The global diamond core drilling market was valued at USD 2 billion in 2023 according to Future Market Insights, Inc., is poised for substantial growth, aiming to surpass USD 3.7 billion by 2033, supported by a robust Compound Annual Growth Rate (CAGR) of 6.3%. This growth is attributed to various significant factors, prominently fueled by the expansion of the global population.
The increasing global population has led to a heightened demand for housing, infrastructure, and commercial spaces, consequently driving up construction activities worldwide. Many nations are undertaking ambitious infrastructure projects to accommodate their expanding populations, providing a substantial boost to the diamond core drilling market. Simultaneously, urbanization is playing a crucial role, further propelling this growth as individuals migrate from rural to urban areas in search of better opportunities, thereby increasing the need for intensified building and urban development. The trajectory of this market is distinctly characterized by its alignment with the evolving demands of a rapidly growing global population.
Key Takeaways from FMI’s Diamond Core Drilling Market Study:
- In terms of end-use, the construction industry will hold a majority of the share however increasing mineral production rate across the globe will increase the application of diamond core drilling in the 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 the global diamond core drilling market
- Germany is expected to be one of the most lucrative markets owing to the presence of leading companies
- India is expected to witness lucrative growth opportunities backed by rising application in the mining and construction industry
- China will lead the East Asia’s diamond core drilling market owing to the favourable government initiatives to increase the adoption of automated drilling machines
Competitive Landscape:
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 Long year, Robert Bosch, and Husqvarna AB among the top 5 players in the diamond core drilling market. The contribution of these top 5 players in global market revenue, collectively, is estimated to be around 13.6%.
Recent Developments:
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. The drilling exploration program is operated through a joint venture with Agnico Eagle Mines Limited.
The company also announced the acquisition of Agnico Eagle’s indirect 55% interest in the 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.
Diamond Core Drilling Market Segmentation:
By Operation Type:
- Hand Held,
- Rig Operated
By Drilling Technique:
- Stitch Drilling,
- Underwater Diamond Drilling,
- Surface Drilling,
- Underground Drilling
By Drilling Type:
- Rotary Drilling,
- Wireline Drilling
By End Use:
- Construction Industry,
- Mining Industry (Open Pit Mines, Closed Pit Mines)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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