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Significant Decline in Discoveries Causing Hardships for Stakeholders during COVID-19 Crisis

Oil & gas exploration projects have been highly influenced by the coronavirus crisis around the world. As such, Russia has emerged resilient during the pandemic, in terms of new discoveries, whereas a significant drop in rigs in the U.S. from 2019 to 2020 is concerning stakeholders. A significant decline in discoveries is causing hardships for stakeholders in the offshore industry and the exploration core drilling tools market for mining industry.

The production is projected to remain relatively flat in the sought-after oil and gas fields of the Gulf of Mexico. Such findings are affecting business activities in the exploration core drilling tools market for mining industry. Stakeholders are increasing efforts to avoid project cancellations and postponement, owing to uncertain economic conditions.

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Lack of On-site Training Posing Hurdle in Market Expansion

The exploration core drilling tools market for mining industry is expected to expand at a sluggish CAGR of ~3% during the protected period. However, finding reliable staff and lack of training are emerging as challenges in the diamond drilling industry. Companies are gaining awareness about these issues and investing in training of the workers. Their training modules involve the importance of personal protective equipment (PPE), working safety around a diamond drill and understanding of hand tools found on the rig.

Workers in the diamond drilling industry are being trained to check, maintain, and store equipment, and are taught to avoid fire hazards at sites. The on-site training is helping stakeholders in increasing productivity levels of employees, which contribute to increased bottom lines of a company.

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Hydraulic Systems in Chuck Drive Coring Rigs Enabling Diamond Core Drilling

Apart from drill rods and core barrels, companies in the exploration core drilling tools market for mining industry are increasing the availability of rigs. Boart Longyear - a global mineral exploration company is expanding its portfolio in rigs to increase the availability of diamond core drilling solutions for both shallow and deep holes. Surface rigs are being highly publicized in the category of top drive coring, chuck drive coring, and multipurpose rigs.

The companies in the exploration core drilling tools market for mining industry are innovating in top drive coring rigs, which ensure productivity and safety of employees. Loader and top drive coring rig combinations provide simple and fast rod tripping that is 100% hands-free. On the other hand, powerful hydraulic system and ergonomic controls in chuck drive coring rigs are enabling diamond core drilling even in harsh conditions.

Innovative Drill Rods Gaining Prominence in Standard Depth, Deep Hole Applications

The underground core drilling, with the help of rigs, coring rods, casing, and subs, are translating into incremental opportunities for companies in the exploration core drilling tools market for mining industry. Manufacturers are increasing their production capabilities in rods with various thread types in order to meet specific drilling needs of clients. Standard depths, deep holes, and wide diameter holes are sparking innovations in drilling rods.

Manufacturers in the exploration core drilling tools market for mining industry are boosting their output capacities in diamond bits that are highly versatile and capable of adjusting from one ground formation to another.

Cutting-edge In-the-hole Drilling Tools Minimize Downtime, Maximize Profitability

Innovations in in-the-hole drilling tools are contributing to the growth of the exploration core drilling tools market for mining industry. Atlas Copco - a Swedish multinational industrial company is providing in-the-hole drilling tools, including rigs, drill rods, and conventional core barrels to tap revenue opportunities in underground and surface exploration applications. The cutting-edge casing and diamond bits are being designed to maximize end user or client profitability.

The companies in the exploration core drilling tools market for mining industry are offering equipment that minimize downtime and maximize productivity. End users and clients are opting for ISO (International Organization for Standardization) certified rigs, tools, and equipment. Equipment companies are guiding clients about different surface style selections and drill rods that align with specific drilling requirements.

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Analysts’ Viewpoint

The decline in the demand for oil and its low prices have driven oil companies to lower their exploration budgets for 2021 and postpone exploration projects amid the ongoing coronavirus crisis. Equipment companies are innovating in multipurpose rigs that are configurable as per various drilling techniques during explorations. The exploration core drilling tools market for mining industry is projected to reach US$ 1 Bn by 2031. However, lack of training and reliable workers in the diamond drilling industry is causing an impediment in market expansion. Hence, companies should invest in on-site training of workers to capitalize on underground, geotechnical drilling and surface exploration applications.

