growing at a CAGR of 6. 89% through 2026 on account of surging demand for coal and metals, globally. Coal is the most plentiful source of power generation and approximately 36% of global electricity depends upon the coal.
New York, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Mining Equipment Market, By Category, By Application, By Propulsion, By Power Output, By Vehicle Type, By Region, Competition, Forecast & Opportunities, 2026" - https://www.reportlinker.com/p06130389/?utm_source=GNW
The demand for metals like iron, aluminium and copper is always high in the global market because of its use in transportation of electricity in the electrical power grid. Due to COVID-19, many mines around the world stopped their production resulting in reduced demand for mining equipment. Until 2018, global mining equipment sales grew at a brisk rate but in 2019, the sales plummeted because of decline in private equity.
Global mining equipment market can be segmented based on category, application, propulsion, power output, vehicle type and region.On the basis of category, the market can be classified into crushing, pulverizing, screening, mineral processing and surface & underground.
In the category type, surface & underground accounted for the majority of share because coal and minerals are extracted with the help of these type of mining.In application type, the demand for mining equipment’s in coal mining is more than half of total equipment’s because of heavy dependency of world on coal for electricity generation.
In vehicle type, electric shovels, followed by hydraulic excavators and mining dozers, accounted for the share of above 10% in 2020 because of its use in coal mines for loading and extraction processes.
Regionally, Asia-Pacific was the largest region in terms of mining equipment’s sales in 2020 and it is expected to continue its position in the future as well.The mining activities in China is the major factor for Asia-Pacific dominance in the global mining equipment market.
China itself accounted for the share of above 14% in world mining equipment’s consumption and over 37% in Asia-Pacific. North America has the share of above 20% in mining equipment’s sales in 2020 and it is expected that in terms of region wise sales it will continue to be on second position after Asia-Pacific.
Major players operating in the global mining equipment market are Caterpillar, Komatsu Ltd., Hitachi Ltd., Deere & Company, Liebherr, XCMG Group, Doosan Corporation, Sany Group, AB Volvo, and JC Bamford Excavators Ltd. Key players are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisition and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Years considered for this report:
Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2026.
Objective of the Study:
• To analyze historical growth in market size of global mining equipment market from 2016 to 2020.
• To estimate and forecast the market size of global mining equipment market from 2021 to 2026 and growth rate until 2026.
• To identify dominant region or segment in the global mining equipment market.
• To identify drivers and challenges for global mining equipment market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global mining equipment market.
• To conduct pricing analysis for global mining equipment market.
To identify and analyze the profile of leading players operating in global mining equipment market
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of manufacturers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include manufacturers which could not be identified due to the limitations of secondary research. The analyst examined the service offerings, distribution channels and presence of all major manufacturers across the globe.
The analyst calculated the market size of global mining equipment market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Original equipment manufacturers, suppliers and other stakeholders
• Research organizations and consulting companies
• Government bodies such as regulating authorities and policy makers.
• Organizations, forums and alliances related to mining equipment’s.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global mining equipment market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Global Mining Equipment Market, By Category:
o Mineral Processing
o Surface & Underground
• Global Mining Equipment Market, By Application:
• Global Mining Equipment Market, By Propulsion:
• Global Mining Equipment Market, By Power Output:
• Global Mining Equipment Market, By Vehicle Type:
o Articulate Dump Trucks
o Crawler Dozers
o Crawler Excavators
o Motor Graders
o Rigid Dump Trucks
o Electric Shovels
o Hydraulic Excavators
o Mining Dozers
o Mining Trucks
o Wheeled Loaders
• Global Mining Equipment Market, By Region:
o Europe & CIS
o North America
o South America
o Middle East & Africa
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06130389/?utm_source=GNW
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