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Mining Drill Bits Market Size is Expected to Reach USD 2.57 Billion by 2030: Fortune Business Insights™

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India, Pune, Aug. 07, 2023 (GLOBE NEWSWIRE) — The global mining drill bits market size was valued at USD 1.68 billion in 2022 and is projected to grow from USD 1.78 billion in 2023 to USD 2.57 billion by 2030, exhibiting a CAGR of 5.4% during the forecast period.

Mining drill bits are utilized for the purpose of drilling or excavating holes in the ground, specifically in stone or other surfaces of the earth. These drill bits are available in various sizes, shapes, and materials, each designed to efficiently dig through different types of surfaces. The mining industry plays a crucial role in the revolution and advancement of various fields that rely on raw materials. Fortune Business Insights presents this information in their report titled “Global Mining Drill Bits Market, 2023–2030.”

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Key Industry Development

May 2022 – Epiroc launched a new drill bit, which is protected by diamonds named as Powerbit X. The diamond-protected buttons in powerbit X results in a longer service life and higher productivity. Additionally, the bit can significantly lessen exposure to danger and lower CO2 emissions.

Report Highlights:

Report Coverage Details
Forecast Period 2023-2030
Forecast Period 2022 to 2029 CAGR 5.4%
2030 Value Projection USD 2.57 Billion
Base Year 2021
Market Size in 2023 USD 1.78 Billion
Historical Data for 20219-2021               
No. of Pages 230
Segments covered Fuel Type, By End-User, Application and Region
Growth Drivers Government Initiatives and Mineral Exploration Drive Economic Growth
Monofacial Heterojunction to Hold Largest Share to Dominate Market Growth

COVID-19 Impact

Market Affected During Pandemic due to Halted Mining Activities

The global COVID-19 pandemic had an unprecedented and significant impact across various industries, including the mining sector. As a result, the demand for drilling activities has been greatly affected, leading to a decrease in the need for mining equipment, including drill bits. Our analysis indicates that the global market experienced a substantial decline of -18.6% in 2020 compared to the previous year.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/mining-drill-bit-market-104969

Segments:

Versatility and Efficiency Lead the Dominance of Rotary Bit

By type, the market is categorized into DTH hammer bit, rotary bit, and others. Rotary bit segment is further classified into stationary cutting bits and roller cone bits.
The rotary bit segment holds a prominent position in the market due to its wide range of applications and suitability for drilling in different rock formations. Tapered steel roller bits are commonly utilized for softer formations, while tungsten carbide inserts are preferred for drilling in harder rock formations.

High Demand for PDC Diamond Bits Driven by Superior Strength

By material, the market is segmented into PDC diamond, tungsten carbide, steel, and others. PDC diamond segment dominates the market due to exceptional strength, enabling them to cut through various materials effectively. These artificial diamond bits offer a cost-effective solution as they are relatively inexpensive.
High Utilization of the 8 inches to 11 inches Segment to Dominate Market

Based on size, the market is divided into below 8“, 8”– 11”, and above 11”. The 8”– 11” segment is the most widely used bit size for production drilling owing to various applications along with increase in exploration activities.

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Surface Mining Dominates as Mining Drill Bits Find Extensive Use in Extracting Various Minerals

By application, the market is classified into surface mining and underground mining.
The dominance of the surface mining segment is attributed to its extensive utilization in extracting a wide range of minerals. The ease of use associated with surface mining makes it a preferred method.

From the regional ground, the market is segmented North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage

The report offers an extensive regional and country-based examination to provide enhanced comprehension for the user. Moreover, the research report furnishes valuable insights into the most recent market trends and comprehensive analysis of swiftly implemented technologies on a global scale. Additionally, it sheds light on notable catalysts and impediments, facilitating the reader in acquiring profound expertise about the industry.

Drivers and Restraints

Government Initiatives and Mineral Exploration Drive Economic Growth

As part of governmental efforts to promote economic development, national governments recognize the significance of mining activities. In line with new initiatives, the Australian government aims to mitigate risks and incentivize the exploration and discovery of minerals, particularly in underexplored regions. A report by the Mineral Council of Australia in 2021 revealed that the mining sector contributes to USD 270 billion in export revenue. Additionally, it provides USD 39 billion in government fees and taxes and supports approximately 1.1 million jobs.

