According to the new market research report "Remote Electronic Unit Market by Application (Flight Control Surface, Landing Gear, Fuel System, Ice Protection System), End Use (Original Equipment Manufacturers, Aftermarket), Platform (Aircraft, Spacecraft), and Region - Global Forecast to 2022", The remote electronic unit market is projected to grow from USD 2.78 Billion in 2017 to USD 5.10 Billion by 2022, at a CAGR of 12.88% from 2017 to 2022. Manufacturers in the aerospace industry are taking efforts to make flight operations more cost-effective, which has led to an increased demand for lightweight aircraft. This increased demand is expected to provide several growth opportunities for the remote electronic unit market over the next five years. Miniaturization of components and an increased need for systems and components based on wireless communication technologies in the aerospace industry is expected to drive the growth of remote electronic unit market between 2017 and 2022.
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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.
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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