Diamond Core Drilling Market Is Anticipated To Nearly Double By 2031, According To Future Market Insights
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 Bn in 2021. Growth in the market is attributed to the rising mineral production across developing economies, including India, China, and Japan.
As per FMI, the market registered an increase of 2% in 2021 registering year-on-year (YoY) growth at 5.2%. Due to rising rate of fatalities and accidents at constriction and mining sites, government is pushing 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, construction industry will hold majority of share however increasing mineral production rate across the globe will increase the application of diamond core drilling in 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 global diamond core drilling market
- Germany is expected to be one of the most lucrative market owing to the presence of leading companies
- India is expected to witness lucrative growth opportunities backed by rising application in mining and construction industry
- China will lead the East Asia’s diamond core drilling market owing to the favorable government initiatives to increase the adoption of automated drilling machines
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 Longyear, Robert Bosch, and Husqvarna AB among top 5 players of diamond core drilling market. 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 sulphides. Drilling exploration program is operated through joint venture with Agnico Eagle Mines Limited.
The company also announced the acquisition of Agnico Eagle’s indirect 55% interest in 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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The research report analyzes 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 on the basis of 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 by both, supply side and demand side.