- Mineral Mining
- Metal Mining
- Coal Mining
Mining Equipment Market was valued at USD 144.37 billion in 2022 and is anticipated to reach a CAGR of 12.7% from 2023-2029. mining equipment market consists of mining tools, crushing equipment, drills, and feeding & conveying equipment. Minerals and metals are extracted from the ground making use of complex machinery, computerized remote-controlled equipment, and high-technology operations. Mining activity differs on the basis of the kind of minerals and metals extracted from the earth. Usually, there are two kinds of mining processes such as underground and surface mining. Each mining process requires different equipment according to the applications. A few activities involved in mining are smelting, milling, and smelting apart from digging. This market analysis covers details about trade rules, production analysis, market share, localized market players, market size, product launches, and strategic market growth analysis. As digitization and automation gain traction, technology is becoming a major differentiating feature for manufacturers and mining firms. Key players are concentrating on lowering extraction and equipment maintenance costs. Furthermore, the industry has seen widespread adoption of several clusters of technologies to improve operational efficiencies, such as top robotics and automation, smart sensors, and 3D printing. For example, ABB Ltd. launched the Ability Smart Sensor in January 2019 to assess the condition of mounted bearings in order to save downtime in mining during material handling. This segment of the market report gives details according to competitors. These details include company financials, investment in development, revenue generated, regional presence, new product launch, market potential, new market initiatives, and company strengths and weaknesses. Prominent industry players working in the market
Fastest Growing Market
Increase in the coal use for the purpose of heating and electricity generation is going to drive the mining equipment market growth. The mining equipment market is booming because of the increase in mining activities to extract minerals and metals from the ground as there is growing demand for metals and minerals commodities. In addition, increasing preference towards different technologies like automation is lessening time required for mining activities and reducing labor cost too, which lead towards increase in the demand for mining equipment and drive the market growth. A few other major factors anticipated to increase the mining equipment market growth are increase in the need of mineral fertilizers and increase in the intake of natural resources like uranium, coal and diamond. But the strict government rules like emission norms, environmental concerns, significant rules and safety standards are anticipated to restrain the market growth.
2022 is the base year and 2029 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.