Major players in the mining machinery and equipment market are Caterpillar Inc. , Komatsu Ltd. , Metso Corporation, Sandvik AB, Doosan Corporation, Liebherr, Hitachi Construction Machinery Co. , Ltd. , Atlas Copco AB, Epiroc AB, Sany Heavy Equipment International Holdings Company Limited, Hyundai Heavy Industries, Joy Global Inc, Astec Industries Incorporated, Bell Equipment Limited, Boart Longyear Ltd, Bradken Limited, FLSmidth & Co.
New York, March 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mining Machinery And Equipment Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06036663/?utm_source=GNW
, Furukawa Co. Ltd, Kopex SA, and Deere & Company.
The global mining machinery and equipment market is expected to grow from $24.99 billion in 2020 to $27.07 billion in 2021 at a compound annual growth rate (CAGR) of 8.36%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $41.49 billion in 2025 at a CAGR of 11.26%.
The mining machinery and equipment market consists of sales of mining machinery and equipment by entities (organizations, sole traders or partnerships) that are engaged in manufacturing underground mining machinery and equipment, such as coal breakers, mining cars, core drills, coal cutters, rock drills and manufacturing mineral beneficiating machinery and equipment used in surface or underground mines. Only goods and services traded between entities or sold to end consumers are included.
The main types of mining machinery are underground mining machinery, surface mining machinery, drills and breakers, crushing, pulverizing, and screening equipment, mineral processing machinery, feed conveyors, stackers, and reclaimers.Pulverizing reduces minerals into small particles.
Crushing reduces the size of materials into small substances for further processing.Screening separates one material from the other during the mechanical screening process.
These mining machines are used for transportation, processing, excavation in coal, minerals, and metals mining.
Asia Pacific was the largest region in the mining machinery market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The impact of COVID-19 is expected to impede the growth of the mining machinery and equipment market over the forecast period.The mining industry has struggled with economic problems, but the COVID-19 outbreak is unparalleled, even for the major firms on the market.
The sudden breakdown of day-to-day activity and total lockdown throughout countries for months, combined with a persistent threat to human life, has impacted the mining sector.For instance, in 2021, Shell, the leading supplier of lubricants to the mining industry, reported that about 80% of mining companies encountered operational difficulties, such as lack of qualified staff and inadequate steps to retain workers secure when implementing advanced technologies.
Therefore, the impact of COVID-19 hampers the growth of the mining machinery and equipment market.
In June 2019, Komatsu Mining, a US-based company that manufactures and services heavy equipment used in the extraction and haulage of coal and minerals in both underground and surface mining, acquired Timberock International for an undisclosed amount.This acquisition expands Komatsu Mining’s range of offerings for drilling and bolting products and provides exciting product development and synergy opportunities.
Timberock International Ltd. is a Canada-based manufacturer of drilling and bolting components for underground hard rock mining.
The increasing demand for mining is fueling the growth of the mining machinery and equipment market.Underground advanced mining equipment such as trucks, loaders and diggers is used to dig up the material and is usually transported to the ground through skips or lifts for further production.
In the economic growth of developed nations such as Australia, the USA, and Canada, mining has performed a key role.Mining is notably crucial to the US economy because the USA is among the largest buyers of mineral resources and one of the largest producers in the world.
For instance, according to the USA Geological report, in 2019 USA mines produced nearly $86.3 billion worth of minerals, $2 billion more than the minerals produced in 2018. Therefore, the increasing demand for mining drives the growth of the mining machinery and equipment market.
The growing technological advancements are a major trend shaping popularity in the mining machinery and equipment market.Major firms operating in the mining machinery sector are focusing on developing advanced technology solutions for mining machinery.
For instance, in September 2020, Sandvik, a Sweden-based engineering group in mining and rock excavation, metal-cutting, and materials technology developed a concept vehicle, which is built on high-end technology and fitted with entirely new sensing technologies and artificial intelligence to improve mining procedures.The AutoMine Model that is used, views its surroundings and atmosphere in 3D and responds in real-time.
These technologies give specific consumer benefits by enabling vehicles to adapt and schedule their own ways and to find the most efficient paths even in ever-changing environments.
The countries covered in the mining machinery and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06036663/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001