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(Construction.IndustryNews247.Com, October 12, 2018 ) The global Mining Equipment market generated USD 75.6 billion in 2017 and is anticipated to grow at a CAGR of 5.5% during the forecast period according to a new study published by Polaris Market Research.
Mining equipment is used for extraction of minerals and rare metals from the earth. This equipment is commonly used for extraction of resources such as metals, minerals, coal, and petroleum among others. Mining involves operations, which include drilling, crushing, and pulverizing.
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The demand for mining equipment market has increased over the years owing to decreasing ore grades, and growing demand for metals and minerals. The growth in global mining industry and increasing demand for non-renewable resources such as coal and petroleum has resulted in market growth. However, high investment costs associated with mining equipment, stringent government regulations, and increasing prices of raw material would hamper the market growth. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Mining Equipment Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Asia-Pacific generated the highest revenue in the mining equipment market in 2017 owing to increasing demand of precious and semi-precious metals such as gold, silver, platinum, and copper among others. Growing industrialization along with growth in mining industry has resulted in increasing adoption of mining equipment in the region. Rising demand for petroleum and coal resources in the region, along with rising industrialization in developing countries of this region boost the adoption of mining equipment market in the region.
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Competitive Landscape and Key Vendors
The global Mining Equipment market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
The leading companies profiled in the global mining equipment market report include Komatsu Ltd., Caterpillar Inc., Hitachi Ltd., AB Volvo, Liebherr Group, Caterpillar Inc., Atlas Copco AB, China Coal Technology and Engineering Group Corp., Joy Global Inc., Metso Corporation, Sandvik AB, and Northern Heavy Industries Group Co. Ltd.
Complete Report is Available at @ https://www.polarismarketresearch.com/industry-analysis/Mining-Equipment-Market/
Top Key Player: -
Atlas Copco AB
China Coal Technology and Engineering Group Corp.
Joy Global Inc.
Northern Heavy Industries Group Co. Ltd.
About us Polaris Market Research
Polaris Market Research is a global market research and consulting company. We provide unmatched quality of offerings to our clients present globally. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities.
We mainly focus on aiding our customers with substantial competitive intelligence, helping them to secure a competitive advantage in the market and accomplish sustainable growth in different market domains. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers. Through dedicated qualitative and quantitative primary and secondary market research and consulting assignments, we adeptly formulate competitive strategies to address business challenges for our clients through analyzing market trends and emerging technologies.
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