However, mining poses environmental concerns, such as permanent alteration of natural landscapes, harm to wildlife and habitats, and the risk of air and groundwater pollution, may impede the mining drill bits market growth.

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Regional Insights

Asia Pacific Dominates Owing to Abundant Mineral Reserves and Growing Industrial Demand

Asia Pacific holds the largest market share, driven by its abundant reserves of minerals and metals, as well as the growing demand for drill bits in coal-fired power generation and various industrial applications.

The Middle East and Africa, known for its significant oil and gas extraction activities, exhibits a notable demand for drill bits due to its reliance on crude oil and gas production.

Competitive Landscape

Industry Players Driving Technological Advancements for Enhanced Performance

Multiple market players are dedicated to supplying drill bits and are actively involved in the development of advanced technologies to enhance performance, strength, and versatility of these tools. As the mining industry expands, the mining drill bits market share is anticipated to increase driven by a growing market for commodities and energy.

Major Players Profiled in the Report:

  • Universal Drilling Technique, LLC (Ukraine)
  • MICON Drilling GmbH (Germany)
  • Caterpillar Inc. (U.S.)
  • Brunner and Lay Inc. (U.S.)
  • Changsha Heijingang Industrial Co. Ltd. (China)
  • Epiroc AB (Sweden)
  • Mitsubishi Materials Corporation (Japan)
  • Robit Plc (Finland)
  • Rockmore International (U.S.)
  • Sandvik AB (Sweden)
  • Western Drilling Tools (Canada)
  • Xiamen Prodrill Equipment Co., Ltd. (China)
  • Boart Longyear (U.S.)
  • Glinik Drilling Tools (Poland)

Table of Content

MINING DRILL BITS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2023-2030

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Porters Five Forces Analysis
    • Impact of COVID-19 on the Mining Drill Bits Market
  • Global Mining Drill Bits Market Analysis (USD Billion), Insights and Forecast, 2019-2030
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Rotary Bits
        • Fixed Cutter Bits
        • Roller Cone Bits
      • DTH Hammer Bits
      • Others
    • Market Analysis, Insights and Forecast – By Material
      • PDC Diamond
      • Tungsten Carbide
      • Steel
      • Others
    • Market Analysis, Insights and Forecast – By Size
      • Below 8”
      • 8”- 11”
      • Above 11”
    • Market Analysis, Insights and Forecast – By Application
      • Surface Mining
      • Underground Mining
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

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About Us:  

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations make timely decisions. We tailor innovative solutions for our clients, assisting them in addressing challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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Email: [email protected]

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Artificial Intelligence

ComplyCube Unveils No-ID Age Estimation to Address Growing Global Age-Restriction Regulations

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SAN FRANCISCO, Oct. 2, 2023 /PRNewswire/ — ComplyCube, the global Identity Verification (IDV) platform, has launched a new Age Estimation feature to safeguard minors online and protect the vulnerable. The new capability complements its existing IDV-based Age Verification solution, offering an alternative to businesses that require a lower level of identity assurance.

 
 
