Mining Equipment Market size is expected to reach USD 99.13 billion by 2024.While mining operations depend heavily on the ore location, the prominent production locations function in water shortage among other conditions. This has given rise to the need for effective solutions as well as contributed to demand for robust hardware. Increasing mechanization of construction processes coupled with strong economic growth will drive China mining equipment market size over the next few years.
MaketStudyReport.com adds a New Mining Equipment Market Research Report for the period of 2016-2024 that shows the growth of the market is rising at a 4.7% CAGR to 2024.
The adoption of multifunction machinery, that is applicable to numerous tasks has led to increased demand due to cost saving characteristics as compared to single-function counterparts. This has also resulted in considerably lower time requirements, while enhancing productivity and overall efficiency.
Technological developments resulting in facilitation of real-time monitoring to detect and monitor failure are expected to propel mining equipment market share.
Key insights from the report include:
U.S. mining equipment market size is set to surpass USD 11.5 billion by 2024, at 3.2% CAGR over the forecast timeframe. Vendors need complete compliance with regulatory mandates in order to ensure emission control and reduce pollution level, such as the Clean Air Act, which sets air quality standards.
Worker safety concerns as well as environmental considerations are among the key trends observed in the ecosystem. Tool tracking can be done with the help of barcode technology.
Various companies now equip their machinery, power tools as well as hand tools with barcodes to support effective monitoring and management as these are scanned by digital barcode readers at the beginning and end of each working day.
Europe mining equipment market share exceeded 14.5% of the global revenue in 2015.
Drills and breakers contributed over 10% to the overall revenue in 2015, with high growth anticipated over the forecast timeline. Surface mining equipment market size will exceed USD 30 billion by 2024.
Mineral mining equipment share will grow at 3.6% CAGR from 2016 to 2024.
The industry is highly regulated in nature. After sales service and maintenance activities have proved crucial for achieving competitive advantage.
Major companies include Caterpillar, Sandvik, Atlas Copco,.
Mining equipment market research report includes in-depth coverage of the industry, with estimates &forecast in terms of revenue in USD billion from 2013 to 2024, for the following segments:
Mining equipment market by product:
Mining Drills &Breakers, Crushing, Pulverizing &Screening Equipment, Mineral Processing Machinery, Surface Mining Equipment, Underground Mining Machinery, Others
Mining equipment market by application:
Metal Mining, Mineral Mining, Coal Mining
The above information has been provided on a regional and country basis for the following:
North America, U.S., Canada, Europe, Germany, UK, France, Italy, Russia, China, India, Japan, Latin America, Brazil, Mexico, MEA
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