Blast Monitoring Equipment Market to Generate $412.7 Mn by 2031Download Sample Reports Overview
The Global Blast Monitoring Equipment Market Size is predicted to be valued at $412.7 million by 2031, surging from $253.3 million in 2021, at a CAGR of 5.2%.
Impact Analysis of COVID-19 on the Blast Monitoring Equipment Market
The pandemic of COVID-19 had a significant impact on the blast monitoring equipment industry. The COVID-19 pandemic and its spread have caused significant economic damage throughout the world. Closures of manufacturing plants and disruptions in supply chains have had a global impact on the process, construction, and mining sectors. Many companies’ activities have been influenced by various social distancing principles. Several industrial enterprises have closed, disrupting the supply chain and impeding the growth of the blast monitoring equipment market. Because of the emergence of COVID-19, all industrial companies have been forced to review their blasting plans and implement quicker solutions in order to maintain supply chain stability.
Global Blast Monitoring Equipment Market Analysis
Several sectors, including oil and gas, construction and mining, and chemicals, require blast monitoring equipment systems since various equipment used during production require continual monitoring. The increase in the usage of blasting equipment systems during the blast is one of the factors expected to drive the demand for blast monitoring equipment. The increase in awareness regarding the safety products of people during the blast such as safety helmets, jackets, boots, goggles, and others, is also predicted to drive the growth of the global market.
It is essential to differentiate between the harmful effects of external forces and the vibration effects of blasting on construction. During construction, environmental factors including climate change and erosion are witnessed to cause significant structural damage over time. Factors such as rainfall, daily and seasonal temperature changes, and alterations to the properties of construction materials owing to the soil conditions, wind speed and direction, wetness and drying, and soil conditions loads, as well as a human activity, are expected to cause the damage. These factors are projected to hinder the blast monitoring equipment market growth during the forecast period.
The global blast monitoring equipment market growth is rising due to factors such as the increase in implementation of automated condition monitoring technologies and the rising awareness of predictive maintenance. An increase in demand from emerging applications such as measuring and controlling a range of potential environmental impacts in surface and underground mining, as well as infiltration in factories, is anticipated to create growth in the blast monitoring equipment market opportunity. Global industrialization has led to a surge in the number of applications that require blast monitoring, which has boosted the blast monitoring equipment demand. The major use of blast monitoring equipment in industries is to monitor process measurements such as temperature, pressure, voltage, current, flow, or speed, and to deliver alarms if a process parameter exceeds a predetermined range, which is expected to favor market growth.
Global Blast Monitoring Equipment Market, Segmentation
The blast monitoring equipment market is segmented on the basis of product type, end-use industry, application, and region.
The product type segment is further classified into blast monitors, real time dust monitors, dust samplers, and visibility monitors. Among these, the blast monitors sub-segment accounted for a second dominant market share in 2021. Blast monitors have been proven to improve blasting techniques in both underground and surface mining. The blast record comprises a variety of data required to evaluate the performance of a vibration. The charges that produce the highest vibration levels can be identified. Blast monitors are most likely to be the source of the most damage during the blast. The effects of charge density, charge period, and explosive strength may be calculated in a blast recorder. These are expected to be the primary factors influencing the blast monitoring equipment market size during the forecast period.
The end-use industry segment is further divided into defense, chemicals, mining & constriction, oil & gas, and others. Among these, the mining & construction sub-segment accounted for a dominant market share in 2021. An increase in construction and mining activities for technically superior solutions from developing countries is the factor that is expected to boost the global blast monitoring equipment market trend. Mining is a significant source of high-value labor for the construction industry. Mining & construction activity comprises the creation of new mines, expansion, upgrading, and optimization of existing mines, as well as the building and improvement of transportation infrastructure.
The application segment is further classified into underground mines, surface mining, demolition, detonation, rock blasting, and others. Among these, the underground mines sub-segment accounted for a dominant market share in 2021. As underground entrances are more expensive to construct and manage than rock or soil slopes, underground miners need to spend more money and design time to ground control than surface mines and quarries. When employing classic underground mining processes such as shrinkage and cut-and-fill, workers are directly exposed to the potentially unstable ground in the mineral zone. When bulk mining procedures such as blasthole stopping are used, workers do not have access to the mineral zone.
The blast monitoring equipment market in North America is projected to witness the fastest growth by 2031. A rising number of technically innovative solutions are being adopted in a range of end-use industries, and North America is leading the world in the manufacturing of blast monitoring equipment products. Additionally, the existence of the major market competitors, the increase in R&D initiatives, and the simplicity of using cutting-edge technology in numerous end-use industries are projected to drive the blast monitoring equipment market share in the region during the forecast years.
Key Players in the Global Blast Monitoring Equipment Market
Some of the leading blast monitoring equipment market players are
- ECOTECH PTY LTD
- Hexagon AB
- Core Lithium
- Maine Drilling
In September 2021, Orica, launched 4D, its latest bulk explosives technology at MINExpo, Las Vegas. The ground-breaking 4D bulk technology makes it possible to adjust the explosives' energy in real-time to the geology during a blast, leading to increases in fragmentation, on-bench productivity, and a general decrease in drill and blast costs.