Press release
Mining Equipment Market Grow With CAGR Of 7.2% | Focuses On Top Companies, Region And Opportunities
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.
Asia-Pacific to maintain its lion's share by 2025
Asia-Pacific contributed 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. On the other hand, Europe would grow at the highest CAGR of 10.00% from 2018 to 2025, owing to rise in investments in automated equipment coupled with availability of technologically enhanced infrastructure in the region.
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Metal mining segment to be lucrative through 2025
Metal mining segment held the major market share in 2017, contributing nearly two-fifths of the total revenue. Moreover, it is expected to retain its lion's share throughout the forecast period. This segment is expected to grow at the highest CAGR of 9.1% from 2018 to 2025 owing to rise in demand for premium metals including diamond, platinum, and titanium in developing countries. The research also analyzes mineral mining and coal mining segments.
The surface mining equipment segment accounted for the highest share of about 30.0% in the mining equipment market in 2017, and is expected to grow at a CAGR of 6.4% during the forecast period. In terms of application, metal mining sector is expected to contribute the highest market share in the coming years. Moreover, increase in emphasis on mineral mining sector is expected to provide wide growth opportunities to small players in developing economies.
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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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