Global mining equipment market is expected to reach $121.4 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, the surface mining equipment segment dominated the global market in 2017 with regards to revenue generation, while Asia Pacific recorded highest share in the global mining equipment market.
The report cites that the market is mainly driven by the rising demand for metals and minerals. The increasing use of resources like petroleum and coal generate immense demand and therefore supports market growth. The adoption of mining equipment is further accelerated by decreasing ore grades. Also, new emerging markets as well as technological advancements will offer lucrative growth opportunities in the coming years. However, stringent government mandates and the high initial investment costs associated with mining equipment are likely to hamper market growth during the forecast time period.
In terms of regional growth, Asia-Pacific will account for the largest share in the global mining equipment market over the estimated timeline. This development can be attributed to the significant growth in the emerging economies of India, China, Japan, and Australia. The increasing demand for petroleum and coal resources along with surging industrialization in developing nations of this region is slated to further augment the mining equipment market growth in the region. Additionally, leading market players in the global spectrum are expanding their presence in developing nations within the Asia Pacific in order to exploit the growth opportunities offered by these nations, cited the report.
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The report covers several applications of mining equipment including mineral mining, metal mining, coal mining, and others. The metal mining segment is anticipated to amass hefty returns during the forecast period on account of rising demand from emerging economies. The rising demand for metals like gold, silver, platinum, and copper from numerous end-users, especially in jewelry and ornaments manufacturing is set to propel product demand, thereby augmenting the global mining equipment market growth over the predicted timeline.
The report provides an in-depth analysis of the mining equipment market drivers, restraints, and opportunities over the forecast period. A deep dive analysis of the report in terms of application, product benchmarking, region, and competitive ranking analysis has also been detailed in the report. In addition, company profiles of leading market contenders have been elaborated under the heads of overview, financials, product benchmarking, and recent developments.
The competitive landscape of the global mining equipment market includes industry majors such as Caterpillar Inc., Komatsu Ltd., AB Volvo, Hitachi Ltd., Atlas Copco AB, Liebherr Group, Joy Global Inc., China Coal Technology and Engineering Group Corp., Sandvik AB, Northern Heavy Industries Group Co. Ltd, and Metso Corporation among others. The key growth strategies observed in this business space include launching innovative products and teaming up with other market leaders to design new products and to suffice the rising consumer needs and requirements, thereby augmenting the mining equipment market demand during the foreseeable timeline.