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Underground Mining Diamond Drilling Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: October, 2022
No of Pages: 159
Delivery Format: PDF+ Excel

$2,950.00

According to a recent analysis by MWR, Inc., the global underground mining diamond drilling market is anticipated to reach USD 2.02 billion by 2025. Over the forecast period, the market is anticipated to see a CAGR of 3.2%. Over the next eight years, the market is anticipated to be driven by the rising demand for coal and other minerals. By 2025, the market is anticipated to have grown to 927.5 thousand m3 in volume.

By 2025, the Asia Pacific region is anticipated to hold a volume share of over 45.0%, dominating the market. Due to the increased demand for coal and other minerals in the area, it is also projected that the region will have the highest growth throughout the forecast period. There are many companies in the market, which is extremely competitive. During the projected period of 2020–2025, the underground mining diamond drilling market is anticipated to expand at a CAGR of roughly 4.5%.

The market is being pushed by the rising demand for diamonds in both the industrial sector and the jewellery industry. Additionally, the expansion of the market is anticipated to be fueled by the creation of new technologies and rising investment in exploratory activities. However, it is anticipated that the market expansion will be constrained by the high drilling costs and the environmental issues related to underground mining.

By kind, use, and geography, the underground mining diamond drilling market is divided. The market is divided into three types of drilling: percussive drilling, rotary drilling, and core drilling. During the projected period, the core drilling category is anticipated to have the biggest market share. The segment’s growth is being fueled by the rising need for core drilling in mining and mineral exploration operations. The market is divided into mining, mineral exploration, and other applications. During the projection period, it is anticipated that the mineral exploration segment will account for the greatest market share. The growing investment in exploratory activities and the creation of new technologies are the segment’s driving forces.

North America, Europe, Asia-Pacific, South America, the Middle East, and Africa make up the geographical segments of the market. During the projected period, the North American region is anticipated to hold the biggest market share. The presence of numerous diamond mines in the area and rising investment in exploration activities are the region’s driving forces. During the projection period, the Asia-Pacific region is anticipated to experience the greatest growth rate. The expanding demand for diamonds in the jewellery industry and the rising investment in exploration activities are the main drivers in the region.

Underground Mining Diamond Drilling Market Report Scope and Segmentation
ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Market Potential for Diamond Drilling in Underground Mining

From 2019 to 2024, the market for underground mining diamond drilling is anticipated to expand at a CAGR of 5.5%. Due to the rise in demand for diamonds and other valuable stones, the underground mining diamond drilling market is expanding. Due to the rising demand for jewellery, there is an increase in the demand for diamonds. Other factors fueling the expansion of the underground mining diamond drilling market include rising investment in mining projects and technological advancements.

By kind, use, and geography, the underground mining diamond drilling market is divided. Core drilling, rotary drilling, and wireline drilling are all included in the type segment. The category for core drilling is anticipated to experience the highest CAGR growth during the forecast period. Due to its accuracy and effectiveness, core drilling is the most used type of underground diamond drilling.

Mining, exploration, and construction are included in the application sector. During the forecast period, the mining category is anticipated to develop at the greatest CAGR. Due to the rising demand for jewellery, there is an increase in the demand for diamonds. During the projection period, the exploration segment is anticipated to expand at a moderate CAGR. During the projection period, the construction segment is anticipated to expand at a moderate CAGR. Geographical divisions of the underground mining diamond drilling market include North America, Europe, Asia-Pacific, and the rest of the world.

The underground diamond drilling market is anticipated to be dominated by North America. Major players’ presence in the area and increased investment in mining projects are to blame for the region’s expansion. The second-largest market for diamond drilling for underground mining is anticipated to be in Europe. Technology development and increased investment in mining projects are to blame for the region’s prosperity. Asia-Pacific is expected to be the fastest-growing region for underground mining diamond drilling.The increased demand for diamonds and other valuable stones is what is causing the region to expand.

Market Restraints for Diamond Drilling and Underground Mining

Mining Underground The market for diamond drilling is constrained by a number of variables. First off, one of the biggest obstacles to market expansion is the expensive cost of diamond drilling equipment and the requirement for skilled employees to operate it. Second, another factor limiting market expansion is the lack of skilled labour in many nations. Thirdly, one of the main reasons limiting market expansion is the strict environmental safety and health standards.

Key Trends in the Underground Mining Diamond Drilling Market

During the forecast period of 2020–2025, the worldwide underground mining diamond drilling market is anticipated to expand at a CAGR of more than 3%. The rising demand for minerals and metals as well as the expansion of exploration operations are the main factors fueling the market’s expansion. By kind, use, and geography, the underground mining diamond drilling market is divided.

The market is divided into several types, including rotary drilling, percussive drilling, and others. During the projection period, the percussion drilling segment is anticipated to develop at the greatest CAGR. This is because there is a growing need for this kind of drilling in applications involving hard rock drilling. The market is divided into three categories based on application: mineral exploration, coal mining, and other mining. The category of mineral exploration is anticipated to experience the greatest CAGR growth during the forecast period. This is due to an increase in exploration operations, particularly in emerging nations.

