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By 2024, Mining Equipment Market is Expected to Grow at a Considerable Growth Rate

Author : Rahul Varpe | Published Date : 2019-11-25 

The Mining Equipment Market report offers detailed competitive landscape of the global market. It includes company, market share analysis, product portfolio of the major industry participants. The report provides detailed segmentation of the Mining Equipment Market based on product, technology, end user and region.

Over the last few years, in order to deal with the increasing number of mining activities, most of the countries have been planning to procure advanced mining equipment. The initiatives taken by the regulatory bodies have opened up new business opportunities for mining equipment market players. Validating the aforementioned fact, in July 2018, Coal India Ltd has unveiled its plan to procure mining equipment of worth USD 2 billion over the coming three years. With the procurement of numerous mining equipment, it is looking forward to meeting the growing demand for coal in India. Coal India has also set an aim to produce 630 million tons of coal in 2018-19 and one billion tones in the coming years.

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The collaborative approach of mining companies and regulatory bodies to accelerate the number of mining activities will have a significant influence on the mining equipment industry growth. With the deployment of ambitious product development programs, global mining equipment industry is likely to traverse alongside a positive growth path. Driven by the growing investments in the mining and metal exploration activities, mining equipment market size will surpass USD 95 billion by the end of 2024.

Prominent mining equipment market players have lately been looking forward to developing multi-tasking, durable, fuel-efficient mining machinery for lowering operating costs, reducing service time, and improving mine quality. Currently, various underground specialist mining equipment including diggers, loaders, and trucks are used extensively to excavate metals. However, mining activities across the globe, in the last few years, have increased remarkably owing to the surging involvement of companies in advanced exploration programs.

Mining Equipment Market, By Product:

  • Mining drills & breakers
  • Crushing, pulverizing & screening equipment
  • Mineral processing machinery
  • Surface mining equipment
  • Underground mining machinery
  • Others (parts & attachments)

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The excavation of a large amount of underground materials has led to a rise in air pollution which has become one of the major causes of the upsurge in the prevalence of respiratory diseases. Taking into account the surging need to curb the air pollution, mining equipment manufacturers have been thus investing in the development of cleaner and safer mining machinery, which has led to most of the companies establishing partnerships to come up with advanced versions of mining equipment.

Similar to Coal India, the Zimbabwe Consolidated Diamond Company also has invested USD 100 million in the design and installation of complementary mining equipment. With the deployment of advanced equipment, the Zimbabwean diamond company aims to produce the best quality diamonds across the globe. In order to increase FDIs and contribute to strengthen the country’s economy, most of the diamond-producing companies have been investing heavily in the mining sector. The surging participation of the regional governments in the development of the mining industry for the betterment of economy will have a positive influence on mining equipment market size from metal mining applications.

Major companies participating in the Mining Equipment Market are:

  • Atlas Copco
  • Caterpillar Inc.
  • Metso Corporation
  • Komatsu Ltd.
  • Joy Global Inc
  • Hitachi Co. Ltd.
  • Sandvik
  • AB Volvo
  • Doosan
  • Astec Industries Incorporated
  • Wirtgen Group Holding GmbH
  • Bell Equipment Limited
  • Liebherr Group
  • Bradken Limited
  • CNH Industrial N.V.
  • China Coal Energy Company Limited
  • Hyundai Heavy Industries Company Limited
  • Corum Group
  • RCR Tomlinson Limited
  • Kopex SA
  • Terex Corporation
  • Techint Group

Related News: https://steemit.com/polymer/@rahulvarpe/polymer-concrete-market-report-by-regional-outlook-and-growth-forecast-to-2025

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. 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. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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