Mining Equipment Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global mining equipment market size is anticipated to reach USD 368.99 billion by 2027, exhibiting a CAGR of 12.7% over the forecast period, according to a new report by Grand View Research. Growing trend of investment in renewable energy installations and deployment of innovative technologies are some of the key factors driving the market. Countries including India, Australia, and China are playing a significant role by meeting the growing demand for metals and minerals in order to increase their market share in the global minerals trade. Adoption of automated solutions & robotics to reduce human intervention at the excavation sites for workforce safety is expected to drive the market over the forecast period. Furthermore, demand for base metals is expected to elevate due to growing trend of decarbonization and technological advancements, thereby fueling the market growth. Significant improvements in equipment efficiency, investments in the sector by Original Equipment Manufacturers (OEMs), coupled with the need for sustainable products, are expected to positively augment the market growth over the next few years. For instance, in May 2019, Rio Tinto entered into a partnership with Caterpillar, Inc., wherein Caterpillar supplied 20 autonomous 793F trucks, along with four autonomous blast drills, for the Koodaideri iron ore operation. Remanufacturing has emerged as a vital aspect of increasing the competitiveness of major players. This can be attributed to strong demand for products during the commodity
supercycle, thus allowing manufacturers to increase the overall annual shipments. In order to fit into this trend, several manufacturers have started providing remanufacturing services. For instance, Liebherr Group established a mining remanufacturing program that allows consumers to reduce the entire lifecycle cost of the machinery. Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/miningequipment-industry The evolution of the mining equipment market is linked to the changes in the mining sector, expansion of the existing mines, coupled with the commissioning of new projects. Manufacturers and companies are taking effective measures to ensure labor safety by digitizing the existing equipment. Despite the unsolved safety challenges and commodity price struggles in the industry, the emerging mining trends are expected to offer plenty of growth opportunities for this market. However, stringent emission norms and safety standards to address environmental concerns are the significant factors challenging the mining equipment industry growth. Mining Equipment Market Report Highlights
The global market is expected to witness noteworthy growth over the forecast period due to growing demand for the replacement of the mining equipment, which is attributed to increasing cases of aging, obsolescence, and risk of catastrophic failure
The underground mining equipment segment is anticipated to register the highest CAGR of over 15% from 2020 to 2027 owing to increasing demand for brownfield projects and replacement of equipment
Based on the application, metal mining is expected to expand at the highest CAGR over the forecast period due to increased demand for gold
The mining equipment market is highly competitive due to presence of few players capturing a major share. Notable players include Komatsu Ltd.; Caterpillar, Inc.; Atlas Copco AB; and Sandvik AB
Mining Equipment Market Segmentation Grand View Research has segmented the global mining equipment market on the basis of equipment, application, and region: Mining Equipment Outlook (Revenue, USD Billion, 2016 - 2027) Underground Mining
o
Low Profile Dump Trucks (LPDT)
o
Load Haul and Dump (LHD) Loaders
Surface Mining o
Electric Shovels
o
Excavators
o
Dumpers
o
Others
Crushing, Pulverizing, & Screening
Drills & Breakers
Others
What questions do you have Get quick response from our industry experts @
https://www.grandviewresearch.com/request-free-consultation/29/rfc Mining Equipment Application Outlook (Revenue, USD Billion, 2016 - 2027) Metal
Non-Metal
Coal
Mining Equipment Regional Outlook (Revenue, USD Billion, 2016 - 2027) North America
o
U.S.
o
Canada
Europe o
Germany
o
U.K.
o
Spain
o
France
o
Finland
o
Sweden
o
Poland
o
Russia
Asia Pacific o
China
o
India
o
Japan
o
Australia
o
Indonesia
o
South Korea
o
Philippines
o
New Zealand
Latin America o
Chile
o
Peru
Middle East & Africa o
Saudi Arabia
o
South Africa
o
Iran
o
Egypt
o
Ghana
Table of Contents Chapter 1. Methodology and Scope 1.1. Market segmentation & scope 1.2. Information procurement 1.2.1. Purchased database 1.2.2. GVR’s internal database 1.2.3. Secondary sources & third-party perspectives 1.2.4. Primary research 1.3. Information analysis 1.3.1. Data analysis models 1.4. Market formulation & data visualization 1.5. Data validation & publishing Chapter 2. Executive Summary Chapter 3. Market Definitions Chapter 4. Mining Equipment Market Variables, Trends & Scope 4.1. Business Segment Trends
4.1.1 Equipment business analysis 4.1.2 Application business analysis 4.1.3 Regional business analysis 4.2. Industry Value Chain Analysis 4.3. Market Dynamics 4.3.1. Market Driver Analysis 4.3.1.1. Decreasing ore grades Continue……….. About Grand View Research, Inc.: Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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