According to Future Market Insights (FMI), the global diamond core drilling market has grown at a steady CAGR of 4% over the last five years, with a valuation exceeding US$ 1.6 billion by 2020.
With increased construction and mining activities worldwide, demand for diamond core drilling machines increased by 2%, with a healthy 6% CAGR through 2021 and beyond.
The end-users desire for customization and automation has paved the way for novel automated rig-operated drilling machines to improve productivity. With the outbreak of COVID-19, growth prospects were lowered, as supply-chain dynamics were disrupted in FQ-20.
Halt in production and mining activities resurfaced amidst the outbreak of the second wave, especially in developing nations such as India, which impacted the market negatively. However, thanks to the commencement of the vaccination drive, the market is expected to witness growth over the coming years as mining and construction activities will gain traction.
Alongside this, favorable government policies to improve infrastructure in East Asia will significantly aid the growth of diamond core drilling machines, especially in China, India, and Japan.
According to Future Market Insights, with the increasing mineral production rate across the globe, sales of diamond core drilling machines are expected to spur, reaching a shipment of 42,000 units by 2031-end.
Growing mineral production activities around the world are expected to support the global market for mining equipment. According to World Mining Data, global mineral production will increase to 17.7 billion metric tonnes in 2020, up from 16.9 billion metric tonnes in 2016.
With India producing more than 95 minerals per year, demand for automated rig-operated drilling machines is expected to drive market growth in the coming years. In addition, underground mining activities will increase the rate of mineral production, particularly in the United States and Germany.
Furthermore, the expansion of the mining industry in developing economies like India, China, and Japan is increasing the production of materials like diamond, coal, tin, copper, and other minerals.
Key Players:
- Hilti Corporation
- Atlas Copco
- WEKA Elektrowerkzeuge KG
- Robert Bosch GmbH
- Boart Longyear
- Elektrowerkzeuge GmbH Eibenstock
- MASSENZA Drilling Rigs Srl
- Milwaukee Tool
- Controls S.p.A
- Epiroc Mining India Limited
- KERN-DEUDIAM Diamantwerkzeuge und Maschinen GmbH
- Shibuya Company, Ltd.
- APC Drilling & Constructions Private Limited
- ROCKDRIL (INDIA)
- Husqvarna AB
- Others
