PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299736
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299736
Drilling Jumbo Market size was valued at USD 830.7 Million in 2022, expanding at a CAGR of 10.5% from 2023 to 2030.
A drilling jumbo, also known as a drilling rig or drill rig, is a heavy-duty machine used in mining, construction, and civil engineering projects to drill holes into rock, soil, or other hard surfaces for various purposes such as blasting, excavation, foundation reinforcement, or exploration. It is typically mounted on tracks or wheels for mobility and can be operated manually or remotely.
The drilling jumbo market is growing as the global demand for drilling jumbos in metal & mineral mining is rising. The mining industry is a major user of drilling jumbos, as they are used for drilling blast holes for mineral extraction. The increasing global demand for minerals and metals, driven by industrialization, urbanization, and infrastructure development, is a significant driver for the drilling jumbo market. Further, construction and infrastructure development projects, such as tunnels, highways, bridges, and buildings, require drilling jumbos for creating boreholes, foundation reinforcement, and ground support systems. The growth of construction and infrastructure projects in emerging economies, as well as the need for renovation and modernization in developed economies, is driving the demand for drilling jumbos.
Furthermore, advancements in drilling jumbo technology, such as improved drilling efficiency, increased automation, remote control capabilities, and advanced safety features, are driving the demand for newer and more advanced drilling jumbos. These technologies improve drilling productivity, reduce downtime, and enhance operator safety, leading to increased adoption of drilling jumbos in various industries. In addition, safety regulations and environmental concerns in mining, construction, and civil engineering industries are driving the demand for drilling jumbos that comply with stringent safety standards and have low environmental impact. Modern drilling jumbos are designed with advanced safety features, such as operator cabins with air conditioning, dust suppression systems, and noise reduction measures, making them more attractive to end-users.
The global Drilling Jumbo Market is segmented on the basis of Type, Application, End User, and Region.
The market is divided into two categories based on Type: single arm rock drilling jumbo, double arm rock drilling and multi arm rock drilling jumbo. The single arm rock drilling jumbo segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increasing adoption of drilling jumbo in metal mining.
The market is divided into three categories based on Application: mining, railway, construction and others The mining segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for drilling jumbos in mining and construction sector.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America held the largest market share in 2021 and is projected to continue its dominance during the forecast period. The growing demand from mining industry for drilling jumbos in the U.S. is mainly contributing to market growth.
Owing to the high demand for drilling jumbo in the coming years, the worldwide market for drilling jumbo is made of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their product through a variety of channels, including corporate websites, retailers, distributors, and end consumers. Product makers compete on a variety of aspects, including product costs, performance, product making, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, distribution network development, R&D spending, and mergers and acquisitions. For instance, in 2021, Sandvik has developed the DD212, a compact and versatile drilling jumbo for narrow vein mining applications. The DD212 features advanced automation and remote-control capabilities, improved drilling performance.
This proposed research study on Drilling Jumbo market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Drilling Jumbo market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Drilling Jumbo market
Impact of COVID-19 on Drilling Jumbo market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Drilling Jumbo market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Drilling Jumbo market, we have also included competitive landscape and key innovator analysis for the Drilling Jumbo market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Drilling Jumbo market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Drilling Jumbo market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: