market share in 2017 and is expected to witness significant growth during the forecast period. The key factors that drive the growth of the global mining drills and breakers market include rise in demand for metal and minerals, expansion of existing mines, and increase in coal consumption in developing countries. However, environmental concern due to quarries and mining is expected to restraint the mining drills and breakers market growth.
The drill and breaker equipment are used for drilling earth surface and breaking stones in the mining industry. Drills and breakers include drill rigs, top hammer longhole drill rigs, in-the-hole longhole drill rigs, rock support drill rigs, secondary breaking drill rigs, surface top hammer drill rigs, surface down-the-hole drill rigs, rotary blasthole drill rigs, low profile rigs, rockpulse, and hydraulic breakers.
Moreover, it is also used in various operations in the construction sector. The mining drills and breakers market is primarily driven by rise in mining activities to meet the demand for metal and minerals. Moreover, as compared to the other regions across the world, the economy of Asia-Pacific region has grown over the past couple of years, which in turn boost the growth of the mining industry. This in turn is expected to fuel the growth of the mining drills and breakers market.
The after sales segment has secured the highest share of about 61.6% in the mining drills and breakers market in 2017, and is expected to grow at a CAGR of 7.5% during the forecast period. In terms of application, the metal mining sector is expected to contribute the highest market share in the coming years. Moreover, increase in emphasis on the mining sector is expected to provide lucrative growth opportunities to small players in developing economies.
In 2017, Asia-Pacific registered the highest growth rate in the mining drills and breakers market, and is expected to continue this trend during the forecast period, owing to expansion of coal and metal mining in the region. For instance, Atlas Copco had invested $13.4 million for the expansion of the factory in Hyderabad, India, doubling its capacity. The plant manufactures are drilling consumables for surface mining applications.
Key Findings Of The Study
- In 2017, drills segment dominated the global mining drills and breakers market, in terms of revenue, and is projected to grow at a CAGR 7.5% during the forecast period.
- The after sales segment is projected to grow at a CAGR of 7.5% during the forecast period.
- Asia-Pacific is projected to register the highest growth rate in the coming years.
The major players in global mining drills and breakers industry such as Boart Longyear, Caterpillar, Inc, Doosan Corporation, Energold Drilling Corp, Epiroc AB, Furukawa Co., Ltd, Geodrill Limited, Komatsu Ltd, Metso Corporation, and Sandvik AB have focused on developing new products to strengthen their presence in the market. Moreover, these companies expand their business by acquiring small businesses to sustain the intense competition. For instance, in December 2018, Boart Longyear has introduced surface drilling rig, LF 160 and Loader FL262 Freedom in Africa. These rig combination gives more oversight and control that result in efficient and less interrupting operation. Similarly, Komatsu Ltd., a leading player in mining equipment business has acquired MineWare Pty Ltd, a solutions provider for mining equipment, in Queensland, Australia. Through this acquisition, Komatsu expanded its mining drills and breakers business in Australia. Moreover, such acquisitions help the company to enhance the production of mining drills and breaker for drilling and breaking operations in the mining sector.