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Mining Machinery And Equipment Global Market Report 2024 To 2033 | Caterpillar Inc., Sandvik AB, Komatsu Ltd., Liebherr, Hitachi Construction Machinery Co. Ltd
Mining Machinery And Equipment Market Share
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According to The Business Research Company's, 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 growth in the historic period can be attributed to robust economic growth in countries such as india and china, abundance of reserves and increase in mining activities.
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%. The growth in the forecast period can be attributed to increase in incentives and opportunities. other factors which are expected to support the growth of the market include growing capital expenditure on infrastructure development, government policies, improved logistics infrastructure and increasing construction activities. Major trends in the forecast period include developing innovative and efficient battery-driven underground and surface mining machinery, establish strategic partnership and collaborations, developing precision surface excavation machines, investing in acquisitions, focus on developing and launching automated mining machinery and focus on developing telematics-embedded mining machinery.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Materion Corporation, CPS Technologies Corporation, CeramTec, Ferrotec Holdings Corporation, DWA Aluminum Composites USA, GKN Sinter Metals, 3M, Plansee SE, Sandvik, Thermal Transfer Composites LLC, Sumitomo Electric Industries, Ametek, Denka China Baowu Group, NANJING YUNHAI SPECIAL METALS Co. Ltd, QingHai Salt Lake Industry Co. Ltd, Uyemura & Co. Ltd, Kennametal Inc., Apex Tools Group, Akar Tools Ltd., Channellock Inc., DAT Alloytech Company Limited, China Baowu Group, Deutsche Edelstahlwerke GmbH, 3A Composites, TISIC Metal Composites, Tenmat, Flowserve, Timken, Amteke Finland Oy, Schaeffler, Mueller Industries, Ball Corporation, Snap-on, ArcelorMittal, ThyssenKrupp, Tata Steel, Gibraltar Industries, Mi-Tech Tungsten Metals LLC, Metal Matrix Cast Composites LLC, Santier Inc., Adma Products Inc., MMC Group, Emirates Global Aluminum, Alba, Aboura Metals, Qatalum, Sohar Aluminum Emirates Metallic Company Industries (EMIC), Qatar Steel Ltd ., Arabian Metal Industries, Saudi Arabian Mining Company, Al Shahin Metal Industries, Pan gulf Industrial Investment, National Iranian Copper Industries, Egyptian Steel Ltd, Glencore, BFG Africa, AAT Composites, Hexcel Andrew Mentis Ltd., Argent Industrial Ltd., Afmetco Ltd, CIS Engineering Ltd., GRI Wind Steel South Africa Ltd., Fenster Aluminum Ltd., Consolidated Steel Industries Ltd., Hulamin Ltd., Leita Steel Ltd, Kwikspace Modular Buildings Ltd,
Mining Machinery And Equipment Market 2024 Key Insights:
• 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%.
• Rising Demand For Mining Fuels Growth In The Mining Machinery And Equipment Market
• Strategic Alliances Drive Advancements In Automated And Electric Mining Machinery
• Asia-Pacific was the largest region in the mining machinery market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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