According to a new report published by Allied Market Research, titled, "World Mining Equipment Market" the global mining equipment market is expected to garner $156 billion by 2022, growing at a CAGR of 7.9% during 2016 - 2022. Asia-Pacific accounted for the highest revenue of over $50 billion in 2015, followed by LAMEA. The market growth is likely to be driven by increasing demand for coal in electricity generating applications, increasing demand for technologically advanced mining equipment, and rising construction of roads and railways through hilly areas.
The metal mining segment occupied a major share of around 39%, followed by mineral mining in 2015. The metal mining segment is anticipated to witness the fastest CAGR of 10.3% during the forecast period, owing to increasing demand of base metals such as copper, nickel, lead, zinc and others. Moreover, coal mining is anticipated to witness impressive growth in developing economies such as China and India in the coming years.
The segmentations by type include mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing & screening equipment, and other mining equipment. Surface mining equipment accounted for the maximum market share of around 31% in 2015, as they are extensively being used in application areas such as coal mining. From a growth perspective, mining drills and breakers is projected to be the fastest growing segment due to increasing application in metal mining.
In 2015, LAMEA was the second largest market followed by North America. Asia-Pacific would continue to dominate the overall market throughout the forecast period owing to increasing demand of mining equipment from countries such as China, India Indonesia and others.
Read more details of the report at: https://www.alliedmarketresearch.com/mining-equipment-market
KEY FINDINGS OF THE STUDY
- Asia-Pacific would continue to be the dominant market for mining equipment throughout the forecast period.
- Metal mining application segment is forecast to witness fastest CAGR during 2016-2020.
- Surface mining equipment accounted for the largest share of the overall market in 2015.
- Mining drills and breakers segment is expected to exhibit fastest growth during the forecast period.
Product launch and acquisition are the key growth strategies adopted by the leading market players to strengthen their foothold in the market. Key companies profiled include Caterpillar Inc., Komatsu Ltd., Sandvik, Joy Global Inc., Hitachi Construction Machinery Co. Ltd., Atlas Copco, AB Volvo, Doosan Heavy Industries & Construction, Metso, and Liebherr Group.
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirm the utmost accuracy in our market forecasting. All the data presented in the reports published by us are extracted through primary interviews with top officials from leading companies of concerned domain. Our secondary data procurement methodology includes deep online and offline research and discussions with knowledgeable professionals and analysts in the industry.
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