In a recent published report, Kenneth Research has updated the market report for Mining Equipment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Mining Equipment Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Mining Equipment Market is estimated to reach $167.7 Billion by 2024; growing at a CAGR of 6.9% from 2016 to 2024. Mining is the process of extracting minerals, metals and other substances from the earth. Products such as iron ore, gold, tin, copper, bauxite, manganese, silver, nickel, tantalum, cassiterite, and others are mined from the earth for several purposes. Extraction of these products is followed by processing and beneficiation in facilities located near the mine site. Some of the key mining equipment commonly used during the digging process includes dozers, drills, loaders, excavators, earthmovers, dump trucks, graders, and scrapers. Modern mining process is nearly completely mechanized and the operations involving a set of techniques may vary depending on the type of mine.
The global mining equipment market is driven by factors such as high consumption of natural resources such as petroleum, diamonds, and gold, growing need for fertilizers in agriculture sector, and high demand for metal and mineral based commodities. Though, factors such as stringent regulations and high maintenance cost would hinder the growth of the market. Furthermore, rising demand for coal in electricity generation and increasing construction of roads and railways would provide several opportunities in coming years.
The mining equipment market is segmented by type, application and geography. By type, the market is bifurcated into mining drills & breakers, crushing, pulverizing, & screening equipment, mineral processing equipment, underground mining equipment, surface mining equipment, and others. In terms of application, the market is categorized into mineral mining, metal mining, and coal mining.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers Western Europe, and Eastern Europe. Asia-Pacific covers China, India, and others. RoW covers South America and Middle East & Africa.
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Key players in the market are Liebherr Group, Caterpillar Inc., Komatsu Ltd., Sandvik, Joy Global, Metso, Hitachi Co. Ltd., Atlas Copco, AB Volvo, and Doosan Group, among others.
The key takeaways from the report:
The report will provide a detailed analysis of Global Mining Equipment Market with respect to major segments such as type, and application
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of Global Mining Equipment Market from 2015 to 2024 has been included in the report. Profile of the key players in the Global Mining Equipment Market will be provided, which include key financials, product & services, new developments and business strategies.
Scope of Mining Equipment Market:
Type Segments
Mining Drills & Breakers
Crushing, Pulverizing, & Screening Equipment
Mineral Processing Equipment
Underground Mining Equipment
Surface Mining Equipment
Other Types
Application Segments
Mineral Mining
Metal Mining
Coal Mining
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Geographical Segments
North America
U.S.
Canada
Mexico
Europe
Western Europe
Eastern Europe
Asia-Pacific
China
India
Others
RoW
South America
Middle East & Africa
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