Global Mining equipment Market to reach USD 123.4 billion by 2025 | CAGR: 6.0%
Global Mining Equipment Market is valued at USD 73.04 billion in 2016 is anticipated to grow USD 123.4 billion with the compounded annual growth of 6.0% over the forecast period 2017-2025.
New York 29 May 2018, as per the new research study conducted by Bizwit Research & Consulting, Global Mining equipment industry is poised to raise USD 123.4 billion by 2025. A rapid adoption of automation technology has resulted in increased usage of smart mining solutions. Growing exploration capabilities and falling costs of robotics technology are allowing companies to replace conventional mining methods.
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Global Mining Equipment Market Size study, By Product (Crushing Equipment, Drills & Breakers, Mineral Processing Machinery, Surface Equipment), By Application (Metal mining, mineral mining, coal mining) and by Regional Forecasts 2017-2025.
The industry seems to be fairly competitive. Some of the leading market players include Atlas Copco AB, Boart Longyear Ltd, Caterpillar Inc., China Coal Technology and Engineering Group Corp., China National Coal Mining Equipment, FLSmidth & Co. A/S, Hitachi Construction Machinery Co., Ltd., and so on. Other market players discussed in the report include Joy Global Inc., Komatsu Ltd., Metso Corporation, Northern Heavy Industries Group Co. Ltd., Outotec Oyj. New product launches, acquisitions, and mergers are some of the strategies adopted by the key manufacturers. Additionally, the fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- Increasing trend of transitioning to digital mining is providing an growth to the industry.
- High machinery cost and lack of skilled personnel are expected to negatively impact industry growth.
- High maintenance costs, growth in illegal mines, and lack of proper training to handle automated equipment are expected to pose a challenge to market growth.
Bizwit Research & Consulting LLP has considered the following segments for the study:
By Product :
- Crushing equipment
- Drills & Breakers
- Mineral processing machinery
- Surface equipment
- Metal mining
- Mineral mining
- Coal mining
- North America
- Asia Pacific
- Latin America
- Rest of the World