New York, USA, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global mining equipment market is envisioned to garner a revenue of $170,718.3 million and grow at a CAGR of 6.5% throughout the forecast period from 2021 to 2028.
As per our analysts, with the growing demand for mineral fertilizers to improve crop yields to feed the increasing population all across the globe, the mining equipment market is expected to experience a remarkable growth during the estimated timeframe. Besides, the nutritional scheme of mineral fertilizers can be composed based on a plant’s needs which are further expected to fortify the growth of the market over the analysis period. Moreover, the modern mining technology and shift towards sustainability to ensure safe, modern, and productive mining techniques are expected to create extensive growth opportunities during the forecast period. However, the export of used mining equipment may impede the growth of the market throughout the analysis timeframe.
To get an access to the PDF Sample of Mining Equipment Market (Including Tables, TOC, and Figures)
Segments of the Mining Equipment Market
The report has divided the market into segments based on mining type, end-use, and region.
Mining Type: Surface Mining Sub-Segment to be Most Productive
The surface mining sub-segment is predicted to generate a revenue of $68,655.1 million during the estimated timeframe. This is mainly because surface mining is the most common, safer mining type and it has a low operating cost. Moreover, surface mining requires less workforce and the mining operations are easy to control. These are the factors expected to bolster the growth of the market sub-segment during the analysis period.
End-Use: Non-Metal Sub-Segment to be Most Profitable
The non-metal sub-segment is expected to garner a revenue of $71,764.8 million throughout the analysis timeframe. The increasing use of non-metal mining in construction materials, tableware, sanitary ware, decorative items, and many more are predicted to uplift the growth of the market sub-segment over the forecast period.
Region: Asia-Pacific Region to Have Extensive Growth Opportunities
The Asia-Pacific region of the mining equipment market is predicted to garner a revenue of $58,607.6 million during the estimated timeframe. The existence of the largest coal mine reserves in the world in this region and the increasing use of coal for power generation across various industries is expected to drive the regional growth of the market during the analysis period.
Covid-19 Impact on the Mining Equipment Market
The outbreak of the Covid-19 pandemic has had a negative impact on the mining equipment market. This is mainly due to the cancellation or postponement of mining projects. Moreover, the disruptions in the supply chain and unavailability of raw materials due to the import-export and travel restrictions have also declined the market growth. However, the implementation of various government and company initiatives to protect employment & labor crime, secure the health of employees, and many more have gradually inclined the growth of the market during the pandemic period.
Ask an Analyst or schedule a call to get the latest update on Mining Equipment Market
Key Players of the Mining Equipment Market
The major players of the mining equipment market include
- Sandvik AB
- Liebherr
- Deere & Company
- Terex Corporation
- Hitachi, Ltd.
- Volvo Group
- Epiroc AB
- Komatsu Ltd.
- Doosan Corporation
- Caterpillar Inc., and many more.
These players widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry. – buy the full report starting at $2999 (Read-only)
For instance, in October 2021, Proterra Inc., an American automotive and energy storage company, announced its collaboration with Komatsu, a Japanese multinational corporation that manufactures construction, mining, forestry, and military equipment. With this collaboration, the companies aimed to develop next-generation underground mining machines such as battery-electric LHDs, drills and bolters, and many more for underground hard rock mining.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Mining Equipment Market:
- How is the Mining Equipment Market Expected to Flourish even after the Pandemic Hit?
- What is the Reason for the Growth in the Demand for Mining Equipment?
