Mining Equipment Market Will Grow at 5% CAGR to Hit $95bn by 2024: GMI
Global Market Insights, Inc. has recently added a new report on Mining Equipment Market Through 2019-2024 with Statistics By Application (Metal Mining, Mineral Mining, Coal Mining), Product (Mining Drills & Breakers, Crushing, Pulverizing & Screening Equipment, Mineral Processing Machinery, Surface Mining Equipment, Underground Mining Machinery)" which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of mining equipment industry.
SELBYVILLE, Del., December 6, 2019 (Newswire.com) - According to the report by Global Market Insights Inc., the global mining equipment market demand will surpass a valuation of $100 billion by 2024. Rising R&D activities to develop advanced extraction solutions are likely to accelerate mining equipment market growth in the ensuing years. Alongside, mining equipment industry players are investing heavily in advancement of smart and innovative solutions. Adoption of IoT-based solutions is increasing for remote monitoring and controlling industrial processes. Reports anticipate that about 40% of industrial manufacturers will integrate IoT-connected technologies within their extraction operations in the coming times.
Requirement for natural gas, coal, and crude oil has been surging on account of escalating energy requirements of the global populace. Mineral mining procedures have driven demand for the usage of mining equipment. Mining equipment industry is showcasing appreciable growth in countries such as Ukraine, China, Colombia, Russia, and Australia. These countries are highly adopting mineral processing equipment to facilitate production of fossil fuels at large. Consumption rates of minerals have increased in past few years which has augmented rate of production and spiraled mining equipment industry size.
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Some of the regional industry growth drivers are:
1. North America & Europe
1.1. Integration of robotic systems and GPS
1.2. Focus on productivity to maximize ROI from mining
1.3. Escalating demand for resources
1.4. Rising demand for metals from construction & manufacturing industry
2. Asia Pacific & Latin America
2.1. Increased mineral production and stabilizing commodity prices
2.2. Increasing usage of smart mining solutions
2.3. Growing investments in innovation and digitalization
2.4. Increased focus on mechanization in mining
3.1. Replacement of the aging fleet
3.2. Enhancing output from underground mines
Growing surface and underground extraction activities have amplified the adoption of drills & breakers. Rotary blasthole drills are highly used for coal and metal mining processes and driving mining equipment market growth. Extraction companies need equipment with specific properties for different types of mining activities, which has encouraged mining equipment manufacturers to develop customized solutions. For example, Sandvik AB offers 1190E Rotary Blasthole Drill Rig, an electric-powered machinery, to its customers mainly for extraction of coal.
Asia Pacific is expected to generate huge demand for mining equipment owing to the heightened mining activities in the region. APAC consists of world’s highest coal producing countries, such as India, Australia, and China, impacting mining equipment market outlook. Moreover, the region is poised with supportive policies toward mineral and metal export, which will propel mining equipment industry growth.
Browse key industry insights spread across 180 pages with 240 market data tables & 37 figures & charts from the report, “Mining Equipment Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
Intensifying focus of mining companies towards employee safety has also increased the adoption of mining solutions. Worker safety regulations exist in various countries, such as the U.S., France, and Germany have worker safety regulations, which has encouraged regional companies to develop safe and efficient solutions to reduce workplace accidents. For example, the European Act of 1986 on health and safety highlights various guidelines to safeguard employees from harmful industrial environments. Advanced machineries with safety features, such as wireless personnel tracking, gas detection system, strata management systems, ground control system, and conveyor belt monitoring have been launched and are likely to impel growth of mining equipment industry size.
Among numerous mining equipment market players, a few prominent ones include Caterpillar Inc., Atlas Copco AB, Metso Corporation, Joy Global, Inc, Komatsu Ltd., Hitachi Co., Ltd., AB Volvo, Sandvik AB, Doosan Group, and Astec Industries Incorporated. Some other notable industry participants are Bell Equipment Limited, Bradken Limited, Wirtgen Group Holding GmbH, CNH Industrial N.V., Liebherr Group, and Hyundai Heavy Industries Company Limited.
Mining equipment companies are more inclined towards providing mining solutions in mineral abundant regions to reinforce their global foothold. They are pursuing acquisitions, mergers, flotations etc. to inflate their business. For instance, in June 2011, Caterpillar, Inc. had acquired Bucyrus International, Inc. to develop its business operations.
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