COVID-19 Impact on Mining Equipment Market Product Estimates & Strategy Framework, Forecasts, 2020-2027

The surge in usage of coal for electricity generation and heating and increase in construction of railway tracks & roads through hilly areas across the developing economies such as China and India drive the growth global mining equipment market.

According to the report, the global mining equipment industry garnered $121.69 billion in 2019, and is estimated to reach $165.82 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.

The metal mining segment held the lion's share during the forecast period

Based on application, the full metal mining segment contributed to the highest market share, accounting for more than two-fifths of the global mining equipment market share in 2019, and is estimated to maintain its leadership position during the forecast period. In addition, it is estimated to generate the fastest CAGR of 7.5% from 2020 to 2027.

Download Sample PDF of Report:https://www.alliedmarketresearch.com/request-sample/113

The surface mining equipment segment to dominate throughout the forecast period

Based on type, the surface mining equipment segment accounted for more than one-fourth of the global mining equipment market in 2019, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to surge in infrastructure development activities across the developing economies such as China and India.

Covid-19 Scenario:
• Several major mining equipment manufacturers across the globe have halted their production activities due to disrupted supply of components amid lockdown due to the Covid-19 pandemic.
• The demand for mining equipment from developing nations such as India and China is likely to surge owing to increased infrastructure activities in hilly terrains along the border area amid ongoing military tension between these countries.

Get detailed COVID-19 impact analysis on the Mining Equipment Market:https://www.alliedmarketresearch.com/request-for-customization/113?reqfor=covid

Leading market players
• Caterpillar inc.
• AB Volvo (Volvo Construction Equipment)
• Doosan Corporation
• Deere & Company
• Hitachi, Ltd. (Hitachi Construction Machinery Co., Ltd.)
• Epiroc AB
• Liebherr-International AG
• Komatsu Ltd
• Sandvik AB
• Metso Corporation

Asia-Pacific to maintain its dominant by 2027

Based on region, Asia-Pacific accounted for the highest share, holding for more than three-fifths of the global mining equipment market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to the growing demand for minerals and precious metals such as gold, silver, diamond, and platinum for the making of jewellary. In addition, increase in need for coal is expected to be the major factor that fuels the market growth in the region.

For More Enquiry Connect with Our Research Expert:https://www.alliedmarketresearch.com/connect-to-analyst/113

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada): +1-800-792-5285, +1-503-446-1141
International: +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research/

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.