Caterpillar Inc., Sandvik Ab, Komatsu Ltd., Liebherr, And Hitachi Construction Machinery Co., Ltd.; Key Firms In Equipment Business

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Some of the world’s largest machinery manufacturers collaborate with technology companies in the mining sector to increase their research and development efforts in automated mining machinery and electric-driven machines. There is a memorandum of agreement between Hitachi Construction Machines and ABB ltd, for example, in March 2021, to cooperate and develop solutions for heavy mining machinery with decreased greenhouse gas emissions. These sophisticated mining vehicles will use ABB’s automation, digital solutions, and electrification capabilities. To develop and test underground hard-rock mining truck automation technology, Caterpillar Inc. and Newmont Mining of the United States announced a partnership in July 2018.

Growth in emerging countries fueled demand for mining machines and equipment.” Nineteen coal mines were successfully auctioned by the Union Coal Minister, Pralhad Joshi, in November 2020. Towards the end of 2020, the government established a website for mining-industry R&D organizations. The website is expected to aid in the dissemination and promotion of coal mining information and research. The mining machinery and equipment industry will be fueled by all of these incentives, opportunities, and regulations in the foreseeable future.

Since 2015, the worldwide mining machinery and equipment market has grown at a CAGR of -2.0 percent, reaching a value of about $19.94 billion in 2020. 12.6 percent growth is forecast for the market between 2020 and 2025, from $19.94 billion to $36.09 billion in revenue. It is predicted that the mining machinery and equipment market will increase from $36.09 billion in 2025 to $55.10 billion in 2030, with a CAGR of 8.8 percent.

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Mining machinery and equipment manufacturers Caterpillar Inc. and Sandvik AB are among the most prominent participants in the worldwide market, as are Liebherr and Hitachi Construction Machinery.

In 2020, the mining machinery and equipment market in Asia-Pacific accounted for 52.9 percent of the worldwide total. Western Europe, North America, and eventually the rest of the world were the next to catch up with it. The Middle East and South America will be the fastest-growing mining machinery and equipment market in 2020-2025, with CAGRs of 20.8 percent and 17.5 percent. CAGRs of 17.4 percent and 13.1 percent are forecast for Africa and Eastern Europe in the following years.

By product type, TBRC’s worldwide mining machinery and equipment market study can be broken down into the following subcategories: underground mining machinery; surface mining machinery; drills; pulverizing and screening equipment; mineral processing machinery; others.

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