Heavy industries hold over 50% revenue share in the rock cutting tools market for oil and gas and mining industries. To explore natural resources of oil and gas, these tools operate under severe conditions such as under the sea beds or landscapes. This factor is raising a requirement for more efficient equipment. In mining sector, these rock cutting tools are used to drill and extract metals and minerals but new technology such as rock blasting, water hydraulic rock drills, and vibration assisted tools are taking over. Moreover, use of other non-conventional energy resources and regulations to reduce carbon emission is on the rise worldwide. All these factors are expected to affect the market for rock cutting tools used in oil and gas industry.
This report is a thorough study of current trends in the market, growth drivers in the industry, and restraints. It provides market projections for the future. It includes analysis of recent developments in technology and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Global Rock Cutting Tools Market for Oil and Gas and Mining Industries: Opportunities and Restraints
The discovery of new reserves of natural resources, especially of shale oil in various regions around the world, is one of the prime factors raising the demand for rock cutting tools for the oil and gas and mining industries. Oil and gas and mining projects are carried out under hostile conditions and include cutting into the rock covering the digging surfaces on lands or sea beds. Only a few types of efficient equipment can perform these tasks and there is a need for more innovative tools. Only a few major players in the heavy industry hold more than 50% of the global revenue in the market. Both these conditions of discovery and lack of competition are creating an opportunity in the rock cutting tools market for oil and gas and mining.
Apart from discovery and exploration of natural resources, the mining sector is another major user of rock cutting tools. The mining is done for the extraction of metals, minerals, coal, and precious stones among others. Rock cutting tools are also frequently used in the construction sector. New shale oil resources found around the world need to be explored with the help of these rock cutting tools. Also, rise in population is raising the demand for oil and gas and mining byproducts. These two factors are expected to sustain the global demand for rock cutting tools.
Global Rock Cutting Tools Market for Oil and Gas and Mining Industries: Geographical Outlook
Economic slowdown due to reduction in growth rate of China and economic crisis faced by Europe is leading to a reduction in demand of rock cutting tools for oil and gas and mining industries. Moreover, several countries are shifting their focus on other non-conventional resources of energy, resulting in a slowdown in requirement of rock cutting tools.
Rise in population, especially in India and China, has affected the demand of power supply. These developing nations are trying to increase their supply capacity to control the fluctuations in power supply currently.
Companies mentioned in the research report
In order to provide an insight into the competitive landscape, the report profiles some of the prominent names in the rocket cutting tools market for oil and gas and mining industries. They are: Gandtrack Ltd., Sandvik Mining and Construction, Mitsubishi Materials Corporation, TFT-PNEUMATIC, PetroArc International, LLC, Trow and Holden Company, Nakoda Machinery Pvt. Ltd., and Widespread Industrial Supplies, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.