Mining Equipment Market Growth Strategies, Rising Trends and Revenue Analysis till 2024
Date: 2020-03-11   Author: Rahul Varpe  Category: #news

Mining Equipment Market Growth Strategies, Rising Trends and Revenue Analysis till 2024

The Mining Equipment Market size was estimated at USD 70 billion in 2017 and is projected to surpass USD 95 billion by the year 2024.

During the period of 2018-2024, the Mining Equipment Market is anticipated to expand with a CAGR of 5%. The report contains detailed analysis of Business Competitors, Evolving Technology, Growth Rate, Industry Strategies, Key Companies, and Forecast till 2024. The study encompasses ample details regarding the important sectors of the market and their significance. 

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Increasing health & safety concerns about the workers are propelling the adoption of automated solutions in the mining equipment market. Several countries including the U.S., Germany, and France are developing machine safety regulations for the safety of the industrial laborers. For instance, the European Act of 1986 on health and safety outlines several guidelines for the protection of workers from hazardous industrial environments. Such regulations are promoting companies to adopt effective solutions developed for reducing the chances of workplace accidents. The manufacturers in the mining machinery market are providing several safety features and functions in these machines including gas detection system, wireless personnel tracking, conveyor belt monitoring and ground control, and strata management systems.

Increasing investments in developing innovative and smart solutions will drive the mining machinery market. Rising demand for advanced extraction solutions is encouraging the players to increase their R&D activities to cater to the requirement of the customers. The industry is witnessing a growing demand for connected technologies for monitoring the industrial processes. Several players are engaged in developing IoT-based equipment for remote monitoring and control. It was estimated that around 40% of the manufacturers in the industry are planning to implement IoT-connected technologies for performing extraction activities.

Market Growth Drivers –

North America & Europe

  1. Integration of robotic systems and GPS
  2. Focus on productivity to maximize ROI from mining
  3. Escalating demand for resources
  4. Rising demand for metals from construction & manufacturing industry

Asia Pacific & Latin America

  1. Increased mineral production and stabilizing commodity prices
  2. Increasing usage of smart mining solutions
  3. Growing investments in innovation and digitalization
  4. Increased focus on mechanization in mining

MEA

  1. Replacement of the aging fleet
  2. Enhancing output from underground mines

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Drills & breakers are experiencing a high adoption in the mining equipment market with an increase in surface and underground extraction activities. The application of rotary blasthole drills for coal and metal mining processes is growing rapidly. Manufacturers in the mining machinery market are developing customized solutions based on the specifications of the companies. For instance, Sandvik AB is providing 1190E Rotary Blasthole Drill Rig, which is an electric-powered equipment designed specifically for coal extraction processes. The Asia Pacific region is witnessing a high adoption of these solutions owing to the favorable policies regarding the export of metals and minerals. Countries including India, China, and Australia are among the largest coal producing economies of the world.

Know about Market growth in New Research and its Top growing factors by Key Companies like

AB Volvo, Astec Industries Incorporated, Atlas Copco AB, Bell Equipment Limited, Boart Longyear Ltd., Bradken Limited, Caterpillar Inc., China Coal Energy Company Limited, CNH Industrial NV, Corum Group, Doosan Group, FLSmidth & Co., Furukawa Co. Ltd., Hitachi Co. Ltd., Hyundai Heavy Industries Company Limited, Joy Global Inc., Komatsu Ltd., Kopex SA, Liebherr Group, Metso Corporation, Northern Heavy Industries Group Co. Ltd, RCR Tomlinson Limited, Sandvik AB, SANY GROUP, Techint Group, Terex Corporation, The Timken Company, Thyssenkrupp, Wirtgen Group Holding GmbH, Zhengzhou Coal Mining Machinery Group Limited

Market by Applications

  1. Metal Mining
  2. Mineral Mining
  3. Coal Mining

Market Report Includes

  1. An exhaustive analysis regarding the present market scenario along with the growth opportunities, major players, target audience, and market forecast until 2024
  2. A thorough gist of the market including growth projection, market size, prominent contenders, and market evaluation till 2024
  3. A documentation of the growth forecast, returns, growth opportunities, and Forecast 2019-2024
  4. Summary of Primary and Secondary Research, alongside Consumption Analysis, Market Segmentation, and Forecast until 2024
  5. A comprehensive evaluation with regards to Export Research Report, Emerging Growth Factors, Market Dynamics, and Forecast 2019-2024
  6. Data pertaining to Strategic Developments, Market Assessment, and Forecast until 2024
  7. Information regarding market trends, product applications, ongoing demand, technological developments and Forecast till 2024

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Key Reasons to Purchase the Market Report

  1. The report is inclusive of detailed analysis of the global market with respect to end-use spectrum, product terrain, market opportunities, along with regional demand by 2024
  2. An exhaustive data review, in consort with the systematic assessment of the market with regards to the regions and global vendors – until 2024
  3. All-detailed documentation of the parameters which will influence the market significantly, alongside the preventive strengths and their impact on the global market.
  4. The study further focuses on identifying the concealed growth opportunities of the market while delivering data on increasing CAGR through 2024
  5. The report evaluates basis issues, solutions, in tandem with product developments to address the expansion threat.


About Author


Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for algosonline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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