Expanding underground and surface mining activities across the globe, surge in demand for equipment required for underground mining, and increase in mining activities for metal and metal coal facilitate the growth in the market. Based on regions, Asia-Pacific accounted for more than half of the total market share and is expected to dominate throughout the forecast period.
According to the report by Allied Market Research, the global mining drills and breakers market garnered $1.22 billion in 2017 and is estimated to generate $2.17 billion by 2025, growing at a CAGR of 7.4% from 2018 to 2025. The research offers an extensive analysis of drivers & opportunities, top investment pockets, market competition, key segments, and major market players.
Expanding underground and surface mining activities across the globe, a surge in demand for equipment required for underground mining, and an increase in mining activities for metal and metal coal facilitate the growth in the market. However, regulations by government regarding the mining operations hinder market growth. On the other hand, technological advancements including infrared, sonic, IoT, and optical micro cameras and surge in investments related to mining industries create new pathways in the market.
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Drills segment to maintain its leadership status by 2025
Based on machinery types, the drills segment contributed the largest revenue in 2017, capturing more than two-thirds of the total market share and is projected to maintain its dominating position by 2025. This is due to a rise in demand for mineral fertilizers in the agriculture activities and rises in the pace of mining activities for various minerals including potash. However, the breakers segment is estimated to register the highest CAGR of 8.1% from 2018 to 2025, owing to the rise in focus of manufacturers on advancing new technologies along with rising in the adoption of hydraulic breakers for carrying out mining activities.
After sales: A lucrative business type
Among business types, the after sales segment contributed to more than three-fifths of the total market in 2017 and is estimated to maintain its lead by 2025. This segment would grow at the highest CAGR of 7.8% during the forecast period.
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The Asia Pacific to offer lucrative opportunities by 2025
Based on regions, Asia-Pacific accounted for more than half of the total market share and is expected to dominate throughout the forecast period. It is expected to achieve the highest growth rate with a CAGR of 8% from 2018 to 2025. Asia-Pacific is estimated to be a lucrative market, owing to surge in mining industries in nations such as Australia, China, and India.
Key industry players
Leading market players explored in the research include Caterpillar, Inc., Boart Longyear, Energold Drilling Corp., Doosan Corporation, Furukawa Co., Ltd., Epiroc AB, Komatsu Ltd., Geodrill Limited, Metso Corporation, and Sandvik AB.