NEW YORK, April 19, 2024 /PRNewswire/ — The global construction and mining equipment market size is estimated to grow by USD 62.13 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.7% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 49%.
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APAC is expected to play a pivotal role in propelling the global construction and mining equipment market
Geographic Landscape:
The Construction and Mining Equipment Market in APAC is experiencing significant growth due to increasing demand for infrastructure development in emerging economies like China and India. High temperatures and pressure, as well as exposure to radiation and chemical substances, necessitate the use of advanced equipment. Telematics, drones, and exploration and surveillance technologies are being integrated into mining machinery for improved efficiency and safety. Teleoperation systems enable remote operation of mining equipment, enhancing productivity and reducing manpower requirements. The market encompasses a diverse range of applications, from bauxite mining and thermal power generation to coal supply chain optimization and energy security. Mining equipment includes drilling machinery, mineral processing equipment, and surface and underground mining equipment. Raw material transportation and construction equipment are also integral components of the market. Business owners and project managers must navigate challenges such as coal shortages, power rationing, and coal mining capacity expansion, while ensuring adherence to safety regulations and minimizing risks associated with explosions. The market is characterized by continuous innovation, with advancements in automotive technology, rare earth minerals, lithium-ion batteries, and vehicles.
Research Analysis
The Construction and Mining Equipment Market encompasses a wide range of machinery used in the infrastructure sector, including Residential and Non-Residential Buildings, Roads, Tunnels, Bridges, and Mining Equipment. This market is essential for the development of Infrastructure projects, such as Metal mining and Coal mining applications. The increasing Coal demand and Electrification initiatives drive the need for Energy consumption-efficient Equipment, like Energy-efficient Dozers, Excavators, Crushing machines, and Drilling equipment. Furthermore, the integration of Artificial Intelligence (AI), Machine Learning, Automated Technology, and Robotics and automation in Construction machinery and Mining equipment is transforming the industry. The market also caters to Underground mining and Mineral processing, with a focus on reducing Greenhouse gas emissions and promoting Sustainability. Key applications include Rare earth metals and other Mineral extraction processes. Labour requirements continue to be a significant factor in the market, with ongoing efforts to optimize equipment usage and improve productivity.
Market Drivers
The construction and mining equipment market is experiencing significant growth due to increasing demand worldwide. Vendors are responding by expanding production capacities to meet this need. High temperatures and pressure, radiation, and chemical substances are common challenges in mining and construction, necessitating advanced solutions. Telematics, drones, and exploration and surveillance technologies are being integrated into mining machinery for improved efficiency and safety. Teleoperation systems enable remote control of heavy equipment, reducing manpower requirements. Mining equipment is used in extracting resources such as bauxite, copper, and coal, which are crucial for thermal power generation and energy security. Coal supply chain disruptions due to shortages and power rationing have highlighted the importance of increasing coal mining capacity. Rare earth minerals and lithium-ion batteries are essential components of automotive technology and renewable energy, further driving demand for mining and construction equipment. Vehicles and raw material transportation are integral parts of the construction process, which includes the building of residential and non-residential structures, roads, tunnels, and bridges. Underground mining, drilling, mineral processing, and surface mining are essential mining techniques used to extract resources. Despite the risks of manpower exposure to explosions, business owners continue to invest in projects to meet the growing demand for construction and mining equipment.
Market Overview
The Construction and Mining Equipment Market encompasses a range of technologies and solutions designed for the extraction and processing of natural resources, as well as the construction industry. Key components of this market include bulldings, excavators, cranes, drilling equipment, and mining vehicles. These tools are essential for projects such as road construction, building development, and mineral extraction. The market is driven by factors such as increasing infrastructure development, urbanization, and the need for efficient mining operations. The future of the Construction and Mining Equipment Market lies in the integration of IoT, AI, and other advanced technologies to improve productivity, safety, and sustainability.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
