Top Companies in Mining Equipment Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Mining Equipment Market is projected to reach USD 272.9 Billion by 2028 at a CAGR of 10.80% over the forecast period.
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Market Overview
The Global Mining Equipment Market is valued at USD 147.5 Billion in 2021 and is projected to reach USD 272.9 Billion by 2028 at a CAGR of 10.80% over the forecast period. The Mining Equipment Market is primarily driven by the expanding market for metallic mineral products and the rising consumption of resources, including coal, diamonds, and uranium. Furthermore, it is anticipated that global business will advance due to the rising market demand for mineral supplements to increase agricultural outputs. On the other hand, tight government regulations and rising raw material costs will hinder global market growth. However, over the period, it is anticipated that increasing market demand for technologically advanced equipment, increased coal use for heat treatment and electricity generation, and increased rail track and road route renovation through hilly regions will offer profitable opportunities for global industry growth.
A growing urban population raises demand for natural resources like oil, which is expected to raise demand for Mining Equipment and fuel the market's growth. Additionally, a boost in household earnings has supported the demand for minerals, which is helping the industry expand.
However, a challenge for the Mining Equipment industry is the rise in demand for used and pre-owned equipment brought on by the growth of unorganized miners. The biggest factor impeding the growth of the Mining Equipment Market throughout the projection period, however, is worried about the environment and people.
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Amidst Exponential Growth in Mining Equipment Adoption, What Trends Should We Look Forward to?
- The demand for environmentally friendly Mining Equipment has increased as knowledge of environmental issues has grown. As a result, producers are concentrating on meeting the needs of the current market. It serves as a major trend for expanding the Mining Equipment industry.
- Globally, urbanization and increasing industrialization drive demand for natural resources like oil and minerals. As a result, the mining sector around the world is growing, which in turn is boosting the prospects for demand in the Mining Equipment Market.
- Unpleasant working conditions may be made worse by using diesel engines in underground Mining Equipment, which produces noise, heat, and pollution. It's also necessary to have enough ventilation when installing diesel-powered equipment. Using electric mining machinery or battery-operated equipment promotes safer working conditions because there is no exhaust with low operating costs. It solves the ventilation issue in underground mines. As a result, increased use of electric machinery in underground mining will boost market expansion.
- Throughout the projected period, significant growth opportunities are anticipated to be generated by the most recent advancements in mining technology and a push toward sustainability. These developments support efficient, safe, and modern mining techniques.
The Mining Equipment Market is dominated by globally established players such as Caterpillar (Deerfield, Illinois, U.S.), Komatsu Ltd. (Tokyo, Japan), CNH Industrial N.V. (Amsterdam, Netherlands), A.B. Volvo (Gothenburg, Sweden), Terex Corporation (Connecticut, U.S.), Sandvik AB (Stockholm, Sweden), John Deere & Company (Illinois, U.S.), Liebherr-International AG (Bulle, Switzerland), Hitachi Ltd. (Tokyo, Japan), Doosan Corporation. (Seoul, South Korea), Metso Corporation (Helsinki, Finland), Atlas Copco AB (Nacka Municipality, Sweden), Zoomlion Heavy Industry Science & Technology Development Co. Ltd (Changsha, China), Xuzhou Construction Machinery Group Co., Ltd. (Xuzhou, China) and Wirtgen Group Holding GmbH ( Rheinland-Pfalz, Germany). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Mining Equipment Market.
Let's Look at the Top 5 Companies That are Taking the Mining Equipment Market by Storm
The Mining Equipment Market is expected to grow from USD 147.5 billion in 2021 to USD 272.9 billion in 2028 because of the rising need for natural resources in several application industries, including the manufacturing, power generation, and automobile industries. The Mining Equipment industry has expanded due to greater automation and technological usage.
- Caterpillar Inc. (U.S.)
Caterpillar Inc is the largest producer of off-highway diesel and industrial gas turbines, natural gas engines, and diesel-electric locomotives worldwide. It has been assisting clients in creating a better, more sustainable world for almost 100 years and is dedicated to contributing to a future with lower carbon emissions.
- Komatsu Ltd. (Japan)
With quality, dependability, knowledge, and support, Komatsu has been by your side, providing goods and services to the sectors it supports. To keep mining sites functioning continuously and ensure reliable operations at all times, Komatsu unveiled the world's first Autonomous Haulage System (AHS) in 2008.
- CNH Industrial N.V (Netherlands)
An international manufacturer of capital goods, CNH Industrial focuses on products and services for the construction, mining, and agricultural industries. Case I.H., New Holland Agriculture, CASE, and New Holland Construction Equipment are among the brands under which the company conducts business.
- AB. Volvo (Sweden)
Volvo Group promotes prosperity by providing infrastructure and transportation solutions, including financing options, services that boost client productivity and uptime, trucks, buses, mining and construction equipment.
- Terex Corporation(U.S.)
Terex is a leading producer of aerial work platforms and equipment for processing commodities. It creates, manufactures, and provides support for goods used in building, maintenance, manufacturing, energy, recycling, minerals, and materials management applications.
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