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Mining Equipment Market Size, Top Key Players, Growth, Trend Analysis And Forecast To 2033
Mining Equipment Market Size
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According to The Business Research Company's, The mining equipment market size has grown strongly in recent years. It will grow from $138.8 billion in 2023 to $149.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to global demand for minerals, rise in construction and infrastructure projects, urbanization and industrialization, commodity price trends, global economic growth.
The mining equipment market size is expected to see strong growth in the next few years. It will grow to $202.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to transition to clean energy, infrastructure investments, technology-driven operational efficiency, electric vehicles market growth, focus on sustainable mining practices. Major trends in the forecast period include introduction of electric and hybrid mining vehicles, application of drones and UAVs for surveying and exploration, digital twin technology for equipment simulation, incorporation of wearable technology for worker safety, development of modular and scalable equipment designs.
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Market Drivers and Trends:
An increase in mining activities is expected to propel the mining equipment market going forward. Mining activity refers to the process of removing valuable minerals, industrial rock deposits, non-metallic mineral deposits, or metallic mineral deposits from the earth's surface, including the oceans. Mining equipment is used in mining activities to help in the process of excavation of deposits and resources from the ground, so an increase in mining activities will propel the market's growth. For instance, in November 2022, according to the Energy Information Administration, a US-based provider of energy information, the production of crude oil in the US in February 2022 increased by 14.05% to 11,316 barrels per day compared to 9,925 barrels per day in 2021. Therefore, the increase in mining activities is driving the growth of the mining equipment market.
Major companies operating in the mining equipment market are focused on introducing advanced solutions, such as mining machinery products, to gain a competitive edge in the market. Mining machinery products are equipment and machinery used in the mining industry to extract and process minerals and metals from the earth. For instance, in April 2023, XCMG (Xuzhou Construction Machinery Group Co., Ltd.), a China-based construction machinery company, launched the XE690DK mining excavator, the XDR80TE-AT autonomous electric dump truck, and the XDE240 mining dump truck. The XE690DK mining excavator is equipped with an efficient power system that provides environmentally friendly and energy-saving designs for demanding construction applications. The XDR80TE-AT-ATtonomous electric dump truck is a truck with visual and acoustic sensors, laser radar, millimeter-wave radar, and cameras. The XDE240 mining dump truck has advanced environment sensors, navigation, and positioning capabilities.
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Major Key Players of the Market:
Caterpillar Inc., Deere & Company, Hitachi Construction Machinery Co Ltd., Komatsu America Corp, Liebherr-International AG, Metso Oyj, Sandvik AB, Epiroc Mining Equipment, Boart Longyear Ltd., China Coal Energy Group Co Ltd., Vipeak Mining Machinery Co Ltd., Guangdong Leimeng Intelligent Equipment Group Co Ltd., Henan Baichy Machinery Equipment Co Ltd., Doosan Infracore Co Ltd., Atlas Copco Ltd., Zhengzhou Coal Mining Machinery Group Co Ltd., Thyssenkrupp AG, Bell Equipment Company South Africa, FLSmidth & Co A/S, H-E Parts International LLC, Paus GmbH, IZ-Karteks imeni P.G. Korobkova OOO, Tenova Mining & Minerals, Mine Master Ltd., CMM Equipments, Osborn Engineered Products SA Pty. Ltd., Normet Group, Remote Control Technologies Pty. Ltd., MacLean Engineering & Marketing Co Limited, Strata Products Worldwide LLC
Mining Equipment Market 2024 Key Insights:
• The mining equipment market size is expected to see strong growth in the next few years. It will grow to $202.3 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Surge In Mining Activities Sparks Growth In The Mining Equipment Market
• Unveiling Advanced Mining Machinery Products For Increased Efficiency And Environmental Friendliness
• Asia-Pacific was the largest region in the mining equipment market in 2023
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