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Global Mining Equipment and Machinery Market Report Analysis 2019-2027

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Sheryl Dias
Global Mining Equipment and Machinery Market Report Analysis 2019-2027

The global Mining equipment and machinery market was valued at USD 95.0 Billion in 2019 and is projected to reach USD 140.3 Billion by 2027 expanding at a CAGR of 5.4% during the forecast period, 2020-2027. 


Mining equipment and machinery are used to extract geological materials such as copper, nickel, cobalt, gold, silver, lead, zinc, iron, diamond, and platinum, from the earth. The equipment and machines in the mining industry perform digging, drilling, and loading activities. Other activities include friction, smelting, refining, and others. Mining equipment and machinery include mining drills & tools, earthmovers, crushing machinery & equipment, and feeding & transportation equipment. Mining equipment and machinery have evolved with the aid of computerized remote-control equipment, high-tech operations, and complex machinery, which simplifies the extraction of metals and minerals from the ground process. Mining activity can vary depending on the type of metals and minerals to be extracted. Currently, two types of mining processes are majorly utilized, that is, surface mining and underground mining, with each mining process there are different mining equipment and machinery available.


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Market Dynamics

The market is driven by factors such as growing consumption of natural resources, minerals such as copper, platinum, iron, gold, and silver are widely used minerals in several applications. Moreover, gold and silver are precious metals used for manufacturing products such as jewelry, Olympics medals, and currency. Furthermore, cobalt, bauxite, lithium, zinc, and potash are used for various applications. Increasing consumption and use of these minerals is expected to drive the growth of market. Rising demand for metals and commodities has led to rise the need for mining activities, this is expected to boost the demand for mining equipment and machineries during the forecast period.


Regional Outlook

In terms of region the market has been fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for a major share of the market and is expected to retain its lead position during the forecast period. India, followed by Australia, accounted for a key share of the market, in terms of revenue due to relentless expenditure and rising infrastructure projects. The market in India offers a number of opportunities to market players, as there is significant scope for exploring bauxite, iron ore, and coal. Moreover, the country's booming real estate sector is expected to increase the demand for metal mining equipment and machinery, thus contributing to the regional growth in the market.


Competitive Landscape

  • Top players in the market include Caterpillar Inc., Komatsu Ltd., Hitachi, Ltd., AB Volvo, and Liebherr-International AG. These companies are considered as key manufacturers of mining equipment and machinery based on their revenue, research development (R&D) activities, product offerings, regional presence, and supply chain management system.
  • The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the mining equipment and machinery extraction is added in the company’s capacity.


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