London, May 16, 2023 (GLOBE NEWSWIRE) -- The global mining equipment market surpassed an estimated revenue of US$125 Bn in the year 2020 and is poised to maintain a steady growth trajectory through the years to come. The advent of mining technology, and the rise of smart mining have been some of the prime driving factors for mining equipment industry, as Fairfield Market Research suggests a new report. Ascending adoption of telematics in mining has especially been instrumental to the market build-up, says the report. The study says with growing emphasis on reducing downtime in mining, and addressing malfunctioning of machines will strengthen the case for market expansion. Increasing employment of automation across all mining segments will further accelerate the revenue growth of the market in future.
“Recently, the world of mining has seen a lot coming to it because of the perceived environmental impact of various mining activities. Industry’s move toward sustainability has thus picked pace. Development of low-emission and hybrid models, and deepening penetration of automation technology are scaling the game up. The entire scenario is expected to work to the advantage of the global mining equipment market,” states an analyst at Fairfield.
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Insights into Segmentation Analysis
In the wake of emerging environmental concerns regarding the carbon footprint of overall mining activity, there has been a major shift in industry from diesel-operated equipment to their electrically powered counterparts. Electric mining equipment is favored by mining labor as well, for its lower noise generation, lesser heat creation, better ventilation quotient, and zero emission. In addition, electric mining equipment facilitates the goal of industry to have a safer work environment. It is thus expected to be a significant segment of the mining equipment market over the years to come.
Insights into Regional Analysis
The higher growth potential of key Asian markets accounts for the dominance of Asia Pacific in the global mining equipment market space. The mining drilling activities continue to see a surge in the light of escalating demand for coal, and precious metals. Research finds that the economies in the Asian subcontinent remain the world’s largest coal consuming nations and their dependency on coal is unlikely to reduce to a considerable extent, anytime soon. This remains the strongest force for the primacy of this region in the global market.
The rampant expansion of construction industry in addition to swelling cement consumption for a growing number of infrastructural developments is driving demand surge in mining equipment across the region. Increasing proclivity for mechanization of mines, especially in China, and India, will further keep the market afloat here. The Asian markets are more specifically riding the cost efficiency trend, marks the study.
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Major Competitors in Global Mining Equipment Market
AB Volvo, Caterpillar Inc., Sandvik AB, Komatsu Ltd., Atlas Copco AB, Hitachi Construction Machinery Co. Ltd., Wirtgen Group Holding GmbH, CNH Industrial NV, Terex Corporation, Doosan Corporation, and Liebherr Group represent some of the major players leading the competition landscape of the global mining equipment industry.
Key Elements Included In The Study: Global Mining Equipment Market
- Mining Equipment Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value, 2019 - 2022
- Market Value at Regional and Country Level, 2023 - 2030
- Market Dynamics and Economic Overview
- Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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