Creative Digging Mining Equipment Market Growing to Reach $182.1 Billion by 2030 |At a CAGR of 4.6%
Surge in consumption of natural resources, and rise in need for mineral increase in demand for market growth.
PORTLAND, OR, UNITES STATES, March 3, 2023 /EINPresswire.com/ — Mining equipment is used to dig and move heavy and bulky loads in mining industries. These include drill rigs, crawlers, crushing & processing equipment, dumpers, excavators, finishing equipment, graders, mixers, trucks, trenchers, loaders, and dozers. These are majorly used in surface and underground mining operations. Moreover, these are also used for lifting and shifting operations in the construction sector.The global mining equipment market size was $125.2 billion in 2020, and is expected to reach $182.1 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
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The key factor that drives the mining equipment market growth includes rise in mining activities to meet the demand for metal and minerals. Moreover, as compared to other regions across the world, the economy of Europe has drastically declined over the past couple of years, which has affected the mining industry.
The surface mining equipment segment accounted for the highest share of about one third of global mining equipment in 2020, and is expected to grow at a CAGR of 4.5% during the forecast period. In terms of application, the metal mining sector is expected to contribute for the highest mining equipment market share in the coming years. Moreover, increase in emphasis on the mineral mining sector is expected to provide wide growth opportunities to small players in developing economies.
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Top Players:
The major players, such as AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB, focused on developing new products to strengthen their presence in the market.
Key Findings Of The Study
• The report provides an extensive analysis of the current and emerging global mining equipment market trends and dynamics.
• By type, underground mining equipment segment dominated the market, in terms of revenue in 2020.
• By application, the metal mining segment registered highest growth in the global market in 2020.
• By construction, the products segment is projected to register the highest growth rate in the coming years.
• The report provides an extensive analysis of the trends and emerging opportunities of the market.
• In depth, the global mining equipment market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.
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David Correa
Allied Analytics LLP
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