Pune, India, Nov. 10, 2021 (GLOBE NEWSWIRE) -- According to MarketStudyReport, worldwide mining equipment marketplace, valued at USD 98 billion in 2020, is projected to exhibit a CAGR of 5% over 2021-2027 and subsequently accrue USD 137.9 billion by the forecast period-end.
Taking the analysis further, Porter's Five Forces and PEST analysis are encompassed in the report to aid firms in identifying the level of competition and venturing deeper into the industry. It also includes detailed profiles of major companies, including product/service offers, basic data, and financials, to assist newcomers and other stakeholders in making well-informed decisions.
The industry growth can be credited to rise in construction of roads and railways across hilly and remote areas, and increasing consumption of natural resources like coal, natural gas, and oil in various sectors. Moreover, strategic initiatives by key players to fulfill surging demand for mining equipment is expanding the business horizon.
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According to Statista, India's coal consumption observed an increase from 16.86 exajoules in 2016 to 17.44 exajoules in 2017 and 18.6 exajoules in 2019. This upward trend in other emerging economies will likely accelerate market growth in the ensuing years.
Further, technological advancements and introduction of environmentally friendly equipment are projected to drive demand in global mining equipment industry.
Speaking of challenges in this domain, negative impact on the environment due to mining activities, and hefty price of related equipment are likely to hamper the overall remuneration scope during the study period.
Regional landscape outlook
Europe, North America, Asia Pacific, and Latin America are the key areas emphasized for assessing the regional assessment of the overall market. Expert analysts cite that Asia Pacific is projected to hold a sizeable portion of industry share in the forthcoming years, owing to increasing utilization of natural resources to address the demands of the booming population. Various government initiatives for the development of mining and exploration activities are also adding to the regional industry growth.
Competitive landscape summary
Hitachi Construction Machinery Co. Ltd., Komatsu Ltd., Atlas Copco Group, Liebherr Group, and Caterpillar Inc. are some of the major companies influencing the overall mining equipment industry trends.
To maintain their position in the vertical, leading players are engaging in strategic initiatives such as mergers and acquisitions, new product launches, and enhancing manufacturing capacity. Citing an instance, Caterpillar Inc. acquired Marble Robot Inc., a robot and autonomy technology solution firm, in June 2020 to expand its mining equipment expertise.
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Whereas, ABB Ltd. developed the Ability Smart Sensor in January 2019 to assess the condition of mounted bearings and reduce downtime in mining during material handling.
Global Mining Equipment Market, by Equipment Type (Value, USD Billion, 2018-2027)
- Drills & Breakers
- Crushing, Pulverizing & Screening
- Surface Mining
- Underground Mining
- Others
Global Mining Equipment Market, by Application (Value, USD Billion, 2018-2027)
- Coal Mining
- Non-Metal Mining
- Metal Mining
Global Mining Equipment Market Regional Bifurcation (Value, USD Billion, 2018-2027)
North America
- U.S.
- Canada
Europe
- The U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
Rest of The World
Global Mining Equipment Market Major Players (Value, USD Billion, 2018-2027)
- Sandvik AB
- Metso Corporation
- Doosan Corporation
- Deere & Company
- AB Volvo
- Hitachi Construction Machinery Co. Ltd.
- Komatsu Ltd.
- Atlas Copco Group
- Liebherr Group
- Caterpillar Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Mining Equipment Market, by region, 2019-2027 (USD Billion)
1.2.2. Mining Equipment Market, by Equipment, 2019-2027 (USD Billion)
1.2.3. Mining Equipment Market, by Application, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Mining Equipment Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Mining Equipment Market Dynamics
3.1. Mining Equipment Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Growing consumption of natural resources
3.1.1.2. Rise in construction of roads and railway tracks through hilly areas
3.1.2. Market Restraint
3.1.2.1. High cost of mining equipment
3.1.2.2. Environment degradation due to mining activities
3.1.3. Market Opportunities
3.1.3.1. Technological advancements
3.1.3.2. Adoption of environment friendly equipment
Chapter 4. Global Mining Equipment Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Mining Equipment Market, by Equipment
5.1. Market Snapshot
5.2. Global Mining Equipment Market by Equipment, Performance - Potential Analysis
5.3. Global Mining Equipment Market Estimates & Forecasts by Equipment 2018-2027 (USD Billion)
5.4. Mining Equipment Market, Sub Segment Analysis
5.4.1. Underground Mining
5.4.2. Surface Mining
5.4.3. Crushing, Pulverizing & Screening
5.4.4. Drills & Breakers
5.4.5. Others
Chapter 6. Global Mining Equipment Market, by Application
a. Market Snapshot
6.1. Global Mining Equipment Market by Application, Performance - Potential Analysis
6.2. Global Mining Equipment Market Estimates & Forecasts by Application 2018-2027 (USD Billion)
6.3. Mining Equipment Market, Sub Segment Analysis
6.3.1. Metal Mining
6.3.2. Non-metal Mining
6.3.3. Coal Mining
Chapter 7. Global Mining Equipment Market, Regional Analysis
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