NEW YORK, Sept. 2, 2021 /PRNewswire/ -- As per the report published by Market Research Store, global demand for Mining Equipment market was valued at approximately USD 75.7 Billion in 2019, and is expected to generate revenue of around USD 109.4 Billion by end of 2026, growing at a CAGR of around 5.4% between 2020 and 2026.
Mining equipment play an important role in the development of the country as well as company. They are used for extraction of the metal and nonmetals residing inside the earth crust. Mining equipment include mining drills and tools, earth movers, crushing equipment and machines, feeding & conveying equipment, and others. Mining equipment required for the operation depends on the substance to be mined as well as the terrain. There are two type of mines and surface mine and underground mine and hence the equipment required for the both are different.
Some main participants of the mining equipment market are AB Volvo, Doosan Corporation, Deere & Company, Caterpillar Inc., Hitachi, Ltd., Epiroc AB, Komatsu Ltd, Bradken Limited, Liebherr-International AG, Metso Corporation, Sandvik AB, CNH Industrial NV, Wirtgen Group Holding GmbH, RCR Tomlinson Limited, and Astec Industries Incorporated among others.
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Increasing Capital Expenditure in the Emerging markets
Emerging countries of APAC and Africa have excessive reserves of mineral resources and increasing investment in mining sector in this region is driving the market of the mining equipment. Industrial growth rate in the emerging markets of India and china is fuelling the demand for industrial investments. Thus, to satiate the demand for these industries large excavations of metal and nonmetallic resources are under taken. Similarly, Rising concern for energy security among the nation states has led to increased government support to private players to undertake resource exploration. Thirst for new resource sites and partnerships with other economies are driving the market of mining equipment market. With sales more than doubling between 2009 and 2019, China is by far the largest national market for mining equipment. Rapid increases in industrial production and construction investment, as well as government attempts to improve the mechanization of China's mines, have traditionally resulted in explosive productivity, and progress will continue to be above average.
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APAC Region Projected To Dominate Global Mining Equipment Market Growth
Geographically, Asia Pacific is leading the global market share in 2019 and is expected to maintain the same trend over the forecast period. Continuous development in infrastructure is fuelling the market growth. Thereby, high requirements for power and cement industries are aiding the growth in the metals and mining business. Henceforth, certain factors in this region are catering to the growth of the market in recent years. North America is projected to register higher CAGR growth due to advances in car technology, and the region has large deposits of gold, copper, and iron that provide future opportunities for exploration
Browse the full "Mining Equipment Market, By Product (Mineral Processing Equipment, Surface Mining Equipment, Mining Drills & Breakers, Underground Mining Equipment, Crushing, Pulverizing, & Screening Equipment, and Others), By Application (Metal, Mineral, and Coal): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 - 2026." Report at https://www.marketresearchstore.com/inquiry/mining-equipment-market-828545
The global Mining Equipment market is segmented as follows:
By Product:
- Mineral Processing Equipment
- Surface Mining Equipment
- Mining Drills & Breakers
- Underground Mining Equipment
- Crushing, Pulverizing, & Screening Equipment
- Others
By Application:
- Metal
- Mineral
- Coal
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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