Geographically, there are submarkets for North America, Europe, Asia-Pacific, South America, and the Middle East and Africa in the underground mining diamond drilling industry. The region of North America is anticipated to experience the greatest CAGR growth over the projection period. This is a result of the region’s rising need for metals and minerals.

Market drivers for underground mining and diamond drilling

Several variables influence the underground mining diamond drilling market. The rising demand for diamonds is the main motivator. This is brought on by the rising demand for diamond jewellery and rising consumer spending power. The growth in the number of new mines being built is another significant factor. This is a result of the necessity to locate new sources of supply due to the rising demand for diamonds. The rising expense of diamond mining is the final factor. The necessity to locate new sources of supply and the rising cost of personnel and equipment are to blame for this.

COVID-19’s Impact on the Underground Diamond Drilling Market

The underground mining diamond drilling market has been significantly impacted by the COVID-19 pandemic epidemic. Due to the pandemic’s suspension or cancellation of numerous mining projects, the market for diamond drilling services has dramatically decreased. Diamond drilling companies have seen a sharp decline in revenue as a result of this. The underground mining diamond drilling market was not exempt from the COVID-19 pandemic’s significant effects on the world economy. Due to the pandemic’s suspension or cancellation of most mining projects, the need for diamond drilling services has dramatically decreased. Diamond drilling companies have seen a large drop in revenue as a result of this.

The market for diamond drilling equipment has also been negatively impacted by the decline in demand for diamond drilling services, as many businesses have delayed or cancelled their orders. Diamond drilling equipment makers have seen a decline in income as a result. In the near to medium term, the COVID-19 epidemic is anticipated to have a substantial effect on the underground mining diamond drilling business. On the other hand, it is anticipated that the market will eventually resume growing when the world economy recovers from the pandemic.

Diamond drilling market for underground mining: key industry developments

During the projected period of 2020–2025, the underground mining diamond drilling market is anticipated to expand at a CAGR of almost 5%. The rising demand for diamonds from the jewellery sector is one of the main drivers fueling the market’s expansion. Throughout the projected period, it is anticipated that the market for diamond jewellery will expand at a CAGR of nearly 5%. Over the course of the forecast period, the market for underground mining diamond drilling is anticipated to grow as a result of the rising demand for diamond jewellery and subsequent rise in diamond demand. The market’s expansion is also being fueled by an increase in investment in exploratory activity.Because of the rising investment in the industry, more exploratory activities are anticipated during the projection period. The need for diamond drilling services for underground mining is anticipated to rise as a result.

However, it is anticipated that the high price of diamond drilling may partially constrain market expansion. By kind, use, and geography, the underground mining diamond drilling market is divided. The market is divided into two types of drilling: rotary drilling and core drilling. The category for core drilling is anticipated to experience the highest CAGR growth during the forecast period. The most common method of drilling in underground mining, core drilling, is responsible for this.

The market is divided into three categories based on application: mineral exploration, coal exploration, and others. During the projection period, it is anticipated that the category for mineral exploration will increase at the greatest CAGR. This is explained by the fact that numerous mineral exploration activities are being conducted due to increased investment in the industry.Geographical divisions of the underground mining diamond drilling market include North America, Europe, Asia Pacific, South America, and the Middle East and Africa. During the projection period, North America is anticipated to be the largest market for underground mining diamond drilling. Due to the presence of numerous big actors, this is explained by the fact that the area is currently the site of numerous exploration efforts.

Future prospects for the underground mining diamond drilling market

With potential in the coal and hard rock mining industries, the underground mining diamond drilling market has a bright future. During the projected period of 2020–2025, the worldwide underground mining diamond drilling market is anticipated to expand at a CAGR of more than 4%. The market for underground mining diamond drilling is anticipated to expand as a result of the rising demand for thermal coal and metallurgical coal. While metallurgical coal is used in the steel industry, thermal coal is used in the production of electricity. With a growing population and a need for more energy, it is anticipated that the demand for coal will rise. With the expansion of the steel sector, there will likely be a rise in the need for metallurgical coal.

Coal mining and hard rock mining are the two application-based segments of the underground mining diamond drilling market. During the projection period, the coal mining segment is anticipated to expand at a higher CAGR. The need for thermal coal and metallurgical coal is predicted to expand, which will fuel the expansion of the coal mining industry. Geographical divisions of the underground mining diamond drilling market include North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The highest CAGR is anticipated for the Asia-Pacific region during the forecast period. The demand for coal in the area is anticipated to increase due to the expanding population and the need for energy.

By Type
  • Rotary Drilling
  • Wireline Drilling
By Application
  • Soft Rock
  • Hard Rock

VersaDrill Canada, Atlas Copco, Boart Longyear, Sandvik Mining and Rock Technology, Fordia, Wuxi Geological Drilling Equipment Co., Ltd., Zinex Mining Corp, Epiroc, Geomachine Oy, and Barminco.

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