Mining equipment market will witness a CAGR of 7.2% through 2025
The report offers detailed analyses of the key player positioning, drivers & opportunities, major market segments, top winning strategies, and competitive landscape. According to the report, the global mining equipment market is expected to reach $188.77 billion by 2025 from $106.85 billion in 2017, registering a CAGR of 7.2% from 2018 to 2025.
Surface mining equipment segment to remain dominant throughout forecast period
Surface mining equipment segment accounted for nearly one-third share of the total market revenue in 2017 and is expected to maintain its lead throughout the forecast period. This is attributed to the significant increase in mining activities across developing countries.
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Asia-Pacific to maintain its lion's share by 2025
Asia-Pacific contributed a two-thirds share of the total revenue in 2017 and is expected to maintain its dominant position during the forecast period. This is on account of the rise in demand for minerals and metals including silver, gold, diamond, and platinum.
Key Findings of the Mining Equipment Market:
o In 2017, the surface mining equipment segment dominated the global mining equipment market, in terms of revenue, and is projected to grow at a CAGR of 6.4% during the forecast period.
o The metal mining segment is projected to grow at a CAGR of 9.1% during the forecast period.
o Asia-Pacific is projected to register the highest growth rate in the years to come.
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Frontrunners of the industry
The key market players analyzed in the report include AB Volvo, Deere & Company, Caterpillar Inc., Epiroc AB, Doosan Corporation, Komatsu Ltd., Hitachi, Ltd., Metso Corporation, Liebherr-International AG, and Sandvik AB. These players have adopted various strategies including partnerships, expansions, mergers & acquisitions, joint ventures, collaborations, and others to gain a strong position in the industry.
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