Global Tunneling And Rock Drilling Equipment Market Size By Product (Medium-Sized, Large-Sized, Heavy-Sized), By Application (Mining, Construction), By Geographic Scope And Forecast

Tunneling And Rock Drilling Equipment Market Size And Forecast

Tunneling And Rock Drilling Equipment Market size was valued at USD 2.3 Billion in 2022 and is projected to reach USD 4.99 Billion by 2030 , growing at a CAGR of 9.20% from 2023 to 2030. The latest technological advancements in a drilling machine are the primary driver of the market. The incorporation of monitors and sensors makes way for the smooth functioning of the tunneling and drilling process. This will foster market growth. The Global Tunneling And Rock Drilling Equipment Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Tunneling And Rock Drilling Equipment Market Definition

A rock drill is a machine designed to drill through rocks. It is used in numerous activities such as mineral exploration, digging wells, and preparing foundations. On the other side, tunneling is an underground passage provided beneath the earth's surface. The tunneling and rock drilling equipment are used to carry out these operations simultaneously. This equipment is used to create massive holes in the earth's subsurface that are used for the extraction of minerals or the construction of infrastructure projects such as underground tunnels.

The tunneling and rock drilling equipment are categorized as tunnel boring machines (TBM), tapping equipment, reaming, and so on. On the basis of product, they are distinguished into medium-sized, large-sized, and heavy-sized. This equipment is predominantly used in mining, construction, and oil and natural gas production. They find application in making underground passages used for transportation for carrying freights and passengers, water, and sewage. Rock drills are used for various activities such as lime mines, drilling, quarries, construction, and civil engineering work.

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Global Tunneling And Rock Drilling Equipment Market Overview

The ever-expanding Infrastructure growth around the globe is boosting the market for tunneling and rock drilling equipment. The latest technological advancements in a drilling machines are the primary driver of the market. The incorporation of monitors and sensors makes way for the smooth functioning of the tunneling and drilling process. Moreover, the innovation and continuous R&D have resulted in greater use of rock drills in underground tunnel construction and enable easy access to construction in any terrain. This will drive the demand for the forecasted period. Furthermore, this machinery provides a platform for analytical tools to facilitate the design of the tunnels coupled with growing urbanization and population worldwide will positively fuel the Global Tunneling And Rock Drilling Equipment Market.

There are certain restraints and challenges faced which will hinder the overall market growth. The factors such as lack of skilled workforce and the absence of standards and protocols are limiting the market growth. Also, the integration of sensors and monitors into the existing systems is a difficult task that confines growth. Besides, stringent government rules and regulation related to ecosystem distortion is estimated to witness sluggish growth during the forecast period. Further, health hazards issues, heavy maintenance, and operating cost are the potential restraints hampering the overall growth of the Global Tunneling And Rock Drilling Equipment Market.

Global Tunneling And Rock Drilling Equipment Market: Segmentation Analysis

The Global Tunneling And Rock Drilling Equipment Market is segmented on the basis of Product, Application, and Geography.

Tunneling And Rock Drilling Equipment Market, By Product

• Medium-Sized
• Large-Sized
• Heavy-Sized
• Others

Based on Product, the market is bifurcated into Medium-Sized, Large-Sized, Heavy-Sized, and Others. The heavy-size drills segment holds the largest market share. The factors that can be attributed to the increased mining and construction activities in developed countries have fostered the acceptance of the heavy-size drill product segment.

Tunneling And Rock Drilling Equipment Market, By Application

• Mining
• Construction

Based on Application, the market is bifurcated into Mining and Construction. The mining segment holds the largest market share. The factors can be attributed to rising demand from the coal mining industry coupled with the increasing mining activities is fueling the demand for this segment.

Tunneling And Rock Drilling Equipment Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world
• On the basis of Geography, The Global Tunneling And Rock Drilling Equipment Market is classified into North America, Europe, Asia Pacific, and Rest of the world. Asia-Pacific holds the largest market share. China dominates the region owing to its enormous population and manufacturing-based economy. The growing infrastructural activities and availability of government funding will boost the market in this region.

Key Players

• The "Global Tunneling And Rock Drilling Equipment Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are
• Atlas Copco, Hitachi Zosen, Sandvik Construction, Sanyhe International Holdings, Herrenknecht, Furukawa Rock Drill, Kawasaki Heavy, Komatsu, Sunward Equipment Group, China Railway Engineering, and XCMG Group.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• Product Launches and Product Expansions
• In Dec 2021, Petra, a company, developed a super-hot gas that can penetrate bedrock. The technology might reduce the cost of burying infrastructure while also improving the safety of electric wires.
• In Nov 2021, Wuxin Tunnel Installation was the first to commercialize the first independently created double-boom rock drilling rig, which offers a broad range of activities, adaptation of construction methods, high construction efficiency, and efficient control.
• In April 2021, Sandvik has launched software for subterranean rock extraction.
• In Sept 2019, Sandvik Mining and Rock Technology has introduced the Sandvik DT1132i giant tunneling excavator, which is the company's newest product for tunneling excavation.
• Partnerships, Collaborations and Agreements
• In Dec 2021, Sandvik Mining and Rock Solutions has been granted a contract in the EMEA area for the delivery of tunneling equipment, road headers, and underground drill rigs worth roughly SEK 1 billion.