Underground Mining Diamond Drilling Market Size, Share & Industry Analysis, By Type (Rotary Drilling, Wireline Drilling), By Application (Soft Rock, Hard Rock) Others and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Underground mining diamond drilling is a process of extracting core samples from the earth. It is an exploratory process that evaluates the structural strength of mineral composition for potential mining or construction projects. A diamond implemented drill bit is deployed in diamond drilling. Diamond coring bits are widely used in the exploration activity of the mining industry, especially for hard rocks, the penetration of diamond bits is high than other materials. Diamond core drill bits are reliable, as they are made from industrial strength diamonds.
The underground mining diamond drilling market is segmented into type, application, and geography. Based on type, the market is categorized into rotary drilling and wireline drilling. Wireline drilling segment is expected to hold the largest market share in the global market due to its accuracy in the drilling operation. Based on the application, the market is segmented into soft rock and hard rock.
Key Market Driver -
Increasing investment in metal mining activities
Key Market Restraint -
High initial investment and stringent regulations hampers the market growth
Increasing investment in metal mining contributes to the growth of the underground mining diamond drilling market. Rising demand for intelligent drill bits also propels the demand for underground mining diamond drilling markets. The development of clean coal technologies is projected to provide an efficient solution for greenhouse gas emissions during the burning of coal. This is projected to bolster the overall mining investment in underground coal mines, leads to propelling the demand for diamond core drill bits. Moreover, research and development activities to innovate new products for underground mining holds a promising opportunity for the growth of the underground mining diamond drilling market during the forecast period.
Key Players Covered:
The key players in the global underground mining diamond drilling market are 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.
Regional Analysis:
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Latin America is one of the major growing regions in the global underground mining diamond drilling market. It is estimated to maintain its dominance during the forecast period owing to the increase in mining and drilling activities. The rise in investments in the exploration of underground minerals is anticipated to augment the demand for hard rock mining in Latin America. Countries in Latin America are shifting to underground mining from open-pit mining. North America and Europe are also witnessing a growth in the underground mining diamond drilling market due to significant investments & government initiatives in extracting the minerals, which tends to propels the demand of the market during the forecast period.
Segmentation
ATTRIBUTE | DETAILS |
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By Application |
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By Geography |
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Key Industry Developments
- In October 2018, Epiroc had acquired 34% of ASI Mining LLC. It provides products such as on-board hardware and software that convert vehicles to autonomous operation. This acquisition helped the company to leverage the market potential in the global market
- In July 2017, Atlas Copco had acquired 34% of Mobilaris MCE. It provided a software solution which is used for underground mining, tunnelling, and other civil engineering purposes. This helped the company to increase its market share to emerge as a strong competing player in the global market
- Ongoing
- 2023
- 2019-2022
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