LONDON--(BUSINESS WIRE)--The global diamond mining market is expected to post a CAGR of almost 5% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The growing consumer demand for high-quality products has increased the use of advanced cutting tools in many manufacturing operations. Properties such as high wear resistance, high abrasiveness, and hardness make diamonds best suited for various industrial applications. For example, small diamonds are used in grinding wheels for drilling, cutting, and grinding applications. Similarly, powdered diamonds are used in polishing applications. Industrial-grade diamonds also find many applications in the manufacture of information processors, electronic chips, and laser components. Moreover, several researchers are testing the use of diamonds as a heat sink in electronics and computer applications. Thus, the increasing number of applications for industrial-grade diamonds will drive the diamond mining market.
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As per Technavio, increasing digitalization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Diamond Mining Market: Increasing Digitalization
The high maintenance costs associated with the maintenance of machinery used in the diamond mining process is one of the major challenges faced by the market players. To overcome this, vendors are increasingly adopting automation and connected devices to ensure integration across the production line using IoT. Vendors are also adopting blockchain technologies to secure highly critical information that come from the mines, such as the data regarding rough diamond availability, inventory data, and several other information. This information can also be used for scheduling the maintenance and repair activities. The adoption of such technologies is helping diamond mining industrial players to become more competitive on a global level.
“Emergence of innovative technologies in diamond mining and the development of advanced systems for diamond mine exploration will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Diamond Mining Market: Segmentation Analysis
This market report segments the global diamond mining market by geography (Africa, Europe, North America, and ROW) and grade type (gem grade and industrial grade).
The African region led the market in 2019, followed by Europe, North America, and ROW, respectively. During the forecast period, the African region is expected to maintain its dominance over the market. This is due to factors such as easing of trade restrictions and increasing investments in new diamond mining sites in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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