Published on : Nov 28, 2019
ResearchMoz.us has announced the addition of a report, titled “Global Mining Equipment and Machinery Market Professional Survey Report 2019”. The study on the global mining equipment machinery market offers insights into the demand dynamics impacting the applications of underground automation systems, multi-functional excavators, and rail-veyor technology. The market is projected to expand at a promising CAGR from 2019 to 2025. Key regional markets are North America, Europe, and Southeast Asia.
A large degree of the growth dynamics pivots on the developments in the mineral, coal, and metal mining industry in various parts of the globe. Growing demands for various metals and minerals has propelled the need for smart and connected systems, shaping the evolution of the mining equipment and machinery market. The demand is sizable or base metals. Change in emission regulations has paved way for improved exhaust technologies over the past few years. For instance, in numerous key markets, miners have been adopting technologies that improve the fuel combustion efficiencies.
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World over, underground mining activities have risen to meet the global demands for mineral commodities. This is driving the demands for technologically-advanced mining equipment, including shovels and excavators. Moreover, adoption of new technologies in underground quarrying operations is boosting the market. The advent of automation technologies has given miners access to equipment and machinery that can considerably improve the operational efficiencies and reduce the cost of mining.
A notable stride is being driven by adoption of IoT-powered mining equipment and machinery. A case in point is leveraging big data analytics to improve workers’ safety and cost-effective procurement of mining equipment. The mining equipment and machinery market has witnessed robust fillip in demands on the back of the growing demand for mineral fertilizers in the agriculture industry. In recent years, mining equipment and machinery has risen in popularity.
In emerging economies such as China and India, rise in road and railway constructions has bolstered the demands for mining equipment and machinery. Moreover, advent of robotics in these countries has opened lucrative avenues in the mining equipment and machinery market. A part of the growth also comes from rising awareness of the workers’ safety in mining activities. On the other hand, demand for coal mining has risen in parts of Asia Pacific. Growing numbers of large-scale quarry applications in the region is also contributing to sizable revenues in the mining equipment and machinery market.
Developed markets have seen a shift toward full automation of mining below a certain depth. World over, the trend of digital mining is gathering steam, thereby unlocking new potential in the mining equipment and machinery market.
A few challenges are concerning miners and equipment manufacturers. The lack of standardization in equipment is a restraining factor. Moreover, environmental concerns have also dampened demands to an extent. The high cost of equipment is another key factor hindering the expansion of the market.
On the regional front, countries that have high mining potential have emerged out as key markets. Promising opportunities are witnessed in North America. Asia Pacific is also expected to rise at a rapid pace during the next ten years. A part of the growth comes from sizable investments on advanced excavators that were made by mining companies in Australia and India in recent years. Meanwhile, numerous developing regions such as the Middle East and Latin America are also showing large potential in the mining equipment and machinery market.
Key players in the mining equipment and machinery market include Metso, Sandvik, Caterpillar Inc., Outotec, Atlas Copco, Doosan Heavy, Boart Longyear, Liebherr Group, and Komatsu.