Mining Equipment Market to Expand at CAGR of 8.7% during Forecast Period, States TMR Report – PR Newswire

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– Growing efforts of enterprises to develop environmental-friendly mining tools and dependable machineries are favoring the growth of the global mining equipment market
– Rising population & urbanization and expansion of the mining industry in developing nations of Asia Pacific are creating prominent business opportunities in the market for mining equipment
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Feb 24, 2022, 07:30 ET
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ALBANY, N.Y., Feb. 24, 2022 /PRNewswire/ — According to a research report by Transparency Market Research (TMR), the global mining equipment market is estimated to gain a valuation of US$ 345 Bn by 2031. The market is projected to register growth at a CAGR of 8.7% during the forecast period, 2021-2031.
Increasing industrialization and rising urban population globally are leading to a surge in the need for natural resources, including oil and minerals. As a result, the global mining industry is expanding, which, in turn, is driving the demand prospects in the mining equipment market.
Players operating in the global mining equipment market are increasing their production capabilities in order to fulfil rising demand for different equipment such as crushers, mining drills & breakers, screening equipment, surface mining tools, and mineral processing equipment.
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Due to rise in awareness pertaining to environmental issues, the demand for environmental-friendly mining tools has increased. Hence, manufacturers are focusing on catering to the current market demand. Moreover, players in the global mining equipment market are developing highly dependable machineries that are safe to the environment. Additionally, several companies from developing countries are utilizing the hybrid technology for manufacturing mining equipment in order to adopt sustainability, according to a TMR report on the global mining equipment market.
The mining equipment market in Asia Pacific is prognosticated to maintain leading position during the forecast period, owing to the expansion of the mining industry in the region. In addition, rise in demand for minerals and metal from regional end-use industries is resulting into increased mining activities, which, in turn, is fueling the sales of mining equipment in Asia Pacific. Moreover, the Asia Pacific mining equipment market is being driven by several factors, including rising construction activities, rapid urbanization in several emerging economies, and infrastructure development activities in the region.
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Mining Equipment Market: Key Findings
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Mining Equipment Market: Growth Boosters
Mining Equipment Market: Key Players
Some of the key players profiled in the report are:
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Mining Equipment Market Segmentation  
By Equipment Type
By End-use
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About Transparency Market Research
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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