Rise in investments in the mining industry, demand for hydraulic jackhammers, and surge in construction activities of tunnels, roads, and railway tracks drive the growth of the global jackhammer market
PORTLAND, Oregon, Dec. 2, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Jackhammer Market by Type (Pneumatic, Electric, and Hydraulic) and Application (Mining, Construction, Tunneling, and Well Drilling): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global jackhammer market generated $202.8 million in 2018, and is expected to reach $361.2 million by 2026, registering a CAGR of 7.8% from 2019 to 2026.
Drivers, restraints, and opportunities
Rise in investments in the mining industry, demand for hydraulic jackhammers, and surge in construction activities of tunnels, roads, and railway tracks drive the growth of the global jackhammer market. However, rise in raw material prices and stringent regulations related to mining operations hinder the market growth. On the other hand, innovations and advancements in technologies in jackhammers present new opportunities in the market.
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The hydraulic segment to continue its leadership status during the forecast period
Based on type, the hydraulic segment accounted for the highest share in the global jackhammer market, contributing to more than two-fifths of the total share in 2018, and is expected to continue its leadership status during the forecast period. This is due to rise in demand for tunnels, new canal channel, bridges, and open pit mining. However, the electric segment is estimated to grow at the highest CAGR of 9.0% from 2019 to 2026. This is attributed to demand from household customers due to inclination toward DIY activities for tunneling purposes.
The mining segment to continue to dominate in terms of revenue by 2026
Based on application, the mining segment accounted for more than one-third of the total market share of the global jackhammer market in 2018, and is estimated to continue to dominate in terms of revenue during the forecast period. This is attributed to surge in demand for natural resources in the developing economies of the Asia-Pacific and expansion of mining sector. However, the construction segment is expected to witness the highest CAGR of 9.1% from 2019 to 2026, owing to ongoing infrastructure development and new infrastructure projects for commercial and residential purposes.
Europe to maintain its dominance by 2026, North America to follow
Based on region, Europe held the highest market share in 2018, accounting for nearly half of the global jackhammer market, and is expected to maintain its dominance by 2026. This is due to the rise in adoption for mining extraction and exploration. North America would register the second-highest market share during the forecast period. However, Asia-Pacific is estimated to witness the fastest CAGR of 9.5% from 2019 to 2026, owing to availability of low cost and efficient jackhammers by small Chinese companies along with growth of the mining and construction sector.
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Leading market players
- Atlas Copco
- Einhell Germany AG
- HiKOKI Power Tools
- Hilti Corporation
- Makita Corporation
- Milwaukee Tool
- Robert Bosch Tool Corporation
- STANLEY Infrastructure
- TR Industrial
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SOURCE Allied Market Research