Portland, OR, Sept. 25, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global mining equipment market was estimated at $121.69 billion in 2019 and is expected to hit $165.82 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in use of coal for electricity generation & heating and rise in construction activities concerning railway tracks & roads through hilly areas across the developing economies such as China and India propel the of the global mining equipment market. On the other hand, high cost associated with mining equipment and strict government regulations on import of mining equipment curtail down the growth to some extent. Moreover, growing adoption of digital mining technology by miners across the world is projected to pave the way for new opportunities in the industry.
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Covid-19 scenario-
- A number of mining activities came to halt due to huge disruptions in the supply chain. Also, several initiatives by government bodies including development of machines and equipment have seemed to experience a steep decline, as there have been multiple restrictions on export & import duties.
- However, relaxations are now being imposed on the existing regulations and the global mining equipment market is expected to recoup their projects and plans soon.
The market is segmented on the basis of type, application, and region. By type, the surface mining equipment segment garnered more than one-fourth of the total market revenue in 2019 and is anticipated to lead the trail by the end of 2027. The mining drills & breakers segment, on the other hand, is projected to portray the fastest of 7.5% throughout the forecast period.
By application, the full metal mining segment contributed to more than two-fifths of the total market share in 2019 and is expected to rule the roost during the study period. The same segment would also register the fastest CAGR of 7.5% by 2027.
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By geography, Asia-Pacific held the major share in 2019, generating more than three-fifths of the global market. At the same time, LAMEA would grow at the fastest CAGR of 6.6% from 2020 to 2027. The other provinces analyzed in the report include North America and Europe.
The key market players analyzed in the global mining equipment market report include AB Volvo (Volvo Construction Equipment), Hitachi, Ltd. (Hitachi Construction Machinery Co., Ltd.), Epiroc AB, Liebherr-International AG, Deere & Company, Caterpillar inc, Sandvik AB, Doosan Corporation, Metso Corporation, and Komatsu Ltd. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to elevate their status in the industry.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.