Market Summary:

The global Underground Mining Diamond Drilling Market had a value of USD 500.32 million in 2022 and is anticipated to reach USD 844.74 million by 2032, exhibiting a robust revenue Compound Annual Growth Rate (CAGR) of 6% over the forecast period. The growth in market revenue is primarily attributed to the increasing demand for essential minerals and metals like gold, copper, and nickel, which serve as critical components in various industrial applications. The utilization of diamond drilling in underground mining, crucial for assessing the quantity and quality of mineral deposits, is a key driver behind the surge in demand for diamond drilling systems in the mining sector.

Technological advancements in diamond drilling equipment, including the adoption of automated drilling rigs and software-enabled drilling systems, are contributing to increased revenue in the market. These advancements enhance drilling precision and efficiency, resulting in reduced drilling time and improved accuracy of drilling data. This, in turn, assists mining companies in reducing operational costs and enhancing productivity.

Furthermore, the escalating need for minerals such as copper, nickel, and cobalt, which play vital roles in the production of renewable energy sources like solar panels and wind turbines, is driving the demand for these minerals. Consequently, the mining industry is expected to witness a growth in demand for diamond drilling equipment in response to the increasing need for these essential resources.

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Strategic Developments:

·         In 2021, Sandvik AB unveiled a partnership with IBM to advance its automation capabilities in underground mining diamond drilling operations. This collaboration is geared towards harnessing the potential of artificial intelligence (AI) and machine learning (ML) to enhance drilling precision and diminish wastage and downtime.

·         During 2020, Epiroc AB introduced the Boomer M20, a cutting-edge underground diamond drilling rig. This rig incorporates sophisticated automation technology, featuring a novel drilling control system and a fully automated rod handling system, with the intent of enhancing drilling efficiency and safety.

·         In the same year, Boart Longyear Ltd. launched its innovative XQ Wireline Coring Rod System, which incorporates a unique locking mechanism to boost safety and efficiency during underground diamond drilling activities. The system also encompasses a variety of new drill bits and reaming shells that have been optimized for top-notch performance and durability.

·         In 2019, DMC Mining Services entered into a strategic partnership with Redpath Mining Contractors and Engineers, with the aim of delivering comprehensive underground mining services, including diamond drilling, to mining clients across North America.

·         Also in 2019, Goldcorp Inc. initiated a collaboration with IBM to develop an AI-powered solution tailored for underground diamond drilling operations. This solution, incorporating IBM's Watson technology, seeks to enhance drilling precision and efficiency while simultaneously reducing costs and environmental impact.

Underground Mining Diamond Drilling Market Report Scope

Leading Key Players in the Market:

Some of the major players in the global underground mining diamond drilling market include:

·         Sandvik AB

·         Atlas Copco AB

·         Epiroc AB

·         Boart Longyear Ltd.

·         DMC Mining Services

·         Goldcorp Inc.

·         Rio Tinto Group

·         Newmont Corporation

·         Barrick Gold Corporation

·         Anglo American plc

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