Global Mining Machinery And Equipment Market Size, Drivers, Trends, Opportunities And Strategies – Includes Mining Machinery And Equipment Market Growth
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The increasing demand for mining are expected to drive innovation in mining machinery and equipment manufacturing, thus driving the market during the forecast period.
The global mining machinery and equipment market is expected to grow from $70.35 billion in 2022 to $78.08 billion in 2023 at a compound annual growth rate (CAGR) of 11%. The mining machinery and equipment market is expected to reach $113.35 billion in 2027 at a CAGR of 9.8%.
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Global Mining Machinery And Equipment Market Segments Include:
- By Product Type: Underground Mining Machinery, Surface Mining Machinery, Drills and Breakers, Crushing, Pulverizing, and Screening Equipment, Mineral Processing Machinery, Other Product Types
- By Function Type: Transportation, Processing, Excavation
- By Application: Coal, Mineral, Metal
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global mining machinery and equipment market in 2021.
Major Market Players in the mining machinery and equipment market include Caterpillar Inc., Komatsu Ltd., Metso Corporation, Sandvik AB, Doosan Corporation, Liebherr, Hitachi Construction Machinery Co., Ltd.
The growing technological advancements are a major trend shaping popularity in the mining machinery and equipment market. Major firms operating in the mining machinery sector are focusing on developing advanced technology solutions for mining machinery. For instance, in September 2020, Sandvik, a Sweden-based engineering group in mining and rock excavation, metal-cutting, and materials technology developed a concept vehicle, which is built on high-end technology and fitted with entirely new sensing technologies and artificial intelligence to improve mining procedures. The AutoMine Model that is used, views its surroundings and atmosphere in 3D and responds in real-time. These technologies give specific consumer benefits by enabling vehicles to adapt and schedule their own ways and to find the most efficient paths even in ever-changing environments.
The Mining Machinery And Equipment Global Market Report 2023 provides a mining machinery and equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The mining machinery and equipment market forecast analyzes mining machinery and equipment market size, mining machinery and equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Mining machinery and equipment is defined as electrical or diesel-powered heavy-duty machinery or equipment involved in the excavation, transportation, and processing of commodities such as coal, minerals, and metals.
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