Global Blast Monitoring Equipment Market Expected to Grow Substantially Owing to Increasing Use of the Equipment by Mining Companies to Reduce Mining Costs [260-Pages] | Analysis by Research Dive
The global blast monitoring equipment market is expected to grow primarily due to the increasing usage of blast monitoring equipment in the mining industry. Underground mines sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow with a high CAGR by 2031.
NEW YORK, March 8, 2023 /PRNewswire/ --
Global Blast Monitoring Equipment Market Forecast Analysis:
As per the report published by Research Dive, the global blast monitoring equipment market is expected to register a revenue of $412.7 million by 2031 with at a CAGR of 5.2% during the forecast period 2022-2031.
Segments of the Blast Monitoring Equipment Market
The report has divided the blast monitoring equipment market into the following segments:
Product Type: blast monitors, real time dust monitors, dust samplers, and visibility monitors
End-use Industry: defence, chemicals, mining & construction, oil & gas, and others
Application: underground mines, surface mining, demolition, detonation, rock blasting, and others
Region: North America, Europe, Asia-Pacific, and LAMEA
Access to the Complete PDF Sample of the Blast Monitoring Equipment Market
Segment |
Sub-Segment |
Product Type |
Blast Monitors – Second dominant market share in 2021 |
Growing use of blast monitors in mining industry to measure the impact on surrounding structures |
|
End-Use Industry |
Mining & Construction – To hold a dominant market share by 2031 |
Use of blast monitoring equipment in construction of both residential and non-residential structures, |
|
Application |
Underground Mines – To hold a dominant market share by 2031 |
Rise in use of blast monitoring equipment while constructing tunnels and levels of underground mines |
|
Region |
Asia-Pacific – Dominant market share in 2021 |
Improved application of blast monitors across manufacturing operations in diverse industrial sectors of this |
Dynamics of the Global Blast Monitoring Equipment Market
Growing utilization of blast monitoring equipment by various mining companies to reduce the operational costs and increase profit margins is expected to become the primary growth driver of the blast monitoring equipment market in the forecast period. Additionally, significant increase in construction blasting activities all over the world is predicted to propel the market forward. However, according to market analysts, dependability issues with monitoring system forecasting capabilities might become a restraint in the growth of the market.
Increase in development of blast monitoring technology is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing application of blast monitoring equipment in mining and construction sector is expected to propel the blast monitoring equipment market forward in the coming period.
COVID-19 Impact on the Global Blast Monitoring Equipment Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The blast monitoring equipment market, too, was negatively impacted due to the pandemic. Stoppage of almost all construction and mining activities across the globe led to a decline in demand for blast monitoring equipment which ultimately reduced the growth rate of the market during the pandemic period.
Key Players of the Global Blast Monitoring Equipment Market
The major players of the market include
- Orica
- Hexagon AB
- Acoem
- Core Lithium
- COTECH PTY LTD
- Maine Drilling and Blasting
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in January 2020, Hexagon, a leading surface and underground smart mining solutions provider, announced the acquisition of Blast Movement Technologies, a blast monitoring software developer. This acquisition is predicted to boost the market share of Hexagon in the next few years.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Blast Monitoring Equipment Market:
- What are the Different Types of Blast Monitoring Equipment? And What are its Benefits?
- Global Blast Monitoring Equipment Market to Observe Widespread Growth with Growing Demand for Blast Monitoring Equipment in Mining Sector
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About Research Dive
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