Global Explosion Monitoring Equipment Market Expected to Generate $412.7 Million by 2031: Allied Market Research
PORTLAND, OR, Feb. 26, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global explosion monitoring equipment market was worth US$253.3 million in 2021 and is expected to reach US$412.7 million by 2031 Dollars, generating a CAGR of 5.2% from 2022 to 2031. The report provides a comprehensive analysis of changing market dynamics, major segments, value chain, competitive scenario and regional landscape. This research provides valuable guidance to leading players, investors, shareholders and startups in developing strategies for sustainable growth and competitive advantage in the market.
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Report coverage and details:
Report Coverage Details Forecast Period 2022-2031 Base Year 2021 Market Size in 2021 $253.3M Market Size in 2031 $412.7M CAGR 5.2% Number of Pages in Report 318 Segments Covered Product Type, End Use Industry, Application, Region Drivers Increasing adoption of sensor equipment in machine monitoring systems Increasing adoption of automated condition monitoring technologies and penetration of smart factories Adoption of secure cloud computing platforms for condition monitoring Opportunities Increasing use of IoT restrictions Impact of applicable codes of practice Lack of qualified technological resources for data analysis Unavailability of expertise in remote locations Maintenance of explosion monitoring devices
The COVID-19 pandemic has had a negative impact on various industries, including construction, resulting in a significant drop in construction sales. As explosives monitoring is widely used in the construction industry, the global demand for explosives monitoring equipment has decreased significantly. Due to import-export restrictions, closed borders and supply chain disruptions, the demand for explosion monitoring equipment in the chemical industry had decreased significantly. As the pandemic was brought under control, sales returned to normal.
The study provides detailed segmentation of the global Explosion Monitoring Devices market by product type, end-use industry, application and region. The report details segments and their sub-segments using tables and figures. Market participants and investors can strategize according to the top revenue and fastest growing segments mentioned in the report.
Based on product type, the visibility monitors segment had the highest share in 2021, accounting for more than a third of the global explosion monitoring equipment market and is expected to continue its leading role during the forecast period. However, the real-time dust monitoring segment is expected to register the highest CAGR of 6.4% from 2022 to 2031.
Based on end-use industry, the mining and construction segment accounted for the highest share in 2021, contributing more than a quarter of the global explosion monitoring equipment market and is expected to maintain its revenue leadership over the forecast period. The same segment is expected to show the highest CAGR of 6.6% from 2022 to 2031.
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In terms of application, the underground mining segment accounted for the highest share in 2021, holding around a quarter of the global blast monitoring equipment market. The surface mining segment, on the other hand, is expected to maintain its sales leadership in the forecast period. Also, the same segment is expected to grow at the highest CAGR of 7.7% over the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing about two-fifths to the global explosion monitoring equipment market share. However, North America is forecast to maintain its dominant share in terms of sales in 2031. This region is expected to register the fastest CAGR of 6.6% over the forecast period.
The leading market players in the global explosion monitoring devices market analyzed in the study include Stanley Black & Decker, hexagon ab, sigicom ab, Finexplo Oy, acoem, GeoSonics/Vibra-Tech Inc., elcometer, Orica Ltd, ids georadar, ShotTrack Pty Ltd, Inc.
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The report provides a detailed analysis of these major players of the global Explosion Monitoring Devices Market. These players have applied different strategies like new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and hold dominant shares in different regions. The report is valuable for highlighting business performance, operating segments, product portfolio, and strategic moves made by market players to depict the competitive scenario.
Main benefits for stakeholders
This study includes an analytical presentation of the market size along with the current trends and future estimates to present the upcoming investment pockets. The overall Explosion Monitoring Equipment market analysis is determined to understand the profitable trends to gain a stronger foothold. The report provides information on key drivers, constraints and opportunities with a detailed impact analysis. The current Global Explosion Monitoring Equipment Market Forecast is quantitatively analyzed from 2021 to 2031 to assess the financial literacy. Porter’s Five Forces Analysis illustrates the strength of the buyers and suppliers in the Explosion Monitoring Equipment Market. The report includes key vendors’ market share and global explosion monitoring equipment market trends.
Explosion Monitoring Devices Market Segments:
Explosion monitors Real-time dust monitors Dust samplers Visibility monitors
Defense Chemicals Mining & Construction Oil & Gas Other (Tunnel Roads)
Detonation Rock blasting Other underground mines Open pit demolition
North America (US, Canada, Mexico) Europe (UK, Germany, France, Rest of Europe) Asia Pacific (China, Japan, India, South Korea, Rest of Asia Pacific) LAMEA (Latin America, Middle East, Africa)
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