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Description
The global mining equipment market size was valued at USD 144.37 billion in 2021 and is anticipated to reach a CAGR of 12.7% during the forecast period 2022-2028. mining equipment market consists of mining tools, crushing equipment, drills, feeding & conveying equipment. Minerals and metals are extracted from the ground making use of complex machinery, computerized remote controlled equipment and high-technology operations. Mining activity differs on the basis of kind of minerals and metals extracted from the earth. Usually, there are two kinds of mining processes such as underground and surface mining. Each mining process requires different equipment according to the applications. A few activities involved in mining are smelting, milling, smelting apart from digging. This market analysis covers details about trade rules, production analysis, market share, localized market players, market size, product launches and strategic market growth analysis. As digitization and automation gain traction, technology is becoming a major differentiating feature for manufacturers and mining firms. Key players are concentrating on lowering extraction and equipment maintenance costs. Furthermore, the industry has seen widespread adoption of several clusters of technologies to improve operational efficiency, such as robotics and automation, smart sensors, and 3D printing. For example, ABB Ltd. launched the Ability Smart Sensor in January 2019 to assess the condition of mounted bearings in order to save downtime in mining during material handling. This segment of market report gives details according to competitor. These details include company financials, investment in development, revenue generated, regional presence, new product launch, market potential, new market initiatives and company strengths and weaknesses. Prominent industry players working in the market
