Published on : Nov 04, 2019
ResearchMoz.us recently added a report titled “Global Mining Lifting Equipment Market Size, Status, and Forecast 2019-2025” in their huge report library. The report offers in-depth insights into all the important factors prevailing in the industry. It includes new development, competitor analysis, geographical outlook, and segmentation. As per the report, the global mining lifting equipment market is projected to gain to display healthy CAGR during the forecast period.
The vendor landscape of the global mining lifting equipment is highly competitive and fragmented with the presence of a plethora of players across the globe. Some of the prominent players operating in the mining lifting equipment market are Caterpillar, Komatsu, Volvo Construction Equipment, Doosan Infracore, and Sandvik.
These players are focusing on several organic strategies such as business expansions, new product developments, partnerships and collaboration to stay ahead in the global mining lifting equipment market.
This can be attributed by the fact that in July 2018, Sandvik acquired Inrock, a leading player in rock drilling tools and services. The acquisition will help Sandvik to entire in the lining lifting equipment market. Further, it will also help Inrock to expand its area of operation and invest in modern technology for the manufacturing of mining lifting equipment.
Rise in Demands for Metals and Minerals to Drive Industry Growth
The mining lifting equipment market is primarily driven by the increasing requirement of energy across the globe. The unpreceded rise in urbanization and industrialization across the globe has increased the energy requirement substantially. This is a prominent factor expected to drive the global mining lifting equipment market in the coming few years.
Further, significant rise in the demand for metals and minerals, rising adoption of autonomous mining techniques and boost in the building and construction industry are some of the prominent factors expected to go well with the growth of the global mining lifting equipment market.
The mining lifting equipment includes tools that are majorly used to lift heavy and bulky loads in the mining industries. There are several types of lifting equipment used in the mining industries some of them are crawlers, drill rig, dumpers, finishing equipment, mixers, trucks, loaders, and dozers. The mining lifting equipment is also used in the construction industry to move heavy items from one place to another.
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The key factor expected to fuel the mining lifting equipment market includes the rise in global mining activities to meet the demand for metal and minerals. Mining companies are exploring new sources of mining such as volcanoes.
Despite several opportunities, growth in the mining lifting equipment may hinder due to increasing focus towards renewable sources of energy and fluctuating prices of minerals and metals in the international market.
Nevertheless, increasing investments and government support are anticipated to offer lucrative opportunities for the mining lifting equipment market.
North America to Hold Maximum Share in the Mining Lifting Equipment
Based on geography, the mining lifting equipment market can be divided into Asia Pacific, North America, Europe, and the Middle East and Africa. Among these, North America is likely to hold maximum growth opportunities. This is mainly due to the increasing investment by the players for the manufacturing of advanced lifting equipment. Additionally, the presence of a large number of supplier and consumers are other factors expected to fuel the mining lifting equipment market in the region.