Portland, OR, Feb. 26, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global blast monitoring equipment market garnered $253.3 million in 2021, and is estimated to generate $412.7 million by 2031, manifesting a CAGR of 5.2% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $253.3 million |
| Market Size in 2031 | $412.7 million |
| CAGR | 5.2% |
| No. of Pages in Report | 318 |
| Segments covered | Product Type, End Use Industry, Application, Region |
| Drivers | Increase in acceptance of sensors equipment in machine monitoring systems |
| Rise in acceptance of automated condition monitoring technologies and smart factory penetration | |
| Arrival of secure cloud computing platforms used in condition monitoring | |
| Opportunities | Increase in usage of IoT |
| Restraints | Effect of the governing rules of conduct |
| Lack of skilled technological resources for data analysis | |
| Unavailability of expertise at remote locations | |
| Blast monitoring equipment maintenance |
COVID-19 Scenario:
- The COVID-19 pandemic had a negative impact on various industries, including construction, resulting in a significant drop in construction sales. As blast monitoring is widely used in the construction industry, there was a significant reduction in the global demand for blast monitoring equipment.
- Due to import-export restrictions, closed borders, and supply chain disruptions, the demand for blast monitoring equipment in the chemicals industry was significantly reduced.
- Sales returned to normal when the pandemic was brought under control.
The research provides detailed segmentation of the global blast monitoring equipment market based on product type, end use industry, application, region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on product type, visibility monitors segment held the highest share in 2021, accounting for more than one-third of the global blast monitoring equipment market, and is expected to continue its leadership status during the forecast period. However, the real time dust monitors segment is expected to register the highest CAGR of 6.4% from 2022 to 2031.
Based on end use industry, mining and construction segment accounted for the highest share in 2021, contributing to more than one-fourth of the global blast monitoring equipment market, and is expected to maintain its lead in terms of revenue during the forecast period. The same segment is expected to manifest the highest CAGR of 6.6% from 2022 to 2031.
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In terms of application, the underground mines segment accounted for the highest share in 2021, holding around one-fourth of the global blast monitoring equipment market. The surface mining segment, on the other hand, is expected to maintain its lead in terms of revenue during the forecast period. Also, the same segment is estimated to grow at the highest CAGR of 7.7% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to around two-fifths of the global blast monitoring equipment market share. However, the North America is projected to maintain its dominant share in terms of revenue in 2031. This region is expected to manifest the fastest CAGR of 6.6% during the forecast period.
Leading market players of the global blast monitoring equipment market analyzed in the research include Stanley Black & Decker, hexagon ab, sigicom ab, Finexplo Oy, acoem, GeoSonics/Vibra-Tech Inc., elcometer, Orica Ltd, ids georadar, ShotTrack Pty Ltd, Inc.
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The report provides a detailed analysis of these key players of the global blast monitoring equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall Blast Monitoring Equipment market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global Blast Monitoring Equipment market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the Blast Monitoring Equipment market.
- The report includes the market share of key vendors and global Blast Monitoring Equipment market trends.
Blast Monitoring Equipment Market Key Segments:
Product Type
- Blast Monitors
- Real time Dust Monitors
- Dust Samplers
- Visibility Monitors
End-use Industry
- Defense
- Chemicals
- Mining and Connstruction
- Oil and Gas
- Others(Tunnels Roads)
Application
- Detonation
- Rock Blasting
- Others
- Underground Mines
- Surface Mining
- Demolition
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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