Press release
Mining Equipment Market to Expand with Significant CAGR by 2031
The global mining equipment market was valued at US$ 138 Bn in 2020
It is estimated to expand at a CAGR of 8.7% from 2021 to 2031
The global mining equipment market is expected to reach the value of US$ 345 Bn by the end of 2031
๐๐๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ -https://www.transparencymarketresearch.com/mining-equipment.html
๐๐๐ฉ๐ข๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐๐ง๐ ๐๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ ๐๐๐ญ๐ข๐ฏ๐ข๐ญ๐ข๐๐ฌ ๐๐ซ๐ข๐ฏ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก
The global mining equipment market is harshly affected by the coronavirus pandemic, impacting various businesses and manufacturing activities. Disruptions in value chain have led to huge losses for manufacturers operating in the global mining equipment market. However, market players are increasing their efforts to recover from losses caused due to the COVID-19 outbreak and exploring different opportunities to overcome challenges in the mining equipment market.
Rapidly growing construction & development projects and infrastructure development activities in developing nations are expected to create value-grab opportunities for manufacturers in the upcoming years. Manufacturers are focusing on the production of advanced tools and equipment used in the mining process. Countries such as India and China are witnessing potential growth opportunities due to rapid industrialization and urbanization. Moreover, increasing demand for surface mining equipment boosts the global market growth.
๐๐๐ญ ๐๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=811
๐๐๐จ๐ฉ๐ญ๐ข๐จ๐ง ๐จ๐ ๐๐๐ฏ๐๐ง๐๐๐ ๐๐ข๐ง๐ข๐ง๐ ๐๐ช๐ฎ๐ข๐ฉ๐ฆ๐๐ง๐ญ ๐๐ซ๐๐๐ญ๐๐ฌ ๐๐ฎ๐๐ซ๐๐ญ๐ข๐ฏ๐ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐๐จ๐ซ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
In order to reduce accidents and health hazards caused due to various mining activities, safety plays a major role. By utilizing advanced techniques in mining processes, market players are ensuring the safety and security of workers. Due to the increasing demand for metals and minerals from various end-use industries, there is a need of technologically advanced, environment-friendly, and safe mining tools & machineries. The growing adoption and implementation of artificial intelligence (AI) and machine learning (ML) in mining processes is creating growth opportunities for market players.
In addition, the increasing adoption of digitalization, penetration of Internet of Things (IoT), and automation in the mining industry is expected to boost market growth during the forecast period. The technological advanced mining equipment ensure safety of workers at remote locations. Manufacturers operating in the mining equipment market are focusing on the production of smart screening equipment to create growth opportunities in the global market. There is an increasing demand for these smart and efficient mining equipment across the globe.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=811
๐๐ง๐๐ซ๐๐๐ฌ๐ข๐ง๐ ๐๐๐ฆ๐๐ง๐ ๐๐จ๐ซ ๐๐ง๐ฏ๐ข๐ซ๐จ๐ง๐ฆ๐๐ง๐ญ-๐๐ซ๐ข๐๐ง๐๐ฅ๐ฒ ๐๐ช๐ฎ๐ข๐ฉ๐ฆ๐๐ง๐ญ
Due to the rising demand for mining equipment from all over the world, there is an increasing production of equipment such as mining drills & breakers, crushers, surface mining tools, screening equipment, mineral processing equipment, etc. Manufacturers are focusing on the production of environment-friendly mining tools and highly reliable machineries that do not cause any harm to the environment. Many developing nations are adopting the hybrid technology in the production of mining equipment to embrace sustainability.
Increasing awareness in well-developed countries about environment-friendly and sustainable mining products is a factor driving the global market growth. Market players operating in the global mining equipment market are focusing on staying ahead of the competition. The lucrative presence of top market players producing energy-efficient and environment-friendly mining tools is also contributing to the global mining equipment market growth.
๐๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ฆ๐๐ง๐ ๐๐จ๐ซ ๐๐ข๐ง๐ข๐ง๐ ๐๐จ๐จ๐ฅ๐ฌ ๐ข๐ง ๐๐ฌ๐ข๐ ๐๐๐๐ข๐๐ข๐ ๐๐จ๐ฎ๐ง๐ญ๐ซ๐ข๐๐ฌ
Asia Pacific is expected to dominate the mining equipment market in the upcoming years due to rapidly increasing mining activities in the region. There is a surging demand for metal and minerals from various end-use industries. This factor is boosting the production of mining equipment in Asia Pacific.
๐๐๐ค๐ ๐๐ง ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=811
Factors responsible for major market share of the region are rapid urbanization, increasing construction, infrastructure development activities in the region, and lucrative presence of mining equipment manufacturers. Market players operating in China and India are expected to witness potential revenue opportunities due to growing demand and production of coal, metals, and various minerals.
Top market contributors are increasing their product portfolio by using smart technological equipment to cater the increasing demand from different end-use industries.
๐๐๐จ๐ฎ๐ญ ๐๐ซ๐๐ง๐ฌ๐ฉ๐๐ซ๐๐ง๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
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๐๐จ๐ง๐ญ๐๐๐ญ
Rohit Bhisey
Transparency Market Research Inc.
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