Pune, Maharashtra -- (SBWIRE) -- 11/15/2017 -- Global Mining Equipment Market is estimated to reach $167.7 Billion by 2024; growing at a CAGR of 6.9% from 2016 to 2024. Mining is the process of extracting minerals, metals and other substances from the earth. Products such as iron ore, gold, tin, copper, bauxite, manganese, silver, nickel, tantalum, cassiterite, and others are mined from the earth for several purposes. Extraction of these products is followed by processing and beneficiation in facilities located near the mine site. Some of the key mining equipment commonly used during the digging process includes dozers, drills, loaders, excavators, earthmovers, dump trucks, graders, and scrapers. Modern mining process is nearly completely mechanized and the operations involving a set of techniques may vary depending on the type of mine.
The global mining equipment market is driven by factors such as high consumption of natural resources such as petroleum, diamonds, and gold, growing need for fertilizers in agriculture sector, and high demand for metal and mineral based commodities. Though, factors such as stringent regulations and high maintenance cost would hinder the growth of the market. Furthermore, rising demand for coal in electricity generation and increasing construction of roads and railways would provide several opportunities in coming years.
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The mining equipment market is segmented by type, application and geography. By type, the market is bifurcated into mining drills & breakers, crushing, pulverizing, & screening equipment, mineral processing equipment, underground mining equipment, surface mining equipment, and others. In terms of application, the market is categorized into mineral mining, metal mining, and coal mining.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers Western Europe, and Eastern Europe. Asia-Pacific covers China, India, and others. RoW covers South America and Middle East & Africa.
Key players in the market are Liebherr Group, Caterpillar Inc., Komatsu Ltd., Sandvik, Joy Global, Metso, Hitachi Co. Ltd., Atlas Copco, AB Volvo, and Doosan Group, among others.
The key takeaways from the report
The report will provide a detailed analysis of Global Mining Equipment Market with respect to major segments such as type, and application
The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Mining Equipment Market from 2015 to 2024 has been included in the report
Profile of the key players in the Global Mining Equipment Market will be provided, which include key financials, product & services, new developments and business strategies
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Scope of Mining Equipment Market
Mining Drills & Breakers
Crushing, Pulverizing, & Screening Equipment
Mineral Processing Equipment
Underground Mining Equipment
Surface Mining Equipment
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