New York, March 30, 2021 (GLOBE NEWSWIRE) — Market Size – USD 11.90 Billion in 2020, Market Growth – at a CAGR of 10.3%, Market Trends – Rising adoption of IoT and Artificial Intelligence in mining equipment
The global mining drills & breakers market size is expected to reach USD 26.07 Billion in 2028 at a CAGR of 10.3%, according to the latest report by Reports and Data. Rapid expansion of underground mining operations globally and increasing number of metal and mineral mining activities are key factors expected to drive market revenue growth during the forecast period. In addition, increasing demand for mining equipment and solutions that are more energy-efficient and comply with environmental regulations are other factors further expected to boost market revenue growth over the forecast period.
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Mining drills are equipment utilized to drill below the earth’s surface for mining or exploration operations. Breakers are generally used to break or eliminate stones during mining. Mining drills include rotary drills, percussive drills, and blast-hole drills. Rotary crushing drills are used for mining in large-scale mining operations, while percussion rock drills are employed for mining operations in smaller mines or underground mining activities. Increasing surface mining activities in countries across the globe has increased demand for mining drills and breakers that are more cost-efficient, safer, and reliable and this is expected to further drive market growth over the forecast period.
Mining companies are increasingly focusing on improving equipment safety, environmental sustainability, and ability to drill in deeper and remote mines, and this is expected to boost quality, reliability, and productivity of mining drills and breakers. In addition, increasing incorporation of Artificial Intelligence, Internet of Things (IoT), and other automated processes across the mining industry is expected to further boost revenue growth of the market. However, increasing negative impacts on the environment and loss of biodiversity due to imbalance caused during mineral extraction processes are factors expected to impede market growth to an extent over the forecast period.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/mining-drills-and-breakers-market
Some Key Highlights in the Report:
- Mining drills are extraction equipment used to drill below the earth’s surface for mineral or metal extraction and breakers are used to demolish or break large stones or rocks to facilitate convenient exploration process.
- Increasing mining activities across the globe, rising demand for backhoe loaders and excavators, and increasing developments in breakers to ensure enhanced safety and productivity of mining operations are key factors expected to drive revenue growth of rock breakers segment over the forecast period.
- Metal mining segment revenue is expected to expand considerably over the forecast period owing to increasing metal mining operations to cater to growing demand for steel and aluminum from end-user industries such as automotive and building and construction sector. In addition, increasing gold exploration activities globally is another key factor driving revenue growth of this segment.
- Asia Pacific is expected to account for larges revenue share in the global market among other regions over the forecast period owing to increasing economic development, implementation of supportive government policies, and increasing metal mining activities in APAC countries such as Australia, India, and Japan to cater to growing global demand.
- Major companies operating in the market include Komatsu Ltd., Caterpillar, Inc., Sandvik AB, Atlas Copco AB, Geodrill Ltd., Epiroc AB, Metso Corporation, and Boart Longyear Ltd., among others.
- In October 2020, Komatsu Mining introduced three new drilling and bolting products over a virtual livestream. These products have been designed to transform hard rock mining operations with enhanced safety, reliability, and productivity.
For the purpose of this report, Reports and Data has segmented the global mining drills & breakers market based on product, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Rotary Drills
- Crawler Drills
- Rock Breakers
- Hydraulic Breakers
Application Outlook (Revenue, USD Billion; 2018-2028)
- Metal Mining
- Coal Mining
- Mineral Mining
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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