Asia-Pacific Dominated The Global Mining Equipment Market With Highest Market Share Over The Forecast Period
Global Mining Equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $167.7 Billion by 2024 from $98 Billion in 2016, growing at a CAGR of 6.9% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 7.6% and 6.9%, respectively, during the forecast period.
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Some of the major drivers of global mining equipment market aregrowing consumption of petroleum, gold, and diamond, increasing demand for metal & mineral commodities, and elevated demand from agriculture sector for making fertilizers. However, high maintenance costs and strict government regulations would limit the growth of the market. Additionally, rising construction of roads and railways and surge in demand for coal in generating electricity would provide market opportunities in the forecast period.
Global mining equipment market has been bifurcated into type, application, and geography. Type segment comprises mineral processing equipment, surface mining equipment,underground mining equipment, mining drills & breakers, pulverizing, & screening equipment,crushing, and other types. Surface mining equipment accounted for the largest market share in 2016, and expected to remain the highest over the forecast period 2016 - 2024. Application segment includesmineral mini