Manufacturers Of Mining Gear Can Concentrate On Automation Of Machinery To Draw Consumers For Attaining A Bigger Share in The Mining Equipment Market.
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According to MarketIntelReports' “Global Mining Equipment Market Research Report 2017”:
Browse 167 Pages and an in-depth TOC on “Mining Equipment Market 2017 ” here
Mining equipment can extract various resources like metals, minerals, and coal from the earth. They include trucks, borers, dozers, portable crushers, hydraulic pumps.
Petroleum, natural gas, and water are extracted during mining. Other substances like Uranium, stone, diamond, rock, and other chemicals are also extracted using mining tools and equipment.
High priced metals like gold, copper, and other ores propel the Mining Equipment Market.
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Mining is the main economic activity where rare metals are extracted from the deep layers of the earth. Manufacturers of the mining gear have many opportunities like automation of machinery to drive the customer demand.
Scope & Regional Forecast of the Mining Equipment Market
Growing demand for metal and increasing consumption of natural resources like coal, diamond, and uranium drive the demand for the Mining Equipment Market. The need for mineral fertilizers to get yield from agriculture enhances the growth of underground mining machines.
But increasing cost of materials and strict government regulations inhibit the grow the market.
Growing demand for technological advanced mining drilling equipment and increasing use of coal to generate heat and electricity, increasing construction of railway tracks and roads propel the market growth.
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Asia Pacific is expected to dominate the market. India, China, and Indonesia are the main revenue contributing regions for heavy equipment in mining.
New technologies like genomic solutions and machine learning to reduce the labor costs and sharing through cloud based networks create a high potential for mining technology.
Despite safety challenges which are unsolved and struggle of giving low commodity prices to products, many new trends are expected to provide opportunities in the market. The surface mining equipment had a major share in the market during 2015.
Segmentations & Key Players Involved in the Mining Equipment Market
The Mining Equipment Market can be broken down into various segments as follows:
- Region- North America, Europe and Asia-Pacific.
Some of the key players involved in the Mining Equipment Market are as follows:
- Atlas Copco
- Joy Global
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