The AI company says the new solution leverages advanced biometric technology to derive dependable age estimations from a single selfie in seconds. The bias-tested algorithm also examines the selfie for liveness signals to prevent presentation attacks, including screen replays, 3D masks, and deepfakes.
Furthermore, the new service boasts privacy-by-design capabilities, such as configurable automatic redaction for selfies customizable per jurisdictional regulations or use cases. This makes the service ideal for seamless age-gating across the globe while adding an extra layer of protection against spoofing.
“Our multi-step pipeline and data-centric approach have enabled us to tackle ethnic, genetic, age, and gender variance to provide our clients with a fair and robust age estimation,” explains Harry Varatharasan, Chief Data Scientist of ComplyCube.
The introduction of the new features comes as concerns mount over the ease with which minors can access inappropriate digital content. While some age-verification measures have been put in place, they are disturbingly simple to evade, especially when they are based solely on entering a birth date or are vulnerable to Virtual Private Network (VPN) manipulation. A UK-based study reports that 23% of minors say they can easily sidestep such VPN limitations, while another study highlights that a staggering 56% of children aged 11 to 16 have encountered explicit material online.
In response to these growing concerns, various jurisdictions are introducing robust regulatory frameworks aimed at mandating more rigorous age-verification procedures to enhance the safety of minors online. Key legislative efforts include the UK’s Online Safety Bill, the European Union’s Digital Services Act, and California’s Age-Appropriate Design Code Act. These laws aim to establish stricter guidelines and obligations for digital platforms, thereby creating a safer online environment for younger users.
Dr. Tarek Nechma, CEO of ComplyCube, adds that “the launch of our Age Estimation feature emphasizes our pledge to ensure that minors are shielded from content beyond their years while streamlining user experience for all and building trust at scale.”
Beyond its primary goal of safeguarding children online, the feature provides additional benefits to companies operating in regulated industries that fall under a lower level of scrutiny than financial institutions. Dating apps, e-commerce, gambling, gaming, and similar businesses can now:
Enhance User Experience: Age estimation streamlines age checks, promoting faster onboarding and better retention.Simplify Regulatory Adherence: Industries can effortlessly meet age-specific regulations, safeguarding their reputation and reducing legal risks.Ensure Data Minimization and Privacy: Estimating age masks or limits sensitive data collection, aligning with top-tier data protection standards.ComplyCube’s new Age Estimation solution offers a more streamlined approach to age verification. By reducing obstacles for users and enhancing conversion rates, it brings a balance of efficiency and trust. The one-stop-shop IDV platform also underscores its commitment to responsible digital interactions, especially when it comes to safeguarding minors.
About ComplyCube
ComplyCube is a top-tier SaaS platform specializing in Identity Verification (IDV), Anti-Money Laundering (AML), and Know Your Customer (KYC) compliance. It serves a diverse client range spanning financial services, telecommunications, transport, healthcare, e-commerce, cryptocurrency, FinTech, and more.
ComplyCube’s platform, which is ISO-certified and has received multiple awards, prides itself on offering the quickest omnichannel integration available in the market. Its Low/No-Code solutions, API, Mobile SDKs, Client Libraries, and CRM Integrations make this possible.
Visit www.complycube.com to learn more.
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UNLEASH World Returns to Showcase Fortune 500 Companies Transforming the Future of Work

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From startups to the Fortune 500, the event will showcase the leaders and technologies changing the world of workSpeakers include senior HR and business leaders such as L’Oréal Deputy CEO, Barbara Lavernos, JB Academy Founder, Josh Bersin, Spotify CHRO, Katarina Berg, and Sodexo CHRO, Annick de Vanssay, as well as England Rugby legend, Jonny Wilkinson CBEImagine a future where the boundaries of HR are redefined, and business is transformed. That future becomes a reality this year at UNLEASH World 2023, as 5000+ HR leaders from 100+ countries will arrive for the industry gathering of the yearLONDON, Oct. 2, 2023 /PRNewswire/ — UNLEASH, the fastest-growing HR events across Europe and the US, returns to Paris for its 11th year on 17-18 October, 2023. Organised by UNLEASH, a global digital media and events business dedicated to HR, technology, learning and recruitment leaders, the flagship UNLEASH World conference has been the epicentre for HR, recruitment, learning expertise and tech influence for the last decade. This year, it returns to explore the transformative power of technologies such as AI in shaping the future of work.

