New York, April 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mining Machinery And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06282469/?utm_source=GNW
, Astec Industries Incorporated, Bell Equipment Limited, Boart Longyear Ltd., Bradken Limited, FLSmidth & Co., Furukawa Co. Ltd., Kopex SA, and Deere & Company.
The global mining machinery and equipment market is expected to grow from $70.35 billion in 2022 to $78.08 billion in 2023 at a compound annual growth rate (CAGR) of 11%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mining machinery and equipment market is expected to reach $113.35 billion in 2027 at a CAGR of 9.8%.
The mining machinery and equipment market consists of sales of coal breakers machine, mining cars, core drills, coal cutters, rock drills, and manufacturing mineral beneficiating machinery and equipment used in surface or underground mines.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Mining machinery and equipment is defined as electrical or diesel-powered heavy-duty machinery or equipment involved in the excavation, transportation, and processing of commodities such as coal, minerals, and metals.
Asia-Pacific was the largest region in the mining machinery market in 2020. The regions covered in the mining machinery and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of mining machinery are underground mining machinery, surface mining machinery, drills and breakers, crushing, pulverizing, and screening equipment, mineral processing machinery, feed conveyors, stackers, and reclaimers.Pulverizing reduces minerals into small particles.
Crushing reduces the size of materials into small substances for further processing.Screening separates one material from the other during the mechanical screening process.
These mining machines are used for transportation, processing, and excavation in coal, minerals, and metals mining.
The increasing demand for mining is fueling the growth of the mining machinery and equipment market.Underground advanced mining equipment such as trucks, loaders, and diggers are used to dig up the material, and is usually transported to the ground through skips or lifts for further production.
In the economic growth of developed nations such as Australia, the USA, and Canada, mining has performed a key role.Mining is notably crucial to the US economy because the USA is among the largest buyers of mineral resources and one of the largest producers in the world.
For instance, according to the USA Geological report, in 2021, US mines produced nearly $90.4 billion worth of nonfuel minerals, which is 12% more compared to 2020. Therefore, the increasing demand for mining drives the growth of the mining machinery and equipment market.
The impact of COVID-19 is expected to impede the growth of the mining machinery and equipment market over the forecast period.The mining industry has struggled with economic problems, but the COVID-19 outbreak is unparalleled, even for the major firms on the market.
The sudden breakdown of day-to-day activity and total lockdown throughout countries for months, combined with a persistent threat to human life, has impacted the mining sector.For instance, in 2021, Shell, the leading supplier of lubricants to the mining industry, reported that about 80% of mining companies encountered operational difficulties, such as lack of qualified staff and inadequate steps to retain workers secure when implementing advanced technologies.
Therefore, the impact of COVID-19 hampers the growth of the mining machinery and equipment market.
The growing technological advancements are a major trend shaping popularity in the mining machinery and equipment market.Major firms operating in the mining machinery sector are focusing on developing advanced technology solutions for mining machinery.
For instance, in September 2020, Sandvik, a Sweden-based engineering group in mining and rock excavation, metal-cutting, and materials technology developed a concept vehicle, which is built on high-end technology and fitted with entirely new sensing technologies and artificial intelligence to improve mining procedures.The AutoMine Model that is used, views its surroundings and atmosphere in 3D and responds in real-time.
These technologies give specific consumer benefits by enabling vehicles to adapt and schedule their own ways and to find the most efficient paths even in ever-changing environments.
In October 2022, Austin, a US-based company that specializes in mining equipment design and manufacturing, acquired Mainetec Pty Ltd for the amount of US $19.6 million. This acquisition expands Austin’s range of offerings for Hulk buckets and other products and provides product progressing plans across the USA, Canada and Chile markets. Mainetec Pty Ltd is an Australia -based manufacturer of mining equipment .
The countries covered in the mining machinery and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mining machinery and equipment market research report is one of a series of new reports that provides mining machinery and equipment market statistics, including mining machinery and equipment industry global market size, regional shares, competitors with a mining machinery and equipment market share, detailed mining machinery and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the mining machinery and equipment industry. This mining machinery and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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