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The global mining equipment market size will escalate at a significant compound annual growth rate (CAGR) of 4.5% during the forecast period from 2021-2030
Mining Equipment Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Quadintel, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Mining Equipment Market , and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region
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The process of removing coal, metals, minerals, water, oil, and other materials from the earth is known as mining. Few forms of mining that are widely used in the market are metal mining, mineral mining, and coal mining. The mining process requires a broad range of equipment along with the workforce to complete the entire task. There are various types of equipment like mining drills & breakers, crushing, pulverizing, screening equipment, excavators, haulers, articulated dump trucks, crawler dozers, and crawler excavators that are widely used in mining.
The mining machinery sector is expected to grow as a result of technological advancements and innovations. Automation, the Internet of Things (IoT), 3D imaging, and plasma technology are among the renowned innovations that are transforming the sector. These machines are based on heat-resisting materials and technology that can resist extreme pressure. The machines are exposed to high levels of radiation and chemical chemicals, which might have a direct impact on the parts’ functionality. Market participants are focused on inventing machines that may be used to extract specific minerals or metals.
Drones guarantee that areas are clear prior to explosions, track post-blast odors, and enhance overall site safety. BHP (Australia) has been employing drones for surveillance at its Australian operations. In the mining business, automation and teleoperation technologies greatly improve production and safety. As a result, the mining machinery market is likely to be driven by sales of new mining machinery coupled with telematics solutions.
Due to a decline in fossil fuels, the need for cost-effective and energy-efficient renewable energy sources such as solar energy is increasing. Moreover, government regulations for the reduction of carbon emissions are fueling the market’s growth. The global mining equipment market is growing, owing to the expanding urbanization and industrialization in emerging countries such as Germany, France, and the United States.
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The mining equipment market is growing due to an increase in mining-related activities in various regions such as Asia-Pacific and Europe. The rise in demand for mining equipment for applications such as metal mining, coal mining, and mineral mining in these regions are prompting the growth of the overall market. An increase in urban population, which drives up demand for natural resources such as oil, is predicted to drive up demand for mining equipment. Around 590 million people are predicted to migrate to metropolitan areas around the world. Furthermore, during the next 20 years, emerging economies such as Asia and Africa are expected to witness more than half of global urban expansion
One of the primary reasons driving market expansion is the rise in global industrialization and urbanization. Over the last few years, there has been a considerable increase in population, which has resulted in an increase in mineral consumption. Furthermore, rising household incomes have fueled an increase in mineral demand, which is helping to drive the market forward.
The global mining equipment market was halted, owing to the lockdown measures and delays in the manufacturing and production activities. The manufacturing of equipment for metal mining, coal mining, and mineral mining were all stopped during the pandemic, which lead to a sudden deceleration in the growth.
Due to global lockdown measures and delays in manufacture and production of mining equipment used in metal mining, coal mining, and mineral mining applications, the COVID 19 outbreak has hampered the expansion of the global mining equipment business.
Global Mining Equipment Market Segments
Crushing, Pulverizing & Screening Equipment
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North America The U.S. Canada Mexico Europe Western Europe The UK Germany France Italy Spain Rest of Western Europe Eastern Europe Poland Russia Rest of Eastern Europe Asia Pacific China India Japan Australia & New Zealand ASEAN Rest of Asia Pacific Middle East & Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA South America Brazil Argentina Key Market Players
AB Volvo(Europe) Caterpillar Inc.(United States) Deere & Company(United States) Doosan Corporation(Asia) Atlas Copco AB (Europe) Hitachi, Ltd.(Japan) Komatsu Ltd(Japan) Metso Corporation (Europe) Sandvik AB.(Europe) Other prominent players
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