Rise Boring Rig Market Size, Share, Growth, And Industry Analysis, By Type (Normal Diameter, Large Diameter), By Application (Mining, Power Industry, Underground Construction, Others) and Regional Forecast From 2024 To 2031

Updated On: 08 April 2024

Rise Boring Rig Market Report Overview

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The global rise boring rig market size was USD 195.1 million in 2022. As per our research, the market is expected to reach USD 257 million by 2031, exhibiting a CAGR of 3.1% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with the rise boring rig market experiencing higher/lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

An underground miner uses a raise borer to drill a circular hole between two levels of the mine without using explosives. Without using explosives, raise boring offers a safe way to drill a circular hole between two levels of a mine. To drill a small hole, known as the pilot hole, through to the cavity below, a raise boring machine is positioned on a platform on the upper level. Once the drill has made it through, the pilot bit is withdrawn, and it is then replaced by a reamer head that is spun and raised back towards the raise boring machine, having the necessary shaft diameter. The reaming process produces a cylindrical hole with smooth walls, and the drill bits from the reamer head fall to the bottom of the hole. The underground mining sector, hydropower projects, the civil construction business, and other industries are the application-based segments of the global market for raise boring machines. The main application segment, underground mining, is anticipated to increase rapidly between 2022 and 2030. This development can be ascribed to an uptick in demand for metals and minerals across a range of end-use sectors, including the construction, electronics, and automotive industries. Due to the rapid industrialization, urbanization, and infrastructure development initiatives being undertaken in several developing nations, including China, India, Brazil, and others, which are likely to invest a sizable sum in hydropower generation projects over the next few years, raising boring machines was another important application segment that accounted for over 20% of total market revenue. Due to massive R&D initiatives being undertaken by key businesses there like Caterpillar Inc., the civil construction industry also contributed a sizeable portion.

COVID-19 Impact: Growth is driven by uninterrupted mining production and exploration despite the COVID-19 pandemic

As a result of the COVID-19 outbreak, 2020 was a notable year for this sector. Even though there were travel restrictions and a state of emergency, the boring industry was still operating. Additionally, throughout the operational downtime, ongoing R&D efforts were supported, creating the opportunity created by the global epidemic. The businesses have noticed significant changes in the revenue and duration of their operations, which they might exploit to create innovations to strengthen their position. Due to the COVID-19 outbreak, the market growth for machine condition monitoring fell in 2020. Supply chain interruptions, decreased production of the hardware needed for machine condition monitoring systems, and a halt to commercial and industrial activity were the hallmarks of the post-COVID-19 scenario. As a result, the market suffered in 2020 in all areas; however, with the economic recovery, the market has gained some pace.

Latest Trends

"Continuous Product Launches for Sustainable Boring Methods to Drive Market"

To measure the depth of tracking aid properly and precisely, drilling services are known as drilling services in the boring business. Drilling services can increase the productivity of mining operations and the workforce's safety. To increase the process output, a number of significant market players are regularly expanding their product offerings for the mining sector. They do this by engaging in R&D operations. The key participants' primary priority includes finding a sustainable solution for the mining industry.

Rise Boring Rig Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into normal diameter, large diameter. Normal diameter is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into mining, power industry, underground construction, others. Mining will be the dominating segment.

Driving Factors

"Increasing Metals & Mineral Exploration to Influence Market Dynamics"

At mining sites, drilling is mostly utilized for two purposes: exploration, which aims to learn more about the subsurface land formation, and production, which makes it easier to collect iron ore from the earth. Numerous expenditures to discover and create new metals and minerals to meet the expanding demand for metals are anticipated to be one of the key drivers of the market's expansion. Many public and private organizations are intentionally putting aside funds to discover new resources and expand their market reach. At the Chapada mine in Brazil, for instance, Lundin Mining Corporation discovered a new copper-gold mineralized system named Sava in February 2022. By the end of 2021, Lundin began diamond drilling at Sava as part of its continuous exploration efforts with the goal of improving the estimation of the mineral resources at Chapada mines.

"Significant Mining Industry Growth to Fuel Market Growth"

In order to assess whether it would be profitable to mine a particular deposit, identify the type of mineable mineral deposits that are present below the surface, manage and evaluate mine tailings, or assess the viability of reclaiming a former mine site, drilling services are in high demand. The market during the forecast period may benefit from a rise in demand for mining activities across a number of areas. The increased output of metals like copper and iron ore has led to an increase in mining activity in countries like India, China, Russia, and Australia, among others. New projects and expansions that are anticipated to drive the market for mining drilling services may sway the trend. For instance, China Nonferrous Mining Corp. invested in numerous modest projects including Baluba and Muliashi North in Zambia on March 12, 2021, with a total deal value of less than USD 100 million. Furthermore, Chinese businesses increased their investments in the region as a result of their non-ferrous mining experience in Africa.

Restraining Factors

"Environmental effects and metal price volatility limit market expansion"

Due to mining practices, the mining industry has a significant negative influence on the environment. Mining operations have the potential to seriously damage species and ecosystems, pollute the air and drinkable water supplies, and permanently alter natural landscapes. Therefore, both active and inactive mines have significantly harmed the ecology. In addition, mining operations, such as underground mining, may result in land sinking and tunnel disintegration, which are typically caused by extensive rock movement and may cause a project to be postponed or abandoned.

Rise Boring Rig Market Regional Insights

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"Asia Pacific will have the largest share during forecast period"

In terms of revenue share, the Asia Pacific region dominated the world market for raise boring machines. The existence of sizable mining and construction sectors, which need heavy gear for effective operations, is credited with driving regional growth. Among the major nations, China and India have abundant subsurface resources that must be mined with the aid of mechanized machinery like elevated boring machines. Additionally, it is anticipated that rising foreign investments from companies including Caterpillar Inc., Hyundai Heavy Industries Co., Ltd., Komatsu Ltd., Kubota Corporation, and Volvo AB will fuel regional demand during the projection period. Due to the increasing demand for mechanized equipment utilized in extractive industries across the U.S., Canada, Mexico, Brazil, Argentina, etc. — all key mining nations worldwide — North America is predicted to have significant growth over a CAGR surpassing 5% during the forecast period.Additionally, it has been noted that the majority of these initiatives were chosen, making this a unique opportunity for investors worldwide.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Herrenknecht AG
• Epiroc
• Terratec
• Rhino
• Master Drilling
• Changzhou Jianfei Machinery Manufacturing
• Ningxia Tiandi Benniu Industrial Group

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.