Global Mining Equipment Market is expected to garner $155.9 billion by 2022, registering a CAGR of 7.9% during the forecast period 2016 - 2022. Mining is an extraction process of obtaining coal, minerals, metals and other such materials from the earth.
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Mining is an important sector of the world economy, which generates employment and provides innumerable resources to other industries.
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Petroleum, coal, natural gas, and water are the main products extracted during mining, in addition to various substances comprising uranium, diamond, stone, rock, various chemicals, and geologically deposited substances.
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Leading companies in the mining equipment market such as Caterpillar Inc.; Metso, Komatsu Ltd.; Joy Global Inc. Inc. Sandvik; Hitachi Co. Ltd., and others, have witnessed a significant growth in the past few years.
Innovative products, such as remote-controlled mining equipment, launched by these players have increased their overall consumer base. Moreover, other players operating in the mining equipment market such as AB Volvo, Doosan Group; Atlas Copco, and Liebherr Group are expected to strengthen their product line with higher technology products, to meet the increasing demands of the consumers.
Mining drills and breakers is the fastest growing segment, followed by crushing, pulverizing, and screening equipment. By application, the mining equipment market is segmented as metal mining, mineral mining, and coal mining.
Geographically, the mining equipment market is classified into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the largest market of mining equipment during the forecast period.
India, China, Australia, and Indonesia are likely to be the main revenue-generating countries in Asia-Pacific. The report also provides a country-wise analysis of the key geographic regions.
Developing countries such as India, China and Indonesia have witnessed an increasing demand in the mining equipment market.
Companies profiled in the report are Caterpillar Inc., Komatsu Ltd., Sandvik, Joy Global, Hitachi Co. Ltd., Atlas Copco, AB Volvo, Doosan Group, Metso and Liebherr Group.
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