The Global Underground Mining Diamond Drilling Market report explores the critical analysis of the Underground Mining Diamond Drilling industry using key parameters. The report consists of investment strategies, the need for investments in the Underground Mining Diamond Drilling industry, and the multiple benefits for the investors. Importantly, this report sets out major changes in the global technical regulations for the Underground Mining Diamond Drilling industry, as well as how economic and non-economic barriers are helping the Underground Mining Diamond Drilling market. Moreover, the report analyses the global, regional, and country-level historic and forecasted market size. The report also provides a comprehensive analysis of key investment propositions, demand and supply gap, competitors positioning, STAR analysis, SRC analysis, and Tornado analysis. Key technological developments and other analyses such as porter's five forces analysis, PESTEL analysis, value chain analysis, etc.
How are the major segments performing in the Underground Mining Diamond Drilling Market?
In 2021, the wireline drilling category will be the leading segment based on the type due to the underground mine operators' continued demand for certain drilling solutions.
In 2021, the hard rock segment will lead the market. Due to their higher penetration than other materials, diamond core drill bits are frequently used in the exploration sector, particularly for hard rocks.
Which region dominated the Underground Mining Diamond Drilling Market?
In 2021, Latin America was one of the major contributors to the global underground mining diamond drilling industry. Due to increased drilling and mining activities, it will continue its supremacy during the forecast period. It is projected that the increase in investments in underground mineral discovery will increase demand for hard rock mining in Latin America. Latin American nations are moving away from open-pit mining and toward underground mining.
What is the competitive environment of the Underground Mining Diamond Drilling Market?
The underground mining diamond drilling market is highly fragmented; numerous domestic and foreign companies offer these services. The dominant players control the market. The underground diamond drilling market is expected to rise throughout the forecast period due to several R&D initiatives to produce new products for underground mining. For instance, in October 2018, 34% of ASI Mining LLC had been purchased by Epiroc. It offers goods, including hardware and software installed on a vehicle's board, that enable autonomous driving. Through this transaction, the business could take advantage of the prospective markets on a global scale. Similarly, in August 2018, Atlas Copco declared its intention to pursue underground mining with zero emissions. The company is working on battery-powered machinery, which will probably reduce the need for diesel and other fossil fuels.
Executive Summary
How has a rising demand for base metals affected the expansion of the market?
Diamond drilling is a method of retrieving earthen core samples in underground mining. It is an exploratory procedure that assesses the mineral composition's structural robustness for possible mining or building projects. In diamond drilling, a drill bit with a diamond implementation is used. In mining, diamond coring bits are frequently used in the exploration process. Particularly for hard rocks, the penetration of diamond bits is higher than that of other materials. According to estimates, investments in the metal mining sector will increase as demand for basic metals like nickel, lead, copper, and zinc rises and for other metals like gold, silver, and diamond. The demand for diamond core drill bits, which are employed in the underground mining of hard rock, may rise as a result.
Which are the key investments by the players in the Underground Mining Diamond Drilling Industry Market?
The market for underground mining diamond drilling is expanding as metal mining investment increases. It is anticipated that the development of clean coal technology will offer an effective remedy for greenhouse gas emissions caused by coal combustion. According to projections, this will increase underground coal mines' overall spending, fueling demand for diamond core drill bits.
Some of the major players in the market are Sandvik AB., Atlas Copco, Boart Longyear, FORDIA, Geomachine Oy, Wuxi Geological Drilling Equipment Co., Ltd, VersaDrill Canada, Zinex Mining Corp, SINOCOREDRILL GROUP, and Epiroc AB.
What are the Major Driving Factors for the Underground Mining Diamond Drilling Market?
The mechanical advantages of underground mining diamond drilling over other drilling techniques are important factors anticipated to fuel the growth of the underground mining diamond drilling market during the forecast period. The underground mining diamond drilling market is also expected to grow due to the increase in mineral production rates. Another factor predicted to temper the underground mining diamond drilling market expansion is the growing desire for business automation to facilitate simple and accurate operations. Further potential prospects for the growth of the diamond core drilling market in the next few years will be provided by the rise in demand for base metals such as diamond, uranium, zinc, gold, lead, coal, tin, copper, braze alloys, nickel, and nickel alloys.
