Expansion of underground and surface mining operations globally, increasing demand for underground mining equipment, and growing demand for coal, metal, and mineral mines propel the growth of the global mining drills and beakers market
PORTLAND, Oregon, May 29, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, Mining Drills and Breakers Market by Machinery type (Drills and Breakers), Business (Original Equipment (OE) and After Sales), and Application (Metal Mining, Mineral Mining, and Coal Mining): Global Opportunity Analysis and Industry Forecast, 2018 - 2025. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global mining drills and breakers market generated $1.22 billion in 2017, and is expected to reach $2.17 billion by 2025, growing at a CAGR of 7.4% from 2018 to 2025.
Factors such as expansion of underground and surface mining operations over the globe, increase in demand for underground mining equipment, and rise in mining activities for coal and metal drive the market growth. However, government regulations related to the mining operations restrain the market growth. Conversely, technological innovations such as sonic, infrared, IoT, and optical micro cameras and increase in investments in mining industries create new opportunities for growth of the market.
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Drills segment to lead in terms of revenue through 2025
Among machinery types, the drills segment was the largest in 2017, capturing 70.5% of the market share and would maintain its dominance through 2025. Increased mineral fertilizers for advanced agriculture has led to increased pace of mining activities for minerals such as potash, thereby fueling the demand for mining drills. However, the breakers segment would grow at the fastest CAGR of 8.1% through 2025, owing to the growing focus of manufacturers on technological advancements followed by increasing adoption of hydraulic breakers in mining activities.
After sales segment to be lucrative through 2025
Among business types, the after sales segment accounted for more than three-fifths of the market share in 2017 and would retain its dominance through 2025. The same segment would also witness the fastest CAGR of 7.8% during the forecast period. The segment is driven by the increase in maintenance and repair service and growing demand for part and components replacement to ensure improved output, cost-effectiveness, higher performance, and flexibility.
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Asia-Pacific to be lucrative through 2025
Among regions, the market in Asia-Pacific grabbed more than half of the market share and is likely to dominate the market through 2025. It would also achieve the fastest CAGR of 8.0% during the forecast period. Asia-Pacific is estimated to be the largest and fastest growing market, owing to rapid growth of mining industries in countries, such as China, Australia, and India.
Key players of the industry
Leading market players analyzed in the research include Boart Longyear, Caterpillar, Inc, Doosan Corporation, Energold Drilling Corp, Epiroc AB, Furukawa Co., Ltd., Geodrill Limited, Komatsu Ltd, Metso Corporation, and Sandvik AB. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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