Mining machinery is expected to grow at a faster rate between 2021 and 2031, according to latest Fact.MR’s research. Increased use of electric and diesel machinery in both underground and surface mining applications, as well as increased demand for raw materials from manufacturing industries, are expected to boost demand in mining.
Overview of the Mining Machinery Market
The demand for mining machinery is largely determined by mining activities and government emission regulations. Because of location access and associated risk, most mining industries have had major encounters in underground mining rather than surface mining activities.
Furthermore, rising excavator demand in the oil and gas and construction industries is expected to drive significant growth in surface mining equipment. Due to the increased use of compact excavators, these machines have also seen increased demand.
The impact of COVID-19 on the mining machinery market
The COVID-19 pandemic had a huge impact on global supply chains, and as a result, mining industries have been hit hard in the past few years. The mining industries rely heavily on the supply chain of machine and machinery component suppliers, as well as the procurement of raw materials for end-use industries all over the world. The mining industry, like other industries, has been negatively impacted by disrupted supply chains.
Mining and other industries restarted operations in the fourth quarter of 2020, resulting in increased raw material extraction and transportation, boosting demand for mining machinery. What are the factors that influence mining machinery demand?
What are the factors that influence mining machinery demand?
Electric machineries are replacing diesel machineries in most underground mining applications, according to mining experts, which is positively impacting growth. During the forecast period, other mining machines such as hydraulic excavators and mining dozers will be electrified, gaining prominence in the global market.
Furthermore, new technology such as the Internet of Things and automation are being implemented to help reduce the time and cost of mining operations. As a result, demand for advanced mining equipment is expected to rise, providing an effective growth opportunity over the long term forecast period.
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