Raise Boring Rig Market Size, Share, Growth and Industry Analysis by Type (Raise-Boring, Down-Reaming, And, Box-Holing) By Application (Underground Mining Industry, Hydropower Project, Civil Construction Industry, And, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

RAISE BORING RIG MARKET REPORT OVERVIEW 

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The global raise boring rig market size was USD 238 million in 2022 and is projected to touch USD 322.61 million by 2031 at CAGR 5.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

 Raise boring is a procedure of excavating shaft with the help of drill rigs. The pilot hole is back reamed with the help of these drill rigs. Underground mining can be performed with the help of raise boring rigs. Both horizontal and vertical circular excavations can be created with the use of these equipments.

Increasing proliferation of technology in machines has improved their efficiency.  Raised boring machines are used in some of the fastest-growing industries such as the underground mining industry, civil construction, hydropower projects, off shore and on shore mining. All of these factors are considered as the driving factors of the raise boring rig market growth.

COVID-19 impact:  Downfall of Mining Industry During Pandemic Reduced Market Growth

The pandemic of COVID-19 brought a massive downfall in all the industries globally. Lockdowns and restrictions imposed by the government became the major barriers for the functioning of all the markets. Materials were not available easily, and there was also a scarcity in skilled workforce. As a result, all the industries faced downfall during the market.

Agriculture, construction, and mining sectors were adversely affected as they are large-scale industries, and the resources required to operate them, are also huge. Manpower is the primary requirement for mining industry. With unavailability of labors mining industry faced a tough situation during the pandemic. A raise boring rig is used in mining industry. Therefore, the raise boring rig market decline during this period.

LATEST TRENDS

"Incorporation of Digital Technology in Market to Increase Market Growth"

Digitalization has taken all the industries by storm. With the incorporation of technology, the efficiency of production through raise boring rig has increased. Smart storage, artificial intelligence, and intelligent automation have improved the market situation.

With the usage of all the above-mentioned technologies, the portfolio of the market is expanding. Sales can also be monitored easily, and operational efficiency can be maintained. These machines are extensively used in the mining industry. All of this is considered as the latest trend in the raise boring rig market.

RAISE BORING RIG MARKET SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments.

Raise-boring, down-reaming, and, box-holing.  The raise-boring are the segment that is expected to lead the market during the forecast period.

• By Application:

Classification based on application is as follows:

Underground mining industry, hydropower project, civil construction industry, and, others.  The underground mining segment is expected to lead the market during the forecast period.

DRIVING FACTORS

"Growing Demand for Raise Boring Machines from Construction Sector to Increase Market Growth"

Along with being used in the mining industry raise boring rigs are also used in the construction industry. These machines help in underground mining. They are capable of digging a hole between two levels of mines. This can be carried out even without the usage of explosives. Therefore, these devices are considered to be suitable to be used in the construction sector.

Urbanization and industrialization have led to the development of the construction sector.  Numerous infrastructures are being constructed in developing economies. Raise boring rigs are being used in the construction sector.  They can easily drill holes with large diameters into the ground with minimum effort. Growing demand for hydraulically powered machines will propel the demand for raised boring rigs.  Hydraulic power machines are preferred over traditional machines because they complete the work faster with much more efficiency. All of these factors are prone to bring lucrative growth opportunities to the market.

"Usage of These Equipments in Oil and Gas Sector to Amplify Market Growth"

These machines have several industrial as well as commercial applications. These equipments are highly versatile and can be used in construction, mining, and the Oil and Gas sector. The oil and gas market are one of the largest markets in the world.  The investments being made in oil and gas exploration have increased. This has positively affected the offshore and onshore mining industries.

Two of the most commonly found raise boring machines are mobile raise boring machines and stationery raise boring machines. Both of these equipments are suitable for different purposes. A mobile raise boring machine is mainly used for building infrastructures.  They facilitate lowering and lifting of building materials like bricks, blocks, and cement.  Whereas stationary raise boring machine is used for extracting water from mines. These devices are self-propelled as they are equipped with a diesel-based engine.  Hence the usage of raise boring rigs will be highly convenient.  All of these factors are accelerating market growth.

RESTRAINING FACTOR

"High Initial Investments to Decrease Market Growth"

One of the major disadvantages of raise boring rigs is that the investment that has to be put in the initial stages is high. These are heavy machinery and are usually costly. This can hamper the market growth.

Operating these devices is considered to be a very complex task. The operator must be skilled in order to operate these machines efficiently. If skilled laborers are not available to operate raise boring devices the task cannot be completed properly.  All of these factors can bring down the raise boring rig market share. 

RAISE BORING RIG MARKET REGIONAL INSIGHTS 

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"Asia Pacific To Dominate Market During Forecast Period"

Asia Pacific is predicted to dominate the market share during the forecast period. Some of the important factors that have facilitated the growth and development of the market in Asia Pacific include the growth of the construction industry. With the increase in disposable income of people, the number of residential infrastructures has increased.

 These machines are also used in the mining industry. Countries in Asia Pacific like China and India have vast underground resources. Raised boring machines are used in excavating these resources. All of these factors have led to the development of the market in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Epiroc (Sweden)
• Herrenknecht (Germany)
• TRB-Raise Borers (Finland)
• Palmieri Group (Italy)
• Terratec (U.S.)
• Stu Blattner (U.S.)
• Changzhou Liding Colliery Machinery
• Chuangyuan High-Tech Machinery (China)
• Jining Zhuoli Industrial Equipment (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.