Press release
Mining Equipment Market Revenue & Growth Forecast By Regional Players Volvo Group, CNH Industrial, FLSmidth, Hitachi, Atlas Copco, Terex Corporation, Metso.
Mining Equipment Market
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.
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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.
Mining Equipment Market, By Product
• Mining drills & breakers
• Crushing, pulverizing & screening equipment
• Mineral processing machinery
• Surface mining equipment
• Underground mining machinery
• Others (parts & attachments)
Mining Equipment Market, By Application
• Metal mining
• Mineral mining
• Coal mining
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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..
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.
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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.
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
Related Report –
Construction Equipment Market To Surpass $170bn by 2024.
Earthmoving & road building machinery market is estimated to grow at around 4% CAGR from 2018 to 2024. The growth of the equipment that can be attributed to the increasing large-scale infrastructure projects across the globe. Rapid urbanization has contributed to the demand for sophisticated machines for residential & commercial projects. The rise in the urban population has put a tension on the existing services such as road networks and public transport.
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APAC Construction Equipment Market To Reach $80bn by 2025
APAC Construction Equipment Market size is set to exceed USD 80 billion by 2025; according to a new research report by Global Market Insights, Inc. The shipments are expected to grow at a CAGR of over 4% from 2019 to 2025.
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Construction Equipment Rental Market To Reach $140bn by 2024
Europe construction equipment rental market is expected to grow at a CAGR of over 4.5% owing to the shifting trend among European construction companies to rent rather than purchasing equipment. Several countries in Europe including Russia, Spain, and Italy are recovering from the economic crisis, following which the construction sector is gaining stability across these regions. Countries including France and Spain are showing a steady growth due to the increasing number of construction projects in the region.
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Material Handling Equipment Market To Reach $190bn by 2024
The robotics segment in the material handling equipment market is expected to witness significant CAGR of over 8% to reach over USD 20 billion by 2024 owing to the demand for high-performance robotic systems across various industry verticals. Robots facilitate easy and fast pick & place of material thereby ensuring accuracy and eliminating human involvement.
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About Global Market Insights:
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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Global Market Insights, Inc.
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