The global Mining Equipment Market size is anticipated to reach USD 368.99 billion by 2027, exhibiting a CAGR of 12.7% over the forecast period, according to a new report by Grand View Research. Growing trend of investment in renewable energy installations and deployment of innovative technologies are some of the key factors driving the market. Countries including India, Australia, and China are playing a significant role by meeting the growing demand for metals and minerals in order to increase their market share in the global minerals trade.
Adoption
of automated solutions & robotics to reduce human intervention at the
excavation sites for workforce safety is expected to drive the market over the
forecast period. Furthermore, demand for base metals is expected to elevate due
to growing trend of decarbonization and technological advancements, thereby
fueling the market growth. Significant improvements in equipment efficiency,
investments in the sector by Original Equipment Manufacturers (OEMs), coupled
with the need for sustainable products, are expected to positively augment the
market growth over the next few years. For instance, in May 2019, Rio Tinto
entered into a partnership with Caterpillar, Inc., wherein Caterpillar supplied
20 autonomous 793F trucks, along with four autonomous blast drills, for the
Koodaideri iron ore operation.
Remanufacturing
has emerged as a vital aspect of increasing the competitiveness of major
players. This can be attributed to strong demand for products during the
commodity supercycle, thus allowing manufacturers to increase the overall
annual shipments. In order to fit into this trend, several manufacturers have
started providing remanufacturing services. For instance, Liebherr Group
established a mining remanufacturing program that allows consumers to reduce
the entire lifecycle cost of the machinery.
The
evolution of the mining equipment market is linked to the changes in the mining
sector, expansion of the existing mines, coupled with the commissioning of new
projects. Manufacturers and companies are taking effective measures to ensure
labor safety by digitizing the existing equipment. Despite the unsolved safety
challenges and commodity price struggles in the industry, the emerging mining
trends are expected to offer plenty of growth opportunities for this market.
However, stringent emission norms and safety standards to address environmental
concerns are the significant factors challenging the mining equipment industry
growth.
Related Press
Release@ Mining Equipment Market Report
Mining Equipment Market Report Highlights
- The global
market is expected to witness noteworthy growth over the forecast period
due to growing demand for the replacement of the mining equipment, which
is attributed to increasing cases of aging, obsolescence, and risk of
catastrophic failure
- The underground
mining equipment segment is anticipated to register the highest CAGR of
over 15% from 2020 to 2027 owing to increasing demand for brownfield
projects and replacement of equipment
- Based on the
application, metal mining is expected to expand at the highest CAGR over
the forecast period due to increased demand for gold
- The mining
equipment market is highly competitive due to presence of few players
capturing a major share. Notable players include Komatsu Ltd.;
Caterpillar, Inc.; Atlas Copco AB; and Sandvik AB
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment