Surface Mining Equipment Market: COVID-19 Business Continuity Plan | $4.62 Billion Incremental Growth During 2020-2024| Technavio
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.
Regional Analysis
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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Notes:
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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