Roof Bolters Market Is Expected To Witness Significant Growth With Upcoming Tunnel Projects And Underground Power Plants Construction
According to a new market report published by Credence Research Inc “Roof Bolters Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2026,” the global market for roof bolters is expected to witness considerable growth with steady retrieval in the mining activities due improving economic conditions and continuing recovery in commodity prices. In addition, increasing number of tunnel project across the globe is also expected spur the demand for roof bolters market. Moreover, introduction of stringent safety regulations in mining and tunneling projects The global market for roof bolters is expected to cross US$ 3,750.0 Mn in 2026 at a CAGR of 4.2% throughout the forecast period from 2018 to 2026.
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Track mounted roof bolters is the largest product and expected to remain the largest product category throughout the forecast period. This segment also expected to be the most attractive product type category with continuous automation of mining activities particularly in emerging markets in Asia Pacific, Africa and Latin America. Mine operators are increasingly investing in advance machineries in order to automate mining operation and meet mandatory health and safety guidelines introduced by governments in respective countries. At present, single boom roof bolters is the dominant product category in the track mounted roof bolters. However, dual boom roof bolters are expected to witness considerable growth with rising need of enhanced productivity levels.
Mining is the largest application segment for roof bolters. Increasing demand for commodity products motivating mine operators to increase their productivity by investing in advance mining equipment. This is driving the demand for track mounted roof bolters in the near future. Tunneling is the most attractive segment for roof bolters as countries across the world are investing significant amount in road, highway and underground rail projects.
In 2017, North America accounted for the largest revenue share in the global roof bolters market by region. Asia Pacific is expected to witness the considerable growth throughout the forecast period with growing mining projects and underground rail and power plant projects in the region. Moreover, Latin America and Africa also projected witness significant growth with growing mining operations in these regions.
The global mining equipment industry is highly competitive and dominated by recognized players in the market. Roof bolters manufacturers are looking forward to introduce advance solutions which enhances mining speed and meet mine safety regulations. Some major players in the global roof bolters market includes Komatsu Ltd, Caterpillar Inc., Atlas Copco AB, Sandvik AB, MacLean Engineering, Eaton Corp, J.H. Fletcher & Co, Quarry Mining, Rambor and others.
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