Mining Equipment Market Development, Market Trends, Key Driven Factors, Segmentation And Forecast To 2032
WILMINGTON, DELAWARE, UNITED STATES, June 18, 2024 /EINPresswire.com/ — The Asia-Pacific region dominated the global market in terms of revenue, primarily driven by the use of mining equipment designed to handle heavy and bulky loads. This equipment includes drill rigs, crawlers, crushing and processing machinery, dumpers, excavators, finishing tools, graders, mixers, trucks, trenchers, loaders, and dozers. These machines are crucial for both surface and underground mining operations and are also utilized in the construction sector for lifting and shifting tasks.
A significant driver of growth in the mining equipment market is the increase in mining activities to meet the rising demand for metals and minerals. In contrast, the European economy has contracted significantly in recent years, adversely impacting its mining industry.
The mining equipment market size was valued at $122.3 billion in 2020, and is estimated to reach $200.9 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.
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Driving Demands:
In 2020, the surface mining equipment segment held the largest share of the market and is projected to grow at a compound annual growth rate (CAGR) of 3.5% over the forecast period. The metal mining sector is expected to remain the largest application segment, contributing the highest market share. Additionally, the growing focus on mineral mining is anticipated to create growth opportunities for smaller players in developing economies.
Asia-Pacific stands out as the most productive region, with various industries heavily investing in mining equipment. Numerous domestic companies are also investing in the mining sector, driving demand for equipment such as crushers, trucks, loaders, and diggers. These investments aim to enhance operational efficiency by reducing labor costs and increasing work precision within optimal timeframes. Furthermore, the surface mining equipment market in emerging economies is expected to grow rapidly during the forecast period, spurred by developments in both the construction and mining industries.
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Top Players:
The major players, such as AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB, focused on developing new products to strengthen their presence in the mining equipment market. Moreover, these companies expand their business by acquiring small businesses to sustain intense competition. For instance, Epiroc acquired Mining Products (Proprietary) Limited, a South African manufacturer of rock reinforcement products for underground mining. Through this acquisition, Epiroc expanded its presence in South Africa.
Key Benefits For Stakeholders:
The report provides an extensive analysis of the current and emerging global mining equipment market trends and dynamics.
In-depth mining equipment market analysis is conducted by mining equipment market estimations for the key market segments between 2020 and 2032.
Extensive analysis of the mining equipment market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive mining equipment market opportunity analysis of all the countries is also provided in the report.
The global mining equipment market forecast analysis from 2020 to 2032 is included in the report.
The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the mining equipment industry.
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