LONDON--(BUSINESS WIRE)--The new surface mining equipment market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the surface mining equipment market.
"One of the primary growth drivers for this market is the rise in demand for housing projects globally”, says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the surface mining equipment market size to grow by USD 4.62 billion during the period 2020-2024.
Surface Mining Equipment Market Segment Highlights for 2020
- The surface mining equipment market is expected to post a year-over-year growth rate of 2.80%.
- Based on application, the strip mining segment led the market in 2019. The growth of this segment can be attributed to the extensive use of coal across various sectors.
- The market growth in this segment will be significant during the forecast period.
- 51% of the growth will originate from the APAC region.
- Factors such as the high demand for metal and minerals in developing countries and the growth of the urban population are fostering the market growth in APAC.
- China and India are the key markets for surface mining equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The surface mining equipment market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The surface mining equipment market is segmented by Application (Strip mining, Open-pit mining, and Mountaintop removal) and Geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Atlas Copco AB, Caterpillar Inc., Deere & Co., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Larsen and Toubro Ltd., Sandvik AB, Vale SA, and Vermeer Corp.
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