According to the latest research study by Global Market Insights, Inc, the global mining equipment market is expected to record 5 % CAGR during the forecast period 2018-2024
Selbyville, DE -- (SBWIRE) -- 04/03/2020 -- The visible advancements in extraction solutions owing to the heavy spending on research & development activities will spur mining equipment market growth. Adoption of the latest technologies, such as IoT, is rising in this sector for remote monitoring, controlling industrial processes, and ensuring worker safety. It is predicted that about 40% of the industrial manufacturers are endeavoring to integrate IoT connected technologies for effectuating extraction activities in the coming years.
According to the latest research, the global mining equipment market size is anticipated to touch the $100 billion mark by 2024.
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Escalating surface and underground extraction activities have significantly intensified the adoption of drills & breakers. Rotary blasthole drills have found a myriad range of applications in coal and metal mining processes. Mining equipment behemoths are creating customized solutions with specific properties depending upon the requirement of extraction companies for various types of mining activities. For instance, high-tech and global engineering company Sandvik AB provides 1190E Rotary Blasthole Drill Rig, electric powered machinery, to its clients primarily for coal extraction.
Mining equipment industry is likely to garner commendable gains from soaring applications of these machines in mineral extraction processes. Mining equipment plays a major role in answering the augmenting demand for fossil fuels, such as coal, natural gas, and crude oil for energy production.
Several countries, such as Ukraine, Russia, China, Colombia, and Australia are the major contributors to the total fossil fuel production across the globe. These countries are adopting mineral processing machinery on a large scale to satisfy the growing consumption of minerals globally. Crude oil has been deemed as the largest source of energy, accounting for almost 39% of fossil energy.
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Evoking concerns pertaining to worker safety have accentuated the adoption of advanced solutions in mining equipment market. A plethora of countries, such as Germany, France, and the U.S., is implementing machine safety regulations for the safety of industrial workers. This can be evidenced by the guidelines outlined by the European Act of 1986 on health and safety. The regulations were imposed to protect employees from hazardous industrial environments.
Such guidelines are accelerating the adoption of automated solutions for minimizing the number of accidents at the workplace. These advanced machines are equipped with numerous safety features and functions, such as wireless personnel tracking, strata management systems, gas detection system, conveyor belt monitoring, and ground control system.
Taking the regional perspective into consideration, Asia Pacific is expected to be at the forefront of the global mining equipment industry. The region has been observing extensive adoption of automated mining solutions due to the implementation of supportive policies regarding export of mineral and metals. Numerous countries, such as China, Australia, and India across the region stand as the largest coal producers globally, which will influence mining equipment market trends.
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Rising mineral extraction has encouraged mining equipment companies to offer mining solutions in mineral abundant regions to strengthen their foothold. They are pursuing several business strategies, such as mergers, flotations, and acquisitions to advance their operations.
For example, in June 2011, caterpillar, Inc., acquired Bucyrus International, Inc. with the aim to expand its business operations. Intensified incorporation of advanced technologies and rising concerns for worker protection are anticipated to push the growth of mining equipment industry size several notches up in the near future.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.