The remote firing systems market is projected to reach USD 531.0 Million by 2022, at a CAGR of 2.51% from 2017 to 2022. The growth of the market can be attributed to the increasing mining & quarrying activities and the various infrastructure development projects across the globe.
According to the new market research report "Remote Firing Systems Market by Initiating Devices (Initiation Systems, Detonators), Application (Mining & Quarrying, Construction, Road Construction, & Military) & Region (North America, Europe, Asia-Pacific, South America, Africa) - Global Forecast to 2022", 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.
Browse 73 Market Data Tables and 23 Figures spread through 113 Pages and in-depth TOC on "Remote Firing Systems Market - Global Forecast to 2022"
Based on initiating device, the detonator segment is estimated to lead the market during the forecast period
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.
Based on application, the road construction segment is projected to grow at the highest CAGR 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.
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The Africa remote firing systems market is projected to grow at the highest CAGR during the forecast period
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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