PORTLAND, Oregon, November 1, 2018
PORTLAND, Oregon, November 1, 2018 /PRNewswire/ --
Rise in demand for metals and minerals, increase in construction activities of roads, tunnels, and railways, and expansion of existing mines would drive the growth of the global rotary blasthole drilling rig market
Allied Market Research published a report, titled, Rotary Blasthole Drilling Rig Market, by Type (Mid-range Drilling Rig, Large-range Drilling Rig, and Other), and Application (Quarries, Open-Pit Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides detailed analyses of the key market segments, driving forces & opportunities, market size & estimations, top investment pockets, and competitive landscape. According to the report, the global rotary blasthole drilling rig market generated $2.60 billion in 2017 and is expected to reach $3.50 billion by 2025, growing at a CAGR of 3.7% from 2018 to 2025.
Rise in demand for metals and minerals, increase in construction activities of roads, tunnels, & railways, and expansion of existing mines facilitate the growth of the market. However, high costs of procurement and maintenance of rotary blasthole drilling rigs hamper the market growth. On the other hand, technological advancements and emergence of various powerful rotary tricone drill rigs would provide lucrative opportunities for the market.
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Large-range drilling rig segment to dominate in terms of revenue by 2025
Large-range drilling rig segment contributed more than one-third of the total market share in 2017, owing to its large-scale adoption in the mining industry. This segment will maintain its lead position throughout the forecast period. However, other drilling rig types segment, which comprises drilling rigs that can drill blast holes less 5 inch diameter, would register the fastest CAGR of 4.3% from 2018 to 2025 due to their adoption in small construction projects of road, rails, and tunnels. The mid-range drilling rig type segment would grow at a steady rate during the forecast period.
Open-pit mining segment to lead throughout the forecast period
Open-pit mining segment contributed a major share in 2017, accounting for more than one-third of the total revenue. This is due to the expansion of existing mines across the world and rise in the number of projects in African countries. This segment would continue its dominance by 2025. However, other application segment, which comprises drilling rigs that can drill blast holes less 5 inch diameter, would register the fastest CAGR of 4.5% from 2018 to 2025, owing to increase in construction activities across the globe to improve infrastructure.
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Asia-Pacific: The highest revenue generating region
Abundance of mineral and metal mines and rise in demand for these machines from China have enabled the Asia-Pacific to garner nearly one-third of the total market share in 2017. However, LAMEA region would register the highest CAGR of 4.7% from 2018 to 2025, owing to the emerging mining industry in Latin America and Africa along with rise in the number of new construction projects.
Leading market players
The key players analyzed in the report include BAUER, Caterpiller-CAT, FURUKAWA, Epicor, Nanchang Kama Co., Ltd., Komatsu Ltd., Schramm, Sandvik, Sinosteel HYMC, and Sunward. These market players have adopted different strategies such as expansion, joint ventures, collaboration, partnership, and others to strengthen their position in the industry.
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