The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Surface Mining Equipment Market.
It was estimated prior to this unanticipated outbreak Surface Mining Equipment Market will reach CAGR of 3.9% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Surface Mining Equipment Market Insights
Surface mining equipment market is likely to witness a steady CAGR of 3.9% during the forecast period. The prime factor contributing to the demand for surface mining equipment is the growing mining activities.
Market Share Analysis
Surface Mining Equipment Market Share: By Technique Type
Based on the technique type, the market is segmented as strip mining, mountain removal mining, and open pit mining. The mountain removal mining segment is estimated to maintain its dominance over the forecast period, owing to its efficiency and lower labor cost.
Surface Mining Equipment Market Share: By Mineral Type
Based on the mineral type, the market is segmented as metallic ore, non-metallic ore, and coal. The metallic ore segment is likely to grow with the highest CAGR over the forecast period. This growth is attributed to the surge in demand for metals, such as zinc, gold, copper, and silver.
Surface Mining Equipment Market Share: By Region
In terms of regions, North America is estimated to be the largest market for surface mining equipment. The growth of the North American market is attributed to the presence of major coal reserves such as the Appalachian region. Europe and Asia-Pacific are also likely to offer considerable growth opportunities during the forecast period.