Mining Machinery And Equipment Market Insights, Growth, Share, Size, Demand 2024-2033

"The new report published by The Business Research Company, titled Mining Machinery And Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the mining machinery and equipment market size has grown rapidly in recent years. It will grow from $69.49 billion in 2023 to $77.09 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The mining machinery and equipment market size is expected to see rapid growth in the next few years. It will grow to $113.54 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.

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Rising Demand For Mining Fuels Growth In The Mining Machinery And Equipment Market
The increasing demand for mining is fueling the growth of the mining machinery and equipment market. Underground advanced mining equipment such as trucks, loaders, and diggers are used to dig up the material and is usually transported to the ground through skips or lifts for further production. In the economic growth of developed nations such as Australia, the USA, and Canada, mining has played a key role. Mining is notably crucial to the US economy because the USA is among the largest buyers of mineral resources and one of the largest producers in the world. For instance, according to the USA Geological Report, in 2021, US mines produced nearly $90.4 billion worth of nonfuel minerals, which is 12% more compared to 2020. Therefore, the increasing demand for mining drives the growth of the mining machinery and equipment market.

Strategic Alliances Drive Advancements In Automated And Electric Mining Machinery
The major players in the mining machinery and equipment market are focusing on expanding their development activities in automated mining machinery and electric-driven mining machinery through strategic collaboration and partnership with the technology players in the industry. For instance, in March 2021, Hitachi Construction Machinery Co., Ltd. and ABB Ltd entered into a memorandum of understanding to collaborate and develop solutions for heavy machinery in the mining industry with reduced greenhouse gas emissions. ABB's automation, digital solutions and electrification expertise will be implemented in the development of advanced mining trucks and excavators.

The mining machinery and equipment market covered in this report is segmented -

1) By Product Type: Underground Mining Machinery, Surface Mining Machinery, Drills and Breakers, Crushing, Pulverizing, and Screening Equipment, Mineral Processing Machinery, Other Product Types
2) By Function Type: Transportation, Processing, Excavation
3) By Application: Coal, Mineral, Metal

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Major companies operating in the mining machinery and equipment market report are Caterpillar Inc., Sandvik AB, Komatsu Ltd., Liebherr, Hitachi Construction Machinery Co. Ltd., Metso Corporation, Epiroc AB, Sany Heavy Equipment International Holdings Company Limited, Bell Equipment Limited, Tere*x Corporation, Doosan Corporation, Atlas Copco AB, Hyundai Heavy Industries, Joy Global Inc., Astec Industries Incorporated, Boart Longyear Ltd., Bradken Limited, FLSmidth & Co., Furukawa Co. Ltd., Kopex SA, Deere & Company

Contents of the report:
1. Executive Summary
2. Mining Machinery And Equipment Market Report Structure
3. Mining Machinery And Equipment Market Trends And Strategies
4. Mining Machinery And Equipment Market - Macro Economic Scenario
5. Mining Machinery And Equipment Market Size And Growth
…..
27. Mining Machinery And Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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