LONDON--(BUSINESS WIRE)--The global mining drills market is expected to grow at a CAGR of close of over 3% during the period 2017-2021, according to a new market research study by Technavio.
The report categorizes the global mining drills market by application (surface mining drills and underground mining drills) and by product (hydraulic breakers, rotary drills, crawler drills, and rock breakers). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: expected increase in demand for precious metals
The demand for precious metals, such as platinum, gold, and diamond, is anticipated to rise during the forecast period. According to the World Bank estimates, crude oil prices are expected to reach pre-crisis levels, which is likely to result in a strong global economy. The strong global economy will drive the employment rate across various countries, resulting in an increase in disposable incomes globally.
According to Gaurav Mohindru, a lead analyst at Technavio for construction research, “Increasing disposable incomes are anticipated to drive the demand for gold and silver, especially among the growing middle-class urban population. Most of this demand is expected to arise from developing nations, such as China and India, where the middle-class population is expected to grow substantially.”
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Market trend: eco-efficient mining process
Mining can be made environment-friendly by developing new strategies and mining practices, and integrating these practices in mining sites to reduce the harmful environmental impacts of mining operations. The main strategy to reduce the negative environmental impacts of mining is the introduction of mining equipment that emits less harmful particles into the environment. The demand for energy-efficient mining equipment will arise from end-user industries seeking to adhere to stringent emission norms and rein in costs.
Market challenge: increasing popularity of rental mining equipment
The increased use of rental mining equipment can be a potential threat to the demand for new mining drills. The rental practice will prevent mine owners from buying new mining drills and will impact the overall sales of new mining drills. Increased penetration of the rental mining equipment market in emerging markets such as China and India, where mining activities are expected to grow exponentially, will severely impact market growth.
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Key vendors in the market
- Atlas Copco
- Boart Longyear
- Caterpillar
- Komatsu
- Sandvik
The global mining drills market is fragmented, with the clear dominance of large international players. Manufacturing mining drills require significant initial investments, especially in R&D. Thus, the market is capital-intensive and poses a stiff challenge to local players. Vendors operating in the market experience the maximum demand from the mining sector. Thus, the growth of the mining sector is expected to drive the demand from mining drills during the forecast period.
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