The remote firing systems market is projected to grow from an estimated USD 469.0 Million in 2017 to USD 531.0 Million by 2022, at a CAGR of 2.51% during the forecast period. New infrastructure development, redevelopment of existing infrastructure, mining & quarrying, and underwater drilling & blasting operations for expanding sea routes and ports are factors expected to drive the remote firing systems market during the forecast period.
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Based on application, the remote firing systems market has been segmented into mining & quarrying, construction, road construction, and military. The mining & quarrying application segment is estimated to account for the largest market share in 2017. Increasing mining & quarrying activities specifically in emerging economies like India & China and rising mineral explorations in African countries are factors influencing the growth of the remote firing systems market in mining & quarrying application.
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Asia Pacific accounted for the largest share of the remote firing systems market in 2016, followed by North America and Europe. Australia is estimated to account for the largest share of the Asia Pacific remote firing systems market in 2017 due to increased underground & surface mining activities in the country. Other emerging economies like India and China are increasing their mining and dredging activities so as to cater to the increasing demand for minerals and infrastructure on account of the surge in economic development.
Detonators are one-time components in remote firing systems which get destroyed when the explosives are detonated in blasting operations. Detonators contain primary explosives that help in initiating detonation in secondary and tertiary explosives. With the growing dredging, mining, and quarrying activities, the demand for remote firing systems is also expected to increase. As detonators are the prime components in remote firing systems, the growth in mining, quarrying, and blasting operations is expected to drive the detonator segment of the remote firing systems market during the forecast period.
As per a UN report, 60% of the world’s population will live in cities by 2030, from 22% in 2016. The number of megacities (population above 10 million) is also expected to grow in the coming years. With increasing population, the infrastructure required for civil transportation and logistics will also increase. As these infrastructure projects involve blasting operations, the remote firing systems market is expected to grow.
By region, the remote firing systems market in Africa is estimated to witness the highest CAGR during the forecast period, owing to the vast deposits of unexcavated metals, availability of cheap labor, and the growing interest of mining companies to set up operational facilities in this region. Increasing mining activities and installation of operational facilities by nearly 40% of the global mining companies are expected to drive the Africa remote firing systems market.
Orica Mining Services (Australia), Dyno Nobel (Australia), Solar Industries Limited (India), and Dynitec (Germany) are some of the major players in the remote firing systems market.
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