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.
The global Mining Equipment Market is anticipated to reach USD 121.4 million by 2026 according to a new research published by Polaris Market Research. In 2017, the surface mining equipment segment dominated the global market, in terms of revenue. In 2017, Asia-Pacific accounted for the majority share in the global mining equipment market.
The rapid growth in the demand for metals and minerals majorly drives the growth of this market. Growing usage of resources such as coal and petroleum supports the market growth. The decreasing ore grades further accelerates the adoption of mining equipment. However, high initial investment costs associated with mining equipment, and strict government regulations limit the growth of the market. New emerging markets, and technological advancements would provide growth opportunities for mining equipment market in the coming years.
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Asia-Pacific accounted for the highest share in the global mining equipment market during the forecast period. A significant growth in the emerging economies of China, Japan, India, and Australia among others drives the growth in this region. Increasing demand for petroleum and coal resources in the region, along with rising industrialization in developing countries of this region augment the market growth in the region. Leading global players are expanding their presence in developing nations of India, Indonesia, and Malaysia to tap the growth opportunities offered by these countries.
The various applications of mining equipment include metal mining, mineral mining, coal mining, and others. The metal mining equipment segment is expected to lead the mining equipment market during the forecast period owing to increasing demand from emerging economies. The increasing demand for metals such as silver, gold, platinum, and copper for various applications has increased the demand of mining equipment in this application. Use of precious metals such as gold and platinum in jewelry and ornaments has supported the growth of the market.
The well-known companies profiled in the global mining equipment market report include Komatsu Ltd., Caterpillar Inc., Hitachi Ltd., AB Volvo, Liebherr Group, Caterpillar Inc., Atlas Copco AB, China Coal Technology and Engineering Group Corp., Joy Global Inc., Metso Corporation, Sandvik AB, and Northern Heavy Industries Group Co. Ltd among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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