Exploration Core Drilling Tools Market for Mining Industry: Overview

  • According to Transparency Market Research’s latest research report on the global exploration core drilling tools market for mining industry for the forecast period of 2021 to 2031, increase in usage of minerals in industrial applications is expected to boost the global exploration core drilling tools market for mining industry during the forecast period
  • Increase in investment in the mining industry and significant rise in the demand for minerals & metals in industries such as automobile, renewable, and manufacturing are anticipated to propel the exploration core drilling tools market for mining industry during the forecast period
  • Demand for exploration core drilling tools has been rising in China, India, Australia, Chile, Peru, and countries in Africa due to increase in mining activities. This trend is estimated to continue in the near future, thus boosting the exploration core drilling tools market for mining industry.
  • In terms of revenue, the global exploration core drilling tools market for mining industry is expected to reach US$ 1 Bn by 2031, expanding at a CAGR of ~3% during the forecast period

Rise in Mineral Exploration Activities in New Regions: Key Driver for Exploration Core Drilling Tools Market for Mining Industry

  • The mineral exploration industry, led by significant advancements in the exploration core drilling tools technology, is making even challenging geographical sites accessible, thus enabling the industry to expand in response to the rising needs of consumers. The international landscape of mineral exploration and development has been witnessing changes since the past few decades. The vast majority of mineral exploration from the year 2000 was undertaken by companies in Australia, Europe, Canada, and the U.S.
  • Based on the number of active and upcoming exploration sites, China remains the premier destination, followed by Australia, India, Canada, Latin America, Rest of World, and Africa. Latin America and Africa have been considered highly lucrative regions for mineral exploration by several companies since the last decade, due to their supportive mineral policies and successful historical record of mineral production and development.
  • Continuous new discoveries of mineral reserves and favorable policies from new regions are likely to lead to increase in mineral exploration budgets across the globe. This is expected to boost the demand for exploration core drilling tools for mining industry in the near future.

Growth in Usage of AI, Machine Learning in Exploration Core Drilling to Augment Exploration Core Drilling Tools Market for Mining Industry

  • The industry is focusing on improving efficiency at all levels, including mining equipment, exploration core drilling tools, and material handling equipment. Machine learning and artificial intelligence (AI) have the ability to resolve two of the mining industry’s biggest challenges: rising exploration costs and lack of new discoveries.
  • Mining companies are running out of easy-to-find surface deposits after decades of producing raw materials that modern civilization depends upon. Consequently, exploration teams are beginning to increasingly rely on expensive surveying and drill programs to find new deposits.
  • Exploration is one of the longest and inherently risky phases in the lifecycle of a mine. The goal of any early-stage exploration program, presently, is to collect, analyze, and interpret data to help focus on new deposit discoveries. Applying AI and machine learning to the task of mineral prospecting and exploration is a new phenomenon, which is gaining traction in the industry.
  • Mining companies are turning to AI and machine learning technologies to reduce capital risk and increase the rate of discovery, and help them analyze and interpret data more efficiently so that they can bring new discoveries to the market at a rapid pace and at a reduced cost. Thus, various companies are investing more in R&D of exploration core drilling tools. Rise in usage of AI and machine learning in exploration core drilling is anticipated to drive the exploration core drilling tools market for mining industry during the forecast period.

