Diamond Core Drilling Market Expected to Witness Sustainable Growth Over 2031
The market is poised to expand at over 6% CAGR on the account of increasing mining and construction activities across the globe. This is expected to increase the adoption of diamond core drilling machines, spurring sales.
With more than 21% of the global market share, the United States will dominate the diamond core drilling industry, predicts FMI. Given the extensive use of drilling machines in the American construction sector, the market is anticipated to grow at a healthy rate over the course of the forecast period.
The diamond core drilling market is anticipated to experience significant growth during the forecast period, according to research from Future Market Insights (FMI). These, improvements in business automation technology, and demand for specially designed drilling machines are expected to help the market eventually reach a cargo of 42,000 units during the forecast period.
With the increasing demand for customized and automated drilling machines, the market is expected to reach the value of US$ 1.8 Bn 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.
Key Takeaways from FMI’s Diamond Core Drilling Market Study
- In terms of end-use, the construction industry will hold the 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 protocols and increasing fatalities in mining industries, the 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 East Asia’s diamond core drilling market owing to the favorable government initiatives to increase the adoption of automated drilling machines
“With the 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.
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The dominance of the top five players has left the market consolidated, creating an entry barrier for new players in the global diamond core drilling market. Adoption of inorganic growth strategies to gain exposure in the overseas territories is one of the major factors expected to create growth opportunities.
Future Market Insights identifies Hilti Corporation, Epiroc AB, Bogart Longyear, 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%.
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 sulfides. 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.
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Get More Insights on Global Diamond Core Drilling Market
The research report analyzes the demand for diamond core drilling across the globe. The diamond core drilling market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background. As per Future Market Insights’ research scope, the market has been analyzed based on operation type, drilling type, drilling technique, end-use, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market on both, the supply-side and demand side.
Diamond Core Drilling Market by Category
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