The global Mining Equipment Market is anticipated to reach
USD 121.4 million by 2026 according to a new research published by Polaris
Market Research. In 2017, the surface mining equipment segment dominated the
global market, in terms of revenue. In 2017, Asia-Pacific accounted for the
majority share in the global mining equipment market.
The rapid growth in the demand for metals and minerals
majorly drives the growth of this market. Growing usage of resources such as
coal and petroleum supports the market growth. The decreasing ore grades
further accelerates the adoption of mining equipment. However, high initial
investment costs associated with mining equipment, and strict government
regulations limit the growth of the market. New emerging markets, and
technological advancements would provide growth opportunities for mining
equipment market in the coming years.
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Asia-Pacific accounted for the highest share in the global
mining equipment market during the forecast period. A significant growth in the
emerging economies of China, Japan, India, and Australia among others drives
the growth in this region. Increasing demand for petroleum and coal resources
in the region, along with rising industrialization in developing countries of
this region augment the market growth in the region. Leading global players are
expanding their presence in developing nations of India, Indonesia, and
Malaysia to tap the growth opportunities offered by these countries.
The various applications of mining equipment include metal
mining, mineral mining, coal mining, and others. The metal mining equipment
segment is expected to lead the mining equipment market during the forecast
period owing to increasing demand from emerging economies. The increasing
demand for metals such as silver, gold, platinum, and copper for various
applications has increased the demand of mining equipment in this application.
Use of precious metals such as gold and platinum in jewelry and ornaments has
supported the growth of the market.
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The well-known 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 among others. These companies launch new products and collaborate with
other market leaders to innovate and launch new products to meet the increasing
needs and requirements of consumers.\
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