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Global Mining Equipment and Machinery Market Expected to Reach US$ 140 Billion by 2027


Global Mining Equipm

iCrowdNewswire   Jan 12, 2021  10:00 AM ET

36_Global Mining Equipment and Machinery Market Share Analysis

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Mining Equipment and Machinery Market by Product Category, Propulsion, Application, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 95 Billion in 2019 and is expected to grow at a healthy growth rate of 5.4 % by the year 2027. The global mining equipment and machinery market is anticipated to grow owing to rising demand for metals and commodities, and high adoption of innovative technologies are the factors expected to drive the growth of the global mining equipment and machinery market.

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The global mining equipment and machinery market is fragmented based on product category, propulsion, application, and region. In terms of product category, the market is segmented into crushing, pulverizing, and screening equipment, drills & breakers, mineral processing equipment, surface mining equipment, and underground mining equipment. Based on propulsion, the market is classified as Diesel, Gasoline, CNG/ LNG/ Others. On the basis of application the market is divided into coal, mineral, and metal. Based on region, the global mining equipment and machinery market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, and Rest of Asia Pacific. The Europe region is further categorized into Germany, France, Italy, U.K., Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.

In year 2020, the mining equipment and machinery market is witnessing downtrend owing to the negative impact of COVID 19 pandemic. The shutdown of production activities, slowdown in the production of mining equipment and machinery and its raw materials have given rise to supply chain disruption in the mining industry. Many countries have closed their national borders and have enforced lockdowns. which in turn, is hindering the market growth. Whereas, restriction, stringent rules and stoppage of international and domestic flights are some of the prime reasons responsible for this market decline. However, the market is expected to grow at a slow pace in future. The market growth pattern is hampered by fluctuations in demand and supply of mining equipment and machinery.

As per GMR industry analyst Rajat Verma, “The Global Mining Equipment and Machinery Market is anticipated to witness significant growth during forecast period 2021-2027. The market growth is driven due to rising adoption of automated solutions for mining. Moreover, the increasing innovations in mining processes and growing demand for metals and minerals, led to rise in mining activities. Which in turn is expected to propel the market growth. Key players in the market are actively focusing on R&D activities to develop innovative equipment and machinery used in mining.

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Key Takeaways from the Study:

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Report Scope:

Report Metric

Details

Market Value in 2019

US$ 95 Billion

Market Growth Rate (from 2021 to 2027)

5.4 %

Historical Data

2017, & 2018

Base Year

2019

Forecast Period

2020 – 2027

Units Considered

Value (US$ Billion)

Market Segments

By Product Category, By Propulsion, By Application

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

U.S., Canada, Brazil, Mexico, Rest of Latin America, China, Japan, South Korea, India, Australia, Rest of Asia Pacific, Germany, France, Italy, U.K., Spain, Russia, Rest of Europe, Saudi Arabia, South Africa, UAE, and Rest of MEA.

Key Companies Profiled

AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Sandvik AB, SANY GROUP, Terex Corporation, XCMG Group, Zoomlion Heavy Industry Science and Technology Co., Ltd.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

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