Jersey City, New Jersey, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The Global Mining Equipment Market is projected to grow at a CAGR of 6.43% from 2022 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 172.30 Billion in 2021 and is expected to reach USD 266.52 Billion by the end of the forecast period.
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Browse in-depth TOC on “Mining Equipment Market”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2022-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Liebherr Group, Atlas Copco, Komatsu Ltd., Caterpillar, Sandvik, Hitachi Construction Machinery Co. Ltd, Metso Corp., Outotec, Doosan Infracore, and Volvo Construction Equipment. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Mining Equipment Market Overview:
Global Demand for Metals Driving Mining Equipment Market
The Mining Equipment Market is primarily propelled by the substantial increase in worldwide demand for metals and minerals. With the ongoing growth of industries, there is an increased demand for streamlined extraction methods. This demand not only drives market expansion but also emphasizes the crucial role that mining equipment plays in satisfying these increasing worldwide needs.
Technological Advances: Catalyst for Mining Equipment Market Growth
The Mining Equipment Market is being transformed by technological breakthroughs, leading to improved operational efficiency and safety. The use of advanced technology such as automation, artificial intelligence, and data analytics not only optimises mining operations but also guarantees a more secure work environment. This significant influence positions the industry for continuous expansion and enhanced competitiveness.
Automation: Reshaping the Landscape of the Mining Equipment Market
The Mining Equipment Market is being fundamentally transformed by the drive towards automation. Mining businesses are increasingly utilising sophisticated, automated gear to enhance production processes. Automation not only increases output, but also reduces the need for human involvement in dangerous areas, resulting in improved safety measures and operational efficiency in the mining industry.
Emerging Economies Fueling Mining Equipment Market Growth
The Mining Equipment Market is witnessing significant expansion, propelled by the swift infrastructural development in emerging nations. As nations allocate substantial resources towards constructing vital infrastructure, the need for mining equipment experiences a rapid and significant increase. This trend not only drives the growth of the industry but also offers a strong basis for continued progress in the foreseeable future.
Environmental Innovation in the Mining Equipment Market
The Mining Equipment Market is currently experiencing a period of innovation as a result of strict environmental laws. Enterprises are actively creating environmentally sustainable ways to mitigate the ecological consequences of mining activities. The emphasis on sustainability not only conforms to statutory mandates but also tackles mounting apprehensions regarding the industry's ecological impact, so facilitating the development of a more ecologically conscientious mining sector.
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Mining Equipment Market Key Players Shaping the Future
Major players, including Liebherr Group, Atlas Copco, Komatsu Ltd., Caterpillar, Sandvik, Hitachi Construction Machinery Co. Ltd, Metso Corp., Outotec, Doosan Infracore, and Volvo Construction Equipment, and more, play a pivotal role in shaping the future of the market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Key Developments:
- In Mar 2021, Komatsu registered exponential growth in the Mining equipment segment.
- In Jan 2022, Volvo Construction Equipment launched a new range of Mining equipment.
To get market data, insights, and a comprehensive Global Mining Equipment Market analysis, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Mining Equipment Market into Equipment, Application, And Geography.
Mining Equipment Market, by Equipment
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- Crushing, Pulverizing & Screening Equipment
- Mining Drills and Breakers
- Surface Mining Equipment
- Underground Mining Equipment
- Mineral Processing Equipment
- Mining Equipment Market, by Application
- Metal Mining
- Mineral Mining
- Coal Mining
- Mining Equipment Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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