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The global mining excavators market is highly driven by rapid development observed in the mining industry. Furthermore, adoption of various technologies such as automation and IoT integrated in modern mining equipment is helping reduce the labor cost and time required to perform mining activities. Based on such advantages, large number of companies are developing such technologically advanced and power driven excavators which makes the operations easy and time saving. This sequentially is expected to surge the usage of innovative and effective mining equipment. Additionally, in order to improve the agricultural yield there is increasing demand of inorganic fertilizers and natural resources, such as diamond, coal, and uranium. Consumption of such natural resources is also increasing the demand for the global mining excavators market.
Though there is significant development in the mining industry, factors such as growing adoption of reused excavators, stringent government regulations such as safety standards, environmental concerns, emission norms, and import regulations, lack of standardization and high cost of equipment are likely to hinder the market growth during the forecast period.
Based on types of mining excavators, electric excavators are likely to dominate the mining excavators market during the forecast period. As these types of excavators offer additional advantages over traditional hydraulic excavators, this market segment is experiencing a significant boom. Large number of companies are moving towards developing and providing electric mining excavators to maintain their presence in the competitive market.
Based on the geography, Asia-Pacific dominates the mining excavators market by holding largest market share of nearly 60% of the total revenue generated worldwide. The demand for advanced mining equipment is on the rise in Asia-Pacific, as there is increased expansion of coal and metal mining in the region. Along with this, major manufacturers operating in the global mining excavators market have a wide presence in this region. In addition to this, major players such as Atlas Copco, Deere & Company, are highly investing in expansion of their presence in this region.
Moreover, emerging countries such as China and India are reducing consumption of fossil fuel to fight the growing pollution, which results in growing requirement for coal mining activities in this region. This is likely to fuel the market growth of Asia-Pacific region. In Asia-Pacific, China account for largest market share as it pioneers in the mining equipment industry.
Some of the major companies profiled in the report include Liebherr Group, Hitachi Ltd., Caterpillar, Komatsu Ltd., BEML Ltd., XCMG Group, LiuGong, Demag, JCB, Kobelco Construction Machinery, Metso, CNH Industrial, Terex, Volvo Construction Equipment.
According to a new market research report published by Credence Research “Global Mining Excavators Market (Type (Diesel Mining Excavators, Electric Mining Excavators, Hydraulic Mining Excavators) End User (Surface Mining, Sub-surface Mining)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall mining excavators market worldwide is set to grow with a CAGR of more than 5% during the forecast period from 2019 to 2027.