What are the Major Risks for the Underground Mining Diamond Drilling Market?
The expansion of the underground mining diamond drilling market is anticipated to be hampered by the rise in the cost of diamond drilling machines in the upcoming period. The government's rigorous controls, nevertheless, could make it even harder for the underground mining diamond drilling business to expand shortly.
Which is the Key Application in the Underground Mining Diamond Drilling Market?
Based on type, the underground mining diamond drilling market is segmented into classical rotary drilling and wireline drilling. In 2021, the underground mining diamond drilling market will be dominated by the wireline drilling sector. Due to the ongoing need for these drilling solutions among underground mine operators, the order intake for underground mining diamond drilling equipment, such as wireline drilling, has increased globally.
How is the Underground Mining Diamond Drilling Market performing in regions?
In 2021, the global underground mining diamond drilling market was dominated by Latin America. Due to the growth in mining activity year over year, it is anticipated to continue its dominance during the forecast period. The need for hard rock mining in Latin America is anticipated to increase as investments in underground mineral extraction increase. Latin American nations are starting to switch from open-pit mining to underground mining. In underground mining, the waste rock is left behind after the mineral has been recovered. Removing waste rock with no commercial value has a lower environmental impact. Brazil's most productive underground mines can produce up to a million kg of ore annually. The Chilean government has begun to invest more money in underground mining.
Besides, the North American region is expected to grow significantly over the forecast period. The U.S. controlled the underground diamond drilling business in North America. Some companies in North America offer entire drill rig solutions, including core drill bits. These companies include American Diamond Tool, SCS Diamond Drilling, and Peak Drilling Ltd. In the near future, the Canadian market will grow quickly.
What is the regulatory landscape for the Underground Mining Diamond Drilling Market?
Governments worldwide are pressuring business owners in the mining and construction sectors to increase safety. Diamond drilling machines for underground mining are becoming increasingly popular among employees due to strict safety rules for underground and surface mining. In addition to workplace safety regulations, underground mining diamond drilling machines' automation and customizability boost their uptake among end-use industries.
What is the Market Size of Underground Mining Diamond Drilling regarding value?
The Underground Mining Diamond Drilling Market is anticipated to grow at a substantial CAGR of 6.30% in the upcoming years. The Global Underground Mining Diamond Drilling industry was estimated to be worth USD 533.1 million in 2021 and was expected to be worth USD 769.15 million by 2028.
What effect does COVID-19 have on the market for Underground Mining Diamond Drilling?
COVID-19 has also pushed the mining industry away from traditional corporate procedures. The pandemic has accelerated many technological developments to assist mining businesses in remotely accessing specific equipment. The global epidemic will result in a significant rise in demand for underground mining diamond drilling. The COVID-19 outbreak harms the supply chain and product demand with complete or partial closure. The pandemic's impact on fewer workers has also harmed market expansion.
Segmentation of Global Underground Mining Diamond Drilling Market-
Global Underground Mining Diamond Drilling Market – By Type
Rotary Drilling
Wireline Drilling
Global Underground Mining Diamond Drilling Market – By Application
Soft Rock
Hard Rock
Global Underground Mining Diamond Drilling Market – By Region
North America
S.
Canada
Europe
Germany
France
K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
South-east Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East and Africa
Frequently asked questions about the global Underground Mining Diamond Drilling industry
COVID-19 is expected to affect the global Underground Mining Diamond Drilling market negatively.
Latin America accounted for the highest share of the global Underground Mining Diamond Drilling market
The mechanical advantages of underground mining diamond drilling over other drilling techniques are important factors anticipated to fuel the growth of the underground mining diamond drilling market during the forecast period.
The wireline drilling media segment had a major share in 2021, with more than 60% of the market revenue.
The hard rock segment had a major share in 2021, with more than 60% of the market revenue share.
