Dallas, TX -- (SBWire) -- 08/21/2018 --According to a new market report published by Lucintel, the future of the global mining equipment market looks good with opportunities in underground mining and surface mining. The global mining equipment market is expected to reach an estimated $88.7 billion by 2023 with a CAGR 4% from 2018 to 2023. The major drivers for the growth of this market are growth in mining activity, increasing demand of metal and mineral commodities, and rapid urbanization.
Browse 57 market data Tables and 101 Figures spread through 179 Pages and in-depth TOC on "Global Mining Equipment Market 2018-2023" https://www.lucintel.com/mining-equipment-market.aspx
In this market, several types of equipment such as underground mining, surface mining, drills and breakers, crushing, pulverizing and screening and mineral processing machineries are used. On the basis of its comprehensive research, Lucintel forecasts that the mineral processing machinery will show above average growth during the forecast period.
Within the global mining equipment market, the surface mining equipment segment is expected to remain the largest market over the forecast period due to rising demand of metal and minerals across the world.
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By application type, the mining equipment market is segmented into coal, mineral, and metal. The metal segment is expected to show above average growth during the forecast period due to increasing metal mining activities with large scale urbanization in emerging economies like India and China.
By function type, the mining equipment market is segmented into transportation, processing, and excavation. The transportation segment is expected to show above average growth over the forecast period.
APAC is expected to remain the largest market during the forecast period mainly due to increasing coal and metal exploration activities for power generation and rising metal consumption because of large scale infrastructure development.
Emerging trends which have a direct impact on the dynamics of the industry are underground automation systems for efficient mining, automatic power crushers for crushing and compacting operations, multi-functional excavators for construction and demining functions, use of hybrid electric motors for cost effective operations, and rail-veyor technology for bulk material hauling solutions. Caterpillar, Komatsu, Hitachi Construction Machinery, Atlas Copco, and Sandvik are among the major players of the global mining equipment market.
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The study includes a forecast for the global mining equipment market by product, application, function, and region, as follows:
By Product Type ($ Billion from 2012 to 2023)
- Underground Mining Machinery
- Surface Mining Machinery
- Drills and Breakers
- Crushing, Pulverizing, and Screening Equipment
- Mineral Processing Machinery
- Parts and Attachments
By Application Type ($ Billion from 2012 to 2023)
- Coal
- Mineral
- Metal
By Function Type ($ Billion from 2012 to 2023)
- Transportation
- Processing
- Excavation
By Region ($ Billion from 2012 to 2023)
- North America
- Europe
- Asia Pacific
- Rest of the World
This 179-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or know more about the Global Mining Equipment Market @ https://www.lucintel.com/toc/frp-pipe-market.aspx or helpdesk@lucintel.com
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This report answers the following key questions:
Q.1. What are some of the most promising, high growth opportunities for the global mining equipment market by product (underground mining machinery, surface mining machinery, drills and breakers, crushing, pulverizing, and screening equipment, mineral processing machinery and parts and attachments), by application (coal, mineral and metal), by function (transportation, processing and excavation), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years.
The Global Mining Equipment Market Is Expected to Reach $88.7 Billion by 2023