Mining Equipment Market Growth Prospects 2018: Key Players - Atlas Copco, Bell Equipment, Boart Longyear, Bradken, Caterpillar Inc., CNH Industrial, Corum Group, Doosan, FLSmidth

Mining Equipment Market is set to exceed USD 95 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are expected to grow at a CAGR of over 6% from 2018 to 2024. Mining equipment market is expected to grow over the coming years owing to the rise in demand for remote monitoring and control technologies in mineral extraction processes. These processes involve several difficult and tough tasks that cannot be manually operated. The workers are exposed to the harsh underground temperatures and chemical radiations that adversely affect their health conditions. The machines allow the operators to control and monitor the process without entering these extraction sites. Manufacturers are targeting the demand of the operators by integrating several smart technologies such as advanced monitoring and control, data analytics, automated drilling, IoT sensing, GPS locating, and 3D imaging technology. The imaging technique helps in scanning and exploring large mines while the laser scanning technology is experiencing a high adoption in the mining machinery market to develop geological maps combining the surface data.

Prominent mining equipment market players have lately been looking forward to developing multi-tasking, durable, fuel-efficient mining machinery for lowering operating costs, reducing service time, and improving mine quality. Currently, various underground specialist mining equipment including diggers, loaders, and trucks are used extensively to excavate metals. However, mining activities across the globe, in the last few years, have increased remarkably owing to the surging involvement of companies in advanced exploration programs.

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The excavation of a large amount of underground materials has led to a rise in air pollution which has become one of the major causes of the upsurge in the prevalence of respiratory diseases. Taking into account the surging needs to curb the air pollution, mining equipment manufacturers have been thus investing in the development of cleaner and safer mining machinery, which has led to most of the companies establishing partnerships to come up with advanced versions of mining equipment.

The growing adoption of advanced machinery in the coal extraction process is expected to propel the mining equipment market. Increasing demand for coal in power generation, steel production, and cement manufacturing is driving the adoption of modern extraction solutions. With a rise in the global population, the consumption of coal is increasing rapidly, providing an opportunity to the players to cater to the widespread demand in the mining machinery market. Countries that are primarily engaged in coal production include Ukraine, Colombia, South Africa, Indonesia, and Australia. These countries are the largest coal-producing economies with an abundant supply of natural resources. Factors such as improved geological knowledge and the adoption of smart technology are accelerating the mineral exploration process. The ease in availability and affordable prices of these machines are encouraging companies to replace their conventional models with advanced machines, thereby providing an impetus to the mining equipment market growth.

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Rapid evolution in mining processes and a rise in the adoption of automated solutions in recent years are predicted to drive the mining equipment market over the forecast timespan. Several players are providing smart solutions to their customers for improving productivity and enhancing the efficiency of industrial operations. These smart solutions offer features such as real-time control & monitoring, will optimize production management, and enhance the decision-making approach. This has led to players integrating these advanced solutions into their products to enhance the productivity and reliability in mineral extraction processes.

Key players participating in the mining machinery market are Atlas Copco AB, Komatsu Ltd., Metso Corporation, Techint Group, Joy Global, Inc, Hitachi Co., Ltd., Doosan Group, Liebherr Group, AB Volvo, Astec Industries Incorporated, Sandvik AB, Bradken Limited, China Coal Energy Company Limited, Bell Equipment Limited, CNH Industrial NV, Hyundai Heavy Industries Company Limited, Corum Group, Kopex SA, Caterpillar, Inc., Terex Corporation, Wirtgen Group Holding GmbH, and RCR Tomlinson Limited, among others. The players in the mining equipment market are focusing on the integration of smart solutions into their offerings, enhancing the performance, productivity, and efficiency of the extraction process. They are supplying products primarily to the government sector.

Mining Equipment Market Competitive Market Share & Forecast, 2018 - 2024 in detail along with the table of contents@ https://www.gminsights.com/industry-analysis/mining-equipment-market

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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