Global Mining Equipment Market Size To Show 5% CAGR
Pune, India, November 10, 2021 (GLOBE NEWSWIRE) – According to MarketStudyReport, Worldwide mining equipment marketplace, valued at USD 98 billion in 2020, is expected to show a 5% CAGR over 2021-2027 and then accumulate USD 137.9 billion by the end of the forecast period.
To take the analysis further, Porter’s Five Forces and PEST Analysis are included in the report to help companies identify the level of competition and venture deeper into the industry. It also includes detailed profiles of large companies, including product / service offerings, master data and financial data, to help newcomers and other stakeholders make informed decisions.
The growth of the industry can be attributed to the increase in road and rail construction in hilly and remote areas, and to the increased consumption of natural resources such as coal, natural gas and petroleum. in various sectors. In addition, the strategic initiatives of key players to meet the growing demand for mining equipment are broadening the commercial horizon.
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According to Statista, India’s coal consumption has seen an increase from 16.86 exajoules in 2016 to 17.44 exajoules in 2017 and 18.6 exajoules in 2019. This upward trend in other emerging economies will likely accelerate market growth in the years to come.
In addition, technological advancements and the introduction of environmentally friendly equipment are expected to boost demand in the global mining equipment industry.
Speaking of challenges in this area, the negative environmental impact due to mining activities and the high price of related equipment are likely to hamper the overall compensation scope during the study period.
Perspectives of the regional landscape
Europe, North America, Asia Pacific and Latin America are the key areas highlighted to assess the regional assessment of the overall market. Expert analysts cite that Asia-Pacific is expected to hold a significant share of the industry’s share in the coming years, due to the increasing use of natural resources to meet the demands of the burgeoning population. Various government initiatives for the development of mining and exploration activities also contribute to the growth of the regional industry.
Summary of the competitive landscape
Hitachi Construction Machinery Co. Ltd., Komatsu Ltd., Atlas Copco Group, Liebherr Group, and Caterpillar Inc. are some of the major companies influencing global trends in the mining equipment industry.
To maintain their position in the vertical, major players engage in strategic initiatives such as mergers and acquisitions, new product launches and improving manufacturing capacity. Citing one example, Caterpillar Inc. acquired Marble Robot Inc., a robotics and autonomy technology solutions company, in June 2020 to expand its expertise in mining equipment.
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Whereas ABB Ltd. developed the intelligent Ability sensor in January 2019 to assess the condition of mounted bearings and reduce downtime in mining during material handling.
Global mining equipment market, by equipment type (value, USD billion, 2018-2027)
- Drills and circuit breakers
- Crushing, pulverization and screening
- Surface extraction
- Underground mining
Global Mining Equipment Market, by Application (Value, USD Billion, 2018-2027)
- Coal mine
- Non-metallic extraction
- Metal mining
Regional bifurcation of the global mining equipment market (value, USD billion, 2018-2027)
- Great Britain
- The rest of europe
- South Korea
- Rest of Asia-Pacific
Rest of the world
Major Players in Global Mining Equipment Market (Value, USD Billion, 2018-2027)
- Sandvik AB
- Metso Corporation
- Doosan Corporation
- Deere & Company
- AB Volvo
- Hitachi Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Atlas Copco Group
- Liebherr Group
- Caterpillar Inc.
Chapter 1. Executive summary
1.1. Market Snapshot
1.2. Global and Segmental Market Estimates and Forecasts, 2019-2027 (USD Billion)
1.2.1. Mining Equipment Market, by Region, 2019-2027 (USD Billion)
1.2.2. Mining Equipment Market, By Equipment, 2019-2027 (USD Billion)
1.2.3. Mining Equipment Market, By Application, 2019-2027 (USD Billion)
1.3. Key trends
1.4. Estimation methodology
1.5. Research hypothesis
Chapter 2. Definition and Scope of Global Mining Equipment Market
2.1. Goal of the study
2.2. Definition and scope of the market
2.2.1. Scope of the study
2.2.2. Evolution of the industry
2.3. Years taken into account for the study
2.4. Currency conversion rates
Chapter 3. Global Mining Equipment Market Dynamics
3.1. Analysis of the impact of the mining equipment market (2019-2027)
3.1.1. Market factors
220.127.116.11. Growing consumption of natural resources
18.104.22.168. Increased construction of roads and railways through hilly areas
3.1.2. Market restriction
22.214.171.124. High cost of mining equipment
126.96.36.199. Environmental degradation due to mining activities
3.1.3. Market opportunities
188.8.131.52. Technological advances
184.108.40.206. Adoption of environmentally friendly equipment
Chapter 4. Global Mining Equipment Market Industry Analysis
4.1. Model 5 Force de Porter
4.1.1. Bargaining power of suppliers
4.1.2. The bargaining power of buyers
4.1.3. The threat of new participants
4.1.4. The threat of substitutes
4.1.5. Competitive rivalry
4.1.6. Futuristic approach to Porter’s 5 forces model (2018-2027)
4.2. PEST analysis
4.3. Investment adoption model
4.4. Analyst’s recommendation and conclusion
Chapter 5. Global Mining Equipment Market, By Equipment
5.1. Market Snapshot
5.2. Global Mining Equipment Market by Equipment, Performance – Potential Analysis
5.3. Global Mining Equipment Market Estimates and Forecasts by Equipment 2018-2027 (USD Billion)
5.4. Mining Equipment Market, Sub-Segment Analysis
5.4.1. Underground mining
5.4.2. Surface extraction
5.4.3. Crushing, pulverization and screening
5.4.4. Drills and circuit breakers
Chapter 6. Global Mining Equipment Market, By Application
a. Market Snapshot
6.1. Global Mining Equipment Market by Application, Performance – Potential Analysis
6.2. Global Mining Equipment Market Estimates & Forecasts by Application 2018-2027 (USD Billion)
6.3. Mining Equipment Market, Sub-Segment Analysis
6.3.1. Metal mining
6.3.2. Non-metallic mining
6.3.3. Coal mine
Chapter 7. Global Mining Equipment Market, Regional Analysis
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The earthmoving equipment market is expected to forecast immense growth due to increased private sector investment in mining, new product launches and technological advancements. Heavy equipment is generally considered important for construction work of almost any size, from large-scale commercial and civil projects to residential buildings. Earth moving machinery refers to heavy vehicles specially designed for construction operations involving earth moving work. Various types of earth moving equipment have multiple functions and are mainly used for agriculture, construction, demolition and repair. Earth moving equipment is also referred to as heavy machinery, heavy hydraulics, heavy trucks, engineering equipment and construction equipment. Most earthmoving machines use hydraulic drives as the primary source of movement.
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