Set across 12 theaters, UNLEASH World attendees will hear from visionary keynote speakers including CEOs from L’Oréal, Aliaxis and Roullier Group, CHROs from Airbus, Spotify and Sodexo, and Rugby legends, Jonny Wilkinson, CBE and Serge Betsen. With a diverse range of keynote speakers, interactive sessions, and networking opportunities, UNLEASH World provides cutting-edge insights and best practices for everyone – from CEOs to HR leaders and executives.
“UNLEASH is the most influential HR event in the world, where attendees are given the opportunity to meet the who’s who of the industry from some of the most exciting brands and employers in the world – under one roof, over two days of face-to-face meetings,” said Marc Coleman, CEO and Founder at UNLEASH. “Massive thanks too to our Headline Sponsors who are the heartbeat of the HR Industry and help ensure UNLEASH is the go-to global event for HR Leaders, including: AWS, Bob, Deloitte, Eightfold, Phenom, Qualtrics, SAP SuccessFactors, Visier, Workday, and Workhuman”.
Through keynotes on the main stage and further breakout stages, attendees will gain on some of the most pressing topics including:
Creating an Exponential Organization in the Modern EraThe Adaptive Enterprise – HR Technology in the Age of AITech & Human Harmony in a Hyper-Connected WorldHarnessing the Power of Resilience and ReinventionMastering Employee Connection and the Social Contract in Today’s Talent LandscapeThe speaker roster itself is star-studded with 200+ of the best in the HR industry with speakers including:
Jean-Claude Le Grand, CHRO, L’OréalKatarina Berg, CHRO, SpotifyJosh Bersin, Founder & CEO, The Josh Bersin CompanyNatalia Wallenberg, CHRO, Ahold DelhaizeSalim Ismail, Founder, OpenExOAnika Grant, CPO, UbisoftThierry Baril, CHRO, AirbusBeatriz Rodriguez, Chief Talent and DEIB Officer, BayerReza Moussavian, VP of People Products, ZalandoMaud Alvarez-Pereyre, Chief People & Transformation Officer, LVMHAndrew Elston, Global Head, Workforce Strategy Enablement, HSBCLaura Hingel, Global Head of Talent & Employer Branding, Christian DiorHenrik Hansen, VP Global Head of Integrated People Services, PhilipsDenise King, Vice President, Global Benefits and Payroll, MedtronicArtur Nejmark, Head of HRIS Operations, Volvo GroupIntroducing the UNLEASH World Startup Program: A veritable launchpad for trailblazing entrepreneurs in the HR and Future of Work. UNLEASH has been the launchpad for the future of HR Tech, this high-impact platform has already seen its network of startups raise an astounding €10 billion in funding. 2023 UNLEASH World Startup Award offers an unparalleled opportunity for early-stage companies to break through. Established in 2011, this accolade has proven to be more than just a trophy; it’s a gateway to funding and exponential growth. Our last four champions and runner-up’s secured game-changing funding within months. Those interested in entering the award can find out more here.
For more information, including the agenda and how to register for the event, visit https://www.unleash.ai/unleashworld.
About UNLEASH
UNLEASH is the go-to marketplace for human resources and breakthrough technologies that shape the future of work, and is an essential source of news, analysis and market trends that inspire and empower organisational leaders worldwide. UNLEASH is a platform to share ideas that work, network and do business, and its mission is to be the world’s number one destination and marketplace for human resources, recruitment and learning leaders globally. UNLEASH is headquartered in London, UK with operations across Europe and the United States.

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BACARDÍ® RUM TO LAUNCH THE FIRST A.I. POWERED ALBUM PRODUCED BY GRAMMY WINNER BOI-1DA

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The latest evolution of the iconic rum brand’s Music Liberates Music programme will use cutting-edge generative A.I. software to give a global collective of artists including UK singer/songwriter Bellah access to Boi-1da’s best-in-class production talent. 
HAMILTON, Bermuda, Oct. 2, 2023 /PRNewswire/ — Continuing its mission to support emerging talent, BACARDÍ and Grammy Award-winning producer Boi-1da are once again partnering to launch this year’s evolution of the longstanding ‘Music Liberates Music’ programme: The A.I. Powered Album. Dropping this November, The A.I. Powered Album will champion works by five global up-and-coming artists in a one-of-a-kind project exploring how A.I. can be positively leveraged to provide emerging talent unprecedented opportunities. For the first time since the campaign’s inception, each artist will have the opportunity to try out multiple demos with Boi-1da’s star-powered beats, using a generative A.I. trained on the award-winning producer’s sound, to ultimately finalise one incredible track. Together, the tracks will be offered to fans as the first-ever A.I. powered EP produced by Boi-1da.

