New York, USA, July 19, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global mining equipment market is projected to register a revenue of $170,718.9 million at a CAGR of 9.5% during the forecast period, increasing from $102,471.4 million in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: The demand of mineral fertilizers has increased in previous years because of the sheer need of greater crop yield. Phosphorus is one of the primary nutrients which is required to boost the crop yield. Phosphorus is mined as phosphorus rock. These are the major factors behind the growth of the global mining equipment market.
Restraint: The main restraining factor behind the growth of the market is the high-cost of new mining equipment.
Opportunity: Innovative technologies trends ensuring safe and modern mining techniques are going to create many opportunities for the market in upcoming years.
Segments of the Market
The report has divided the market into different segments based on mining type, end-use, and regional analysis.
Mining Type: Surface Sub-Segment Expected to be the Most Lucrative
The surface mining sub-segment is expected to earn the highest revenue of $68,655.1 million by the end of 2028. The main factors behind the growth of the market is the various benefits of surface mining such as low cost and safe operation, easily controllable, lesser need of workforce, and higher level of productivity using large equipment compared to other forms of mining. These are the main factors driving the growth of the market segment.
End-Use: Non-Metal Sub-Segment Expected to be the Most Profitable
The non-metal sub-segment is predicted to garner the maximum revenue of $71,764.8 million by 2028. The non-metals are used in by many industries for various applications such as glass and ceramics manufacturing, preparation of cement and lime products. Other applications of these non-metals include tableware, decorative items, sanitary ware, and construction materials. These factors are enhancing the growth of the market segment.
Regional Outlook: Asia-Pacific Expected to Dominate the Market
The Asia-Pacific regional market is anticipated to dominate the market with a revenue of $58,607.6 million during the forecast period. Asia-Pacific countries such as India, China, and Australia are homes to some of the largest coal mine reserves around the world. This is the main factor behind the growth of the market during the forecast period.
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Key Players of the Market
The most significant players of the global mining equipment market include -
- Terex Corporation
- Sandvik AB
- Komatsu Ltd.
- Deere & Company
- Caterpillar Inc.
- Liebherr
- Hitachi, Ltd.
- Volvo Group
- Doosan Corporation
- Epiroc AB
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In July 2020, Sandvik Mining and Rock Technology, an engineering group in mining and rock excavation, materials and metal-cutting technology, inked a contract to acquire Allied Construction Products LLC (Allied), a US distributor of hydraulic hammers to the construction and mining industries and manufacturer of compactor plates and mounting brackets. The acquisition is expected to help Sandvik to enhance its portfolio and expand global customer.
Impact Analysis of Covid-19 on the Market
The Covid-19 pandemic has impacted the global mining equipment market in a negative way. This is due to the restrictions imposed across the nations to curb the spread of the virus. As the supply chain was interrupted for an expanded time and travel was restricted, the demand of mining equipment was decreased. Other factors include cancellation of projects, uncertainty prevailing over the industries, and shortage of manual labors.
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