Mining Machinery Market Predictions Exhibit Massive Growth by 2025

The global Mining Machinery Market size is projected to reach USD 36.2 billion by 2025, from an estimated value of USD 29.0 billion in 2020, at a CAGR of 4.5%. Increasing use of electric machinery in underground mining and increase in demand for metals and commodities are the driving factors are expected to boost the mining machinery market.

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/mining-equipment-market-99264577.html

The mining industry has witnessed many advancements, especially with the introduction of autonomous mining machinery. Autonomous mining trucks are capable of driving an exact route every time and help in meeting material handling capacity requirements, resulting in reduced production time, fewer chances of human error, increased safety, high production volume, and increased accuracy and repeatability. Caterpillar Inc. (US), Volvo CE (Sweden), and Komatsu Ltd. (Japan), some of the market leaders, manufacture autonomous mining trucks that are used at sites around the globe. The constant R&D efforts by mining machinery manufacturers to modernize the industry will offer favorable opportunities for manufacturers and propel the autonomous mining machinery market in the coming years.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=99264577

In the autonomous mining machinery segment, demand from surface mining is projected to be the highest by 2025. According to European Mineral Resources Confederation (EUMICON), autonomous mining machinery provides an improvement potential of around 40–80% over conventional machinery. This increased productivity has shifted the focus of the industry from conventional machinery to autonomous mining machinery. As a result, autonomous mining machinery is projected to witness double digit growth during the forecast period.

The coal mining machinery market in Asia Oceania is projected to grow at a CAGR of 3.76% during the forecast period. According to a key industry expert, 70% of the coal mined in China is used for domestic consumption. India is the second-largest consumer of coal, after China. Asia Oceania accounts for approximately more than 70% of the world’s coal demand, making it the largest mining machinery market in 2020. Market growth in this region can be attributed to increasing domestic demand for metals such as iron, copper, and coal.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=99264577

Asia is estimated to be the largest growing market due to growth in China, India, and Australia. . The region has witnessed growth in mining operations due to the increasing demand for metals. Also, many international companies have increased their presence in this region. For instance, Vale, the world’s largest iron ore mining company, has been increasing its presence in China. Furthermore, The Belt and Road Initiative, which aims to strengthen infrastructure, trade, and investment links between China and several other countries, is among the several infrastructure projects that are expected to drive the mining machinery market in the Asia Oceania region. In India, 30 new coal mining sites have been identified by the Central Mine Planning and Design Institute (CMPDI). These sites are projected to add 100 million tons to the annual production capacity of Coal India Limited (CIL).

Key Market Players:

The key players operating in mining machinery market include Caterpillar Inc. (US), Epiroc AB (Sweden), Komatsu Ltd. (Japan), Sandvik AB (Sweden), and Doosan Corporation (South Korea). These players have adopted strategies such as partnerships, agreements, supply orders, expansions, new product development, and acquisitions to increase their share and diversify and strengthen their business networks in the mining machinery market.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=99264577

Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: newsletter@marketsandmarkets.com
Phone: 18886006441
Address: 630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth emerging opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of globalFortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's™ flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.