Mining Equipment Market Growth & Trends
The global mining equipment market size is expected to reach USD 201.55 billion by 2030, registering a CAGR of 5.2% during the forecast period, according to a new report by Grand View Research, Inc. The introduction of automated mining equipment at the major mine sites and the increasing demand for efficient mining equipment is expected to propel the demand during the forecast period.
Medical was the largest application for PEG, accounting for more than 40% of market share in 2022. Superior blending, hygroscopicity, and non-toxic properties of PEG have resulted in high demand for the chemical in numerous pharmaceutical products such as tablets and ointments. Increasing pharmaceutical expenditure, particularly in emerging economies of India, China, and Brazil, is expected to boost PEG market over the forecast period. Growing demand for paints & coatings coupled with the increasing use of PEG as a solvent due to its low VOC emissions is anticipated to fuel market growth over the next six years.
Gather more insights about the market drivers, restrains and growth of the Mining Equipment Market
The adoption of automation and autonomous systems has led to significant developments in the global mining industry. In addition, the usage of autonomous machines such as drillers, Load Haul and Dump Loaders (LHDs), and carrying trucks at mining locations is rapidly increasing worldwide, thereby fueling the market demand for these products during the forecast period.
The ongoing urbanization and industrialization have fueled the global demand for natural resources such as oil and minerals. As a result, the global mining industry is flourishing. This, in turn, is boosting the demand for mining equipment, thereby leading to the growth of the market for this equipment worldwide.
Manufacturers of these products adopt several strategies including acquisitions, mergers, joint ventures, new product developments, and geographical expansions to enhance their market penetration and cater to the changing technological demand for the equipment from various end-use industries such as metal mining, coal mining, and non-metal mining.
Mining Equipment Market Report Highlights
Mining Equipment Market Segmentation
Grand View Research has segmented the global mining equipment market on the basis of equipment type, power source, power output, application, and region:
Mining Equipment Equipment Type Outlook (Revenue, USD Billion, 2018 - 2030)
Mining Equipment Power Source Outlook (Revenue, USD Million, 2018 - 2030)
Mining Equipment Power Output Outlook (Revenue, USD Million, 2018 - 2030)
Mining Equipment Application Outlook (Revenue, USD Billion, 2018 - 2030)
Mining Equipment Regional Outlook (Revenue, USD Billion, 2018 - 2030)
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