Exploration Core Drilling Tools Market for Mining Industry: Competition Landscape

  • Detailed profiles of manufacturers of exploration core drilling tools have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies. The exploration core drilling tools market for mining industry is consolidated. This can be ascribed to the domination of the limited number of players in the exploration core drilling tools market for mining industry.
  • Key players operating in the global exploration core drilling tools market for mining industry are
    • Husqvarna AB
    • Sandvik AB
    • Epiroc AB
    • Atlas Copco AB
    • TerraRoc
    • ROTHENBERGER Werkzeuge GmbH
    • MBI Global
    • AMKO MINING & DRILLING EQPTS. PVT. LTD
    • Saint-Gobain
    • HOLE PRODUCTS
    • Di-Corp
    • HAYDEN Diamond Bit Industries Ltd.
    • HAYDEN Diamond Bit Industries Ltd.
    • Imdex

Exploration Core Drilling Tools Market for Mining Industry: Major Developments

  • Key providers of exploration core drilling tools for mining industry, such as Sandvik AB, Atlas Copco (India) Ltd., MBI Global, Saint-Gobain, Di-Corp, and Hayden are focusing on geographical expansion to capture untapped markets. Major developments in the global exploration core drilling tools market for mining industry are highlighted below:
    • In December 2020, Sandvik AB completed the acquisition of entire business of the India-based Miranda Tools, comprising the manufacture of high-speed steel and solid carbide round tools. The acquisition enhanced the company’s product offering and facilitated an improved presence in key markets such as India, China, and Southeast Asia.
    • In September 2020, Atlas Copco and Perceptron entered into an agreement for former to acquire the latter, a leading supplier of automated metrology solutions, for US$ 7 per share. The acquisition of Perceptron would enable Atlas Copco to boost its customers’ productivity through best-in-class quality control and increased automation level.
  • In the global exploration core drilling tools market for mining industry report, we have discussed individual strategies, followed by company profiles of manufacturers of exploration core drilling tools. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global exploration core drilling tools market for mining industry.

Exploration Core Drilling Tools Market for Mining Industry – Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global exploration core drilling tools market for mining industry to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the exploration core drilling tools market for mining industry to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the exploration core drilling tools market for mining industry will progress during the forecast period of 2021 to 2031.

The report offers intricate dynamics about the different aspects of the exploration core drilling tools market for mining industry that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the exploration core drilling tools market for mining industry during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the exploration core drilling tools market for mining industry. The report estimates statistics related to the market progress in terms of value (US$ Mn).

This study covers a detailed segmentation of the exploration core drilling tools market for mining industry, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the exploration core drilling tools market for mining industry, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Exploration Core Drilling Tools Market for Mining Industry

The report provides detailed information about the global exploration core drilling tools market for mining industry on the basis of comprehensive research on various factors that are playing a key role in accelerating the market growth. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global exploration core drilling tools market for mining industry so as to help them design successful strategies and make target-driven decisions.

  • Which core drilling equipment segment would emerge as a revenue generator for the global exploration core drilling tools market for mining industry during the forecast period?
  • How are key market players successfully earning revenues in the competitive global exploration core drilling tools market for mining industry?
  • What would be the Y-o-Y growth trend of the global exploration core drilling tools market for mining industry between 2021 and 2031?
  • What are the winning imperatives of leading players operating in the global exploration core drilling tools market for mining industry?
  • Which application segment is expected to offer maximum potential to the global exploration core drilling tools market for mining industry during the forecast period?

Research Methodology – Exploration Core Drilling Tools Market for Mining Industry

The research methodology adopted by analysts for compiling the report on the global exploration core drilling tools market for mining industry is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the global exploration core drilling tools market for mining industry.

During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on the data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global exploration core drilling tools market for mining industry.

For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global exploration core drilling tools market for mining industry.

Exploration Core Drilling Tools Market for Mining Industry – Segmentation

TMR’s research study assesses the global exploration core drilling tools market for mining industry on the basis of core drilling equipment, application, and region. This report presents extensive market dynamics and growth trends associated with different segments and how they are influencing growth prospects for the global exploration core drilling tools market for mining industry.

Core Drilling Equipment
  • In-the-hole Tool
    • Drill Rod
    • Core Bit
    • Core Barrel
    • Others (including Casing Tube and Injection Anchor)
  • Diamond Product
    • Bit
    • Casing Shoe
    • Reaming shell
    • Others (including Wedge Tool)
Application
  • Underground Core Drilling
  • Surface Core Drilling
Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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