The market growth is likely to be driven by increasing demand for coal in electricity generating applications, increasing demand for technologically advanced mining equipment, and rising construction of roads and railways through hilly areas.
Mining Equipment Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $156 billion by 2022, registering a CAGR of 7.9% during the period 2016 - 2022. Asia-Pacific accounted for the highest revenue of over $50 billion in 2015, followed by LAMEA.
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From a growth perspective, mining drills and breakers is projected to be the fastest growing segment due to increasing application in metal mining.
In 2015, LAMEA was the second largest market followed by North America. Asia-Pacific would continue to dominate the overall market throughout the forecast period owing to increasing demand of mining equipment from countries such as China, India,Indonesia and others.
Product launch and acquisition are the key growth strategies adopted by the leading market players to strengthen their foothold in the market. Key companies profiled include Caterpillar Inc., Komatsu Ltd., Sandvik, Joy Global Inc., Hitachi Construction Machinery Co.
Ltd., Atlas Copco, AB Volvo, Doosan Heavy Industries & Construction, Metso, and Liebherr Group.
Category: Market Research Publishers and RetailersCompany about: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market dom ...