With the emergence and long-term Impact of COVID-19, Global Mining equipment Market to reach USD 137.9 Billion by 2027
Bizwit Research & Consulting LLP’s Recent Analysis on Global Mining Equipment Market is poised to raise up to USD 137.9 Billion by 2027. Growing consumption of natural resources such as oil, natural gas, coal and others, rise in construction of roads and railway tracks through hilly areas and strategic initiatives by market players to cater the growing demand of the market are creating demand for mining equipment. According to Statista, coal consumption in India, surged from 16.86 exajoules in 2016 to 17.44 exajoules in 2017 and reached 18.6 exajoules in 2019. Also, in June 2020, Caterpillar Inc. acquired Marble Robot Inc., a robot and autonomy technology solution company, to enhance its expertise in mining equipment. Furthermore, technological advancements and occurrence of environment friendly equipment are expected to create demand in near future.
Geographically, the global Mining Equipment Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific is projected to have the largest revenue market share during the forecast period due to Rising natural resource consumption due to growing population and government initiatives for the development of mining and exploration activities. In terms of sales, North America is the most lucrative and fastest developing region in the market.
The global Mining Equipment market is highly competitive owing to the presence of several key manufacturers such as Caterpillar Inc., Liebherr Group, Atlas Copco, Komatsu Ltd, Hitachi Construction Machinery Co. Ltd, AB Volvo, Deere & Company, Doosan Corporation, and others.
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Key findings of the study suggest:
- Global Mining Equipment Market is anticipated to grow with a healthy growth rate of more than 5% over the forecast period 2021-2027.
- In the Equipment Segment, Drills & Breakers emerged as the leading market segment in 2020.
- In the Application Segment, Coal Mining has emerged as the leading market segment in 2020.
- Asia Pacific is anticipated to drive regional growth owing to factors such as rising mining activities, rising coal production and rising consumption of natural resources in the region.
- North America is expected to grow at higher rate followed by Asia Pacific during 2021-2027.
Bizwit Research & Consulting has considered following segments for the study:
Equipment:
- Underground Mining
- Surface Mining
- Crushing, Pulverizing & Screening
- Drills & Breakers
- Others
Application:
- Metal Mining
- Non-metal Mining
- Coal Mining
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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