The mining industry is anticipated to adopt digitization technologies, automation, and the Internet of Things (IoT) at a rapid pace, which is likely to foster expansion of the global market
Wilmington, Delaware, United States, Nov. 10, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The value of global mining equipment market was clocked at US$ 138 Bn in 2020. Demand Analysis of Mining Equipment Market projects the global market to rise at 8.7% CAGR during the forecast period, from 2021 to 2031. It is anticipated that by 2031, the global mining equipment market will touch value of US$ 345 Bn by 2031. As a result of the increasing industrialization and rise in mining operations, the global mining equipment market is likely to have significant growth prospects in the years to come. Rapid urbanization, dominance of several top market participants, and increasing number of infrastructure and construction projects are all expected to drive sales of mining equipment market.
Expansion of the global mining equipment market is anticipated to be driven by rising government expenditure on mining and exploration activities. However, growth of the global market is likely to be constrained by the mining equipment’s high cost and also strict government rules regulating mining activities in several developing nations. Market players are likely to concentrate on stepping up their attempts to address market challenges in the years to come.
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In the near future, rapidly expanding construction and infrastructure development projects in developing countries are anticipated to present market players with immense growth prospects. Manufacturers are concentrating on making highly advanced tools and machinery used in mining. Due to rapid urbanization and industrialization, nations like China and India are likely to experience immense development prospects. Additionally, rising usage of surface mining machineries are expected to fuel generate positive mining equipment market outlook.
Key Findings of Market Report
- Safety plays a big part in reducing accidents as well as health risks brought on by different mining activities. Market participants are safeguarding the health and safety of employees by deploying sophisticated solutions in mining procedures. Machine learning (ML) and artificial intelligence (AI) technologies are being increasingly taken up and implemented in various mining operations, which is expected to present growth prospects for market participants.
- As a result of the growing usage of mining equipment from worldwide, more equipment is being manufactured, including crushers, mineral processing equipment, mining drills and breakers, screening equipment, surface mining tools, and so on. Making of highly efficient and environment friendly equipment has become a priority for manufacturers.
- The mining industry is anticipated to grow as a result of the implementation of analytics, artificial intelligence, and digital technologies, which is likely to improve productivity and operational effectiveness. Integration of digital technologies are likely to emerge as emerging trends of the mining equipment market.
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Global Mining Equipment Market: Growth Drivers
- Given the region’s plentiful reserves, it is expected that Asia Pacific will lead the global mining equipment market. There is a lot of room for metal, mineral, and coal exploration in the region, which is likely to present immense potential for mining equipment firms.
- The mining industry is anticipated to have significant development potential in the near future, which is expected to drive the global mining equipment market due to recent advancements in mining technology and growing sustainability concerns.
Global Mining Equipment Market: Key Players
Some of the key market players are
- Xuzhou Construction Machinery Group Co., Ltd.
- Caterpillar Inc.
- Sandvik AB
- Hitachi Construction Machinery Co. Ltd
- Deere & Company
- Komatsu Ltd
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Global Mining Equipment Market: Segmentation
- Mineral Processing Equipment
- Mining Drills and Breakers
- Screening Equipment
- Surface Mining Equipment
- Underground Mining Equipment
- Coal Mining
- Metal Mining
- Mineral Mining
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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