LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global ground engaging tools (GET) market predicts a CAGR of almost 25% during the period 2018-2022.
The report segments the global GET market by application (excavators and loaders) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global GET market, according to Technavio heavy industry researchers:
- Increase in number of smart cities: a major market driver
- Eco-efficient mining process: emerging market trend
- APAC dominated the global GET market with more than 39% share in 2017
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Increase in the number of smart cities: a major market driver
Increase in the number of smart cities is one of the major factors driving the global GET market. Growing urban population has put a strain on existing urban services such as public transport and road networks. This has led to a rapid increase in the development of new cities with countries concentrating on creating new smart cities to accommodate the increasing urban population. Smart cities will provide smarter solutions that can be deployed to reduce strain on the facilities by introducing energy-efficient transportation systems. This will drive the construction of new and efficient road network systems, which will emerge as a promising development for the global GET market.
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Eco-efficient mining process: emerging market trend
Development of new eco-friendly mining practices and integration of these practices to reduce the harmful environmental impacts of mining operations have made mining activities eco-efficient. The key strategy to reduce the negative environmental impact of mining involves the introduction of mining equipment that limits harmful emissions in the environment.
According to a senior analyst at Technavio for research on construction, “Energy-efficient equipment consumes less fuel when compared with conventional equipment. Thus, the end-user demand for energy-efficient surface mining equipment will increase as it reduces fuel costs.”
Global market opportunities
In terms of regional dominance, APAC dominated the global GET market, followed by the Americas and EMEA in 2017. APAC is expected to remain the dominant region for mining and construction activities across the globe. The region accounted for one-third of the global operational mines in 2017. APAC is also a dominant player in mining activities related to gold.
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