Diamond Core Drilling Market Comprehensive Research Study and Strong Growth in Future 2033
As per the findings of Future Market Insights’ (FMI) report, the diamond core drilling market is projected to experience positive growth over the forecast period. The market is poised to expand at over 6% CAGR on the account of increasing mining and construction activities across the globe.
Due to the need for improved infrastructure and to improve
economic conditions, governments in numerous developing nations are
increasing the construction and mining activities. This is expected to increase
the adoption of diamond core drilling machines, spurring sales.With increasing
demand for customized and automated drilling machines, the market is
expected to reach the value of US$ 1.8 Billion in 2021. Growth in the market is
attributed to the rising mineral production across developing economies,
including India, China, and Japan.
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As per FMI, the market registered an increase of 2% in
2021 registering year-on-year (YoY) growth of 5.2%. Due
to the rising rate of fatalities and accidents at constrictions and mining
sites, the government is pushing for the adoption of rig-operated drilling
machines instead of hand-held.
Alongside this, technological advancements in industrial
automation and demand for customized drilling machines, the market is expected
to reach a shipment of 42,000 units during the forecast
period (2021 -2031).
Key Takeaways from FMI’s Diamond Core Drilling Market
Study
- In
terms of end-use, the construction industry will hold a majority of the
share however increasing mineral production rate across the globe will
increase the application of diamond core drilling in the mining industry
- Due to
stringent safety protocol and increasing fatalities in mining industries,
adoption of rig-operated drilling machines is increasing, boosting segment
growth
- Based
on drilling technique, stitch drilling is expected to account for lion’s
share in the global diamond core drilling market
- Germany
is expected to be one of the most lucrative markets owing to the presence
of leading companies
- India
is expected to witness lucrative growth opportunities backed by rising
application in the mining and construction industry
- China
will lead the East Asia’s diamond core drilling market owing to the
favourable government initiatives to increase the adoption of automated
drilling machines
“With surging application of diamond core drilling in
construction and mining industries, end-users are focusing on efficiency and
precision. To meet the growing requirement for increased productivity, key
manufacturers are extensively adopting advanced and cutting-edge technologies
for automation and customization. This will widen the growth prospects for
manufacturers in the forthcoming years,” says the FMI analyst.
Competitive Landscape
Dominance of top five players has left the market consolidated,
creating an entry barrier for new players in global diamond core-drilling
market. Adoption of inorganic growth strategies to gain exposure in the
overseas territories is one of the major factor expected to create growth
opportunities.
Future Market Insights identifies Hilti Corporation,
Epiroc AB, Bogart Long year, Robert Bosch, and Husqvarna AB among the top
5 players in the diamond core drilling market. The contribution of these top 5
players in global market revenue, collectively, is estimated to be around 13.6%.
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Key manufacturers are focusing on technological advancement
and product customization which is expected to expand their regional footprints
in the industry, spurring sales.
For instance, Barsele Minerals Corporation, on 7th June
2021, announced the resumption of diamond drilling activities which included
drilling for 3,000 meters to test orogenic gold and volcanogenic massive
sulphides. The drilling exploration program is operated through a joint venture
with Agnico Eagle Mines Limited.
The company also announced the acquisition of Agnico Eagle’s
indirect 55% interest in the Barsele Project and upon completion of the
drilling project, the company will take over Agnico Eagle Mines Limited,
consolidating 100% control.
Also, in June 2021, another manufacturer, Tectonic Metals
Inc. announced the company’s exploration plans, anchored by two oriented
diamond drilling campaigns, Tibbs Gold Project and Seventymile Gold Project in
Alaska. The company is using rotary air blast drilling to carry out the
exploration program.
Diamond Core Drilling Market Segmentation
By Operation Type:
- Hand
Held,
- Rig
Operated
By Drilling Technique:
- Stitch
Drilling,
- Underwater
Diamond Drilling,
- Surface
Drilling,
- Underground
Drilling
By Drilling Type:
- Rotary
Drilling,
- Wireline
Drilling
By End Use:
- Construction
Industry,
- Mining
Industry (Open Pit Mines, Closed Pit Mines)
By Region:
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia
- Oceania
- MEA
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