New York, USA, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global blast monitoring equipment market is envisioned to garner $412.7 million in revenue and rise at a CAGR of 5.2% over the estimated timeframe from 2022 to 2031.
As per our analysts, with the increasing blasting activities all across the globe due to the increasing demand for industrial explosives, the blast monitoring equipment market is predicted to experience remarkable growth during the forecast timeframe. Besides, the growing density of the population has increased construction activities globally which is expected to foster the growth of the market throughout the analysis period. Moreover, the rising development in blast monitoring technology is predicted to create expansive growth opportunities over the forecast period. However, the dependability issues with the monitoring system forecasting capabilities may hinder the growth of the market during the estimated timeframe.
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Segments of the Blast Monitoring Equipment Market
The report has divided the market into segments based on product type, end-use industry, application, and region.
Product Type: Real-Time Dust Monitors Sub-Segment to be Most Profitable
The real-time dust monitors sub-segment is predicted to have the fastest growth during the analysis timeframe. This is mainly because real-time dust monitors can analyze dust controls quickly. Moreover, the real-time dust monitor can be used with a video camera to monitor whether elevated dust levels occur throughout the day monitoring which is expected to foster the growth of the market sub-segment over the forecast period.
End-Use Industry: Mining & Construction Sub-Segment to be Most Lucrative
The mining & construction sub-segment is predicted to hold the largest share of the market throughout the estimated timeframe. This is mainly due to the increasing use of mining and construction equipment in the construction of both residential and non-residential structures. In addition, the mining equipment is feasible to reduce labor and eliminate the need for explosives and bursting which is expected to augment the growth of the blast monitoring equipment market sub-segment throughout the analysis period.
Application: Underground Mines Sub-Segment to be Most Productive
The underground mines sub-segment is expected to hold the maximum share of the market during the estimated period. The increasing use of blast monitoring equipment in underground mining for the extraction of rocks and minerals from the subsurface is predicted to propel the growth of the market over the forecast period.
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Asia-Pacific Region to Hold the Highest Share of the Market
The Asia-Pacific region of the blast monitoring equipment market is expected to have the greatest share of the market throughout the analysis period. This is mainly due to the improved applications of blast monitors across manufacturing operations in diverse industrial sectors. In addition, the rising acceptance of predictive maintenance equipment, expansion of manufacturing activities, and low labor costs in the developing countries in this region are expected to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Blast Monitoring Equipment Market
The outbreak of the Covid-19 pandemic has negatively impacted the blast monitoring equipment market. The disruptions in the supply chain, the closing of manufacturing facilities, and a global economic slump have decreased the demand for blast monitoring equipment. Moreover, the quarantine restrictions and closure of mines due to the spontaneous spread of the coronavirus have hampered mining activities. All these factors have declined the growth of the market throughout the crisis.
Key Players of the Market
The major players of the blast monitoring equipment market include
- Hexagon AB
- ECOTECH PTY LTD
- Core Lithium
- Acoem
- Maine Drilling and Blasting
- Orica
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in October 2022, GroundProbe, a global technology leader specializing in real-time solutions for measuring and monitoring geohazards, launched its new product BlastVision®, a world-first solution that delivers actionable blast performance insights for optimal safety and productivity. This product is designed to detect potential misfires, out out-of-sequence firing and to identify and track flyrock. Moreover, this would help in monitoring and mapping instantaneous blast damage to slopes and identifying movement on significant structures.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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
