The remote firing systems market is projected to grow from USD 469.0 Million in 2017 to USD 531.0 Million by 2022, at a CAGR of 2.51% during the forecast period. The market is diversified and competitive with a large number of players present. Factors such as rising expenditure on infrastructure development & modernization programs, increasing mining activities, and increasing underwater and drilling operations due to growth in global sea trade are expected to drive the remote firing systems market. New product launch, acquisition, and expansion were the key strategies adopted by industry players to grow in the remote firing systems market. Companies dealing in initiating devices and detonators focus on long-term opportunities from emerging economies. The core competency of these companies is their wide geographical presence
The key players in the remote firing systems market have been identified through the annual market revenue generated by them from various business segments, and from the delivery of remote firing systems and their maintenance-related services. Orica Mining Services (Australia), Solar Industries Limited (India), and Dyno Nobel (Australia) are some of the leading market players. Asia Pacific and North America are the leading regional markets for remote firing systems.
Founded in 1874, Orica Mining Services is one of the oldest and most competent manufacturers of remote firing systems. It is a key exporter of initiating devices and detonators and has a presence in over 100 countries. The company mainly caters to the demand of commercial explosives and initiating systems. The company focuses on exploring new regions for its products and services and has been concentrating on maintaining an effective supply chain and aftermarket services. Till date, the company has produced 35 million electronic detonators. The company has also been investing heavily in R&D since the past three years. It excels in providing components and blasting services to sectors such as civil tunneling, surface & underground mining, quarrying, and construction.
Founded in 1955 and headquartered in Nagpur (India), Solar Industries Limited is a major Indian manufacturer and defense contractor specializing in the design and development of military ammunition and explosives, such as bombs, warheads, bullets, and rocket & propellants. The company also offers services to the commercial mining sector and is the largest manufacturer of initiating devices in India. Solar Industries Limited has a very wide product offerings catering to both the military and commercial sectors. The company’s prime strategy is to be self-sufficient in terms of the products and services it offers by focusing on research and development and increasing its operational facilities. The company offers various types of initiating devices and is present in 42 countries. The company is trying to further increase its international footprint by opening new facilities in countries like Turkey, Nigeria, and Zambia. The company’s new facility in South Africa is scheduled to commence in FY 2017.
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
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