 

The A.I. Powered Album will feature tracks from UK-based singer Bellah as well as Ghanian-raised rapper Blackway, American R&B singers Floyd Fuji and Kyle Dion, and Canadian R&B artist Savannah Ré. Over several weeks, each artist will feed their tracks into a state-of-the-art generative A.I. tool, which has been trained on a selection of beats from Boi-1da’s unreleased catalogue and will learn the sounds and cadence of his unique musical style. After submitting their demos to Boi-1da, each artist will work alongside him to refine their works, resulting in the EP’s final set of songs to be released this November.
Bellah, from North London, has a special knack for gliding over classic R&B instrumentals and captivating audiences. With a handful of EPs under her belt, the burgeoning British/Nigerian singer/songwriter has proven why she is at the forefront of the UK R&B industry. In her third and most recent piece, Adultsville, Bellah explores what it means to evolve into a woman in the modern world. It’s the inner page of a journal that, in looking back on her life and work as a whole, she describes as the “most transforming, traumatic, eye-opening, beautiful, and awful chapter of my life.”
With a style that combines traditional R&B with an Afro influence, Bellah’s very likable and sincere lyricism shines just as brightly as her voice. Her British-Nigerian ancestry lends an Afro influence to that unfiltered R&B, a sound that has been praised by Complex and BBC 1Xtra, which named her first hit their Track Of The Week. As a rising star in the music and entertainment industry, she’s already garnered a MOBO nomination, cementing her status as one of the most promising talents in the UK music scene. With over 1 million monthly listeners on Spotify, Bellah has captivated a wide audience with her music.
As with each Music Liberates Music programme, all proceeds from the project will directly benefit the participating artists. All copyright and subsequent revenue from the tracks will remain with the artists and Boi-1da. Fans can enjoy The A.I. Powered Album available for purchase as a limited-edition vinyl as well as for free on streaming platforms, such as Spotify, this November.
“This is the fifth year we’re bringing Music Liberates Music back for artists and fans alike. We’re proud to continually support emerging talent with new resources that fuel creativity and collaboration,” said Laila Mignoni, Global Head of Brand Marketing Communications for BACARDÍ rum. “Ultimately, our goal is to provide opportunity and access to rising artists in the industry, so it’s been exciting to broaden Boi-1da’s capabilities, allowing him to work with multiple artists on multiple tracks, simultaneously as one producer. We know the conversation around AI has been a challenging one, so approaching this project with the utmost respect and protection for the artist was key in developing this new tool. The technology is, and always should be, complementary to each artist’s work and protective of all the creatives involved.”
“I’m thrilled to work with BACARDÍ on this ground-breaking new iteration of Music Liberates Music exploring AI as a tool to enrich human creativity,” says Boi-1da. “One of the most fulfilling responsibilities I have as a producer is to work with up-and-coming talent. Through the A.I. Powered Album, we’ve provided unprecedented access to my personal production style. I’m able to work with an international collective of artists simultaneously, while still honouring their creative autonomy. Music as an art has continually grown thanks to innovative technology, and with AI, I believe we can revolutionise the music industry for good if we view it as a way to provide opportunities that enhance music’s human element, rather than replace it.”
For more information and updates on the launch of The A.I. Powered Album follow @bacardi_uk on all social channels or visit Bacardi.com.
About BACARDÍ® Rum – The World’s Most Awarded Rum In 1862, in the city of Santiago de Cuba, founder Don Facundo Bacardi Massó revolutionized the spirits industry when he created a light-bodied rum with a particularly smooth taste – BACARDÍ. The unique taste of BACARDÍ rum inspired cocktail pioneers to invent some of the world’s most famous recipes including the BACARDÍ Mojito, the BACARDÍ Daiquiri, the BACARDÍ Cuba Libre, the BACARDÍ Piña Colada and the BACARDÍ El Presidente. BACARDÍ rum is the world’s most awarded spirit, with more than 1,000 awards for quality, taste and innovation. Today, BACARDÍ rum is made mainly in Puerto Rico where it is crafted to ensure the taste remains the same today as it did when it was first blended in 1862. http://www.BACARDÍ.com/
The BACARDÍ brand is part of the portfolio of Bacardi Limited, headquartered in Hamilton, Bermuda. Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited.
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SOURCE BACARDÍ® Rum©2023. BACARDÍ AND THE BAT DEVICE ARE TRADEMARKS.
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