Press release
Mining Equipment Market Trend, Revenue & Regional Analysis 2018-2024 By Leading Key Players - Caterpillar Inc., Metso Corporation, Komatsu Ltd., Joy Global, Inc, Hitachi Co., Ltd., Liebherr Group, Hyundai Heavy Industries Company Limited, RCR Tomlinson Li
Mining Equipment Market, Global Mining Equipment Market Size, Mining Equipment Industry, Mining Equipment Market Trends
Drills & breakers are experiencing a high adoption in the mining equipment market with an increase in surface and underground extraction activities. The application of rotary blasthole drills for coal and metal mining processes is growing rapidly. Manufacturers in the mining machinery market are developing customized solutions based on the specifications of the companies. For instance, Sandvik AB is providing 1190E Rotary Blasthole Drill Rig, which is an electric-powered equipment designed specifically for coal extraction processes. The Asia Pacific region is witnessing a high adoption of these solutions owing to the favorable policies regarding the export of metals and minerals. Countries including India, China, and Australia are among the largest coal producing economies of the world.
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Mining Equipment Market is expected to be around USD 100 billion by 2024. Increasing investments in developing innovative and smart solutions will drive the mining machinery market. Rising demand for advanced extraction solutions is encouraging the players to increase their R&D activities to cater to the requirement of the customers. The industry is witnessing a growing demand for connected technologies for monitoring the industrial processes. Several players are engaged in developing IoT-based equipment for remote monitoring and control. It was estimated that around 40% of the manufacturers in the industry are planning to implement IoT-connected technologies for performing extraction activities.
Increasing health & safety concerns about the workers are propelling the adoption of automated solutions in the mining equipment market. Several countries including the U.S., Germany, and France are developing machine safety regulations for the safety of the industrial laborers. For instance, the European Act of 1986 on health and safety outlines several guidelines for the protection of workers from hazardous industrial environments. Such regulations are promoting companies to adopt effective solutions developed for reducing the chances of workplace accidents. The manufacturers in the mining machinery market are providing several safety features and functions in these machines including gas detection system, wireless personnel tracking, conveyor belt monitoring and ground control, and strata management systems.
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The applications of these machines for mineral extraction are expected to grow owing to the rising demand for fossil fuels in several application areas. Growing demand for crude oil, natural gas, and coal for energy generation is expected to drive the extraction process. Countries including China, Ukraine, Colombia, Australia, and Russia are the largest producers of fossil fuels. These countries are witnessing a high adoption of mineral processing machinery thereby driving the mining equipment market. The global production and consumption of these minerals are increasing rapidly. Crude oil is the largest energy source that accounts for around 39% of fossil energy.
Major companies participating in the mining machinery market are Atlas Copco AB, Caterpillar Inc., Metso Corporation, Komatsu Ltd., Joy Global, Inc, Hitachi Co., Ltd., Sandvik AB, AB Volvo, Doosan Group, Astec Industries Incorporated, Wirtgen Group Holding GmbH, Bell Equipment Limited, Liebherr Group, Bradken Limited, CNH Industrial N.V., China Coal Energy Company Limited, Hyundai Heavy Industries Company Limited, Corum Group , RCR Tomlinson Limited, Kopex SA, Terex Corporation, and Techint Group. among others. The players in the mining equipment market are offering their solutions to several regions where a high availability of mineral resources is being witnessed. Companies are adopting several strategies to capture a widespread customer base in the mining machinery market. For instance, in June 2011, Caterpillar, Inc. announced the acquisition of Bucyrus International, Inc. to expand its business operations.
Table of Contents:
Chapter 1. Mining Equipment Market Methodology and Scope
Chapter 2. Mining Equipment Market Executive Summary
Chapter 3. Mining Equipment Industry Insights
Chapter 4. Mining Equipment Market, By Product
Chapter 5. Mining Equipment Market, By Application
Chapter 6. Mining Equipment Market, By Region
Chapter 7. Mining Equipment Market Company Profiles
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Related Report:
Global Construction and Mining Equipment Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023
Construction equipment is used in construction of residential and non-residential buildings, such as roads, tunnels, bridges, and others.
Scope of the Report:
This report focuses on the Construction and Mining Equipment in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
Mining equipment is used in underground mining, drilling, and mineral processing, and surface mining. The reduction in manpower and elimination of necessity of explosions and bursting is possible using mining equipment. Technological advancements in construction and mining equipment help business owners to finish projects in stipulated time.
https://www.marketstudyreport.com/reports/global-construction-and-mining-equipment-market-2018-by-manufacturers-regions-type-and-application-forecast-to-2023/?utm_source=OPR-SP
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