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Mining Equipment Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026

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Comprehensive analysis of data on Mining Equipment Market by FutureWise Market Research offers in-depth research targeting prevailing market trends impacting the business across different regions. Vital aspects related to market share, market size,
Mining Equipment Market Global Trends, Market Share, Industry Size, Growth,
Opportunities, and Market Forecast 2019 to 2026
Comprehensive analysis of data on Mining Equipment Market by FutureWise Market
Research offers in-depth research targeting prevailing market trends impacting the
business across different regions. Vital aspects related to market share, market size,
applications and statistics are consolidated to illustrate an aggregate forecast of the
mining industry. The study further focuses on the competitor's analysis and
highlighting growth tactics adopted by market leaders.
Augmentation of existing mining projects along with new mining projects in
developing countries is generating the demand for new machinery and equipment.
Factors such as these will continue to surge the demand for mining pumps. The
mining equipment market is projected to value more than USD 120 Billion by 2026,
at a CAGR of 5.3%.
The increasing demand for minerals and metals are primarily driving the growth of
the market. Expanding the petroleum industry, and substantial usage coal is further
boosting the market growth. However, factors such as high-priced initial investment
costs, and strict government regulations associated with mining equipment limit the
growth of the market. Nonetheless, technological progressions and new emerging
markets would present growth opportunities for the mining equipment market in the
near future.
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Key Market Trends that will Affect the Mining Equipment Industry
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The rise of Autonomous and Driverless Equipment
An increasing number of companies switching to electric power and natural
gas
Technological improvement to make mining equipment last longer
Surge in the use of iron ore and copper
Surface Mining Equipment to Record Accelerated Growth
The prominent market players in the mining industry are modifying the equipment
toward automation accompanying with the electrification trend. Market players such
as Komatsu and Caterpillar in sites such as Gabriela Mistral and Solomon have tested
the autonomous mining equipment since 2008. With exhaust emission limits, being
reduced globally, the manufacturers operating in this market are facing issues to
achieve an optimum equilibrium between the output received, the incurred cost, and
profit margins by adhering to the government regulations. It is imperative to increase
the efficiency of mining equipment, as the industry is in immediate effect by the
demand and pricing of the mining products, the margins with the operators are quite
low. This means if the efficient os improved, this will improve the profitability of the
business. OEMs such as Caterpillar and Komatsu are giving retrofit alternative on the
existing fleet. As the mining equipment performs 24X7, which is a higher number of
working hours, there is a continuous demand and wear and tear for this equipment.
The surface mining equipment is expected to register the fastest growth owing to its
equipment offerings, extensive operation and ease of autonomous adoption in the
equipment type.
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Asia Pacific to Register Highest Market Growth
Asia- Pacific recorded the highest market share in 2018 and is estimated to continue
this trend during the forecast period. Owing to factors such as metal and coal mining
in this region. Prominent global players are extending their presence in developing
nations such as Malaysia, India, Indonesia, to explore the growth opportunities. For
example, Atlas Copco had invested $13.4 million for the expansion of the factory in
Hyderabad, India, doubling its capacity.
Essential Questions Answered
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How rapidly will the mining equipment market grow globally?
What are the key factors influencing or restraining the growth of the mining
equipment market?
Key regions to focus on?
Investigating several aspects of the market with the help of Porter’s five forces
analysis
Recognising the latest advancements, market shares, and strategies applied
by the significant market players
Inquire further details about this report at: [email protected]
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