Latest News - Construction And Mining Equipment Market: Loaders are expected to lead the Product segment during 2024-2028

The Construction And Mining Equipment Market is being driven by Expansion of construction and mining equipment manufacturing and distribution facilities

The Construction And Mining Equipment Market is expected to grow at a CAGR of 6.77% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 66.6 billion. In the dynamic world of construction and mining, companies are leveraging advanced technologies to enhance productivity and efficiency. Robotics, drones, and telematics are among the innovations gaining traction in the global construction and mining equipment market. Telematics enables remote monitoring of equipment performance, fuel usage, and maintenance needs in real time, fostering digitization and automation trends. Drones offer precise site surveying, mapping, and inspection capabilities, delivering valuable data to decision-makers. Robotics integration into machinery streamlines tasks like welding, concrete pouring, and brick-laying, reducing labor-intensive work and improving precision. These technological advancements are shaping the future of the construction and mining industries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Loaders
  • Dozers
  • Excavators
  • Pulverizing screening equipment
  • Crushing
• Application
  • Infrastructure
  • Mineral mining
  • Residential building
  • Metal mining
• Geography
  • APAC
    • China
    • India
  • North America
    • US
    • Canada
  • Europe
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Expansion of construction and mining equipment manufacturing and distribution facilities
• Increasing investments in infrastructure
• Rising number of launches of new construction and mining equipment

However, the market also witnesses some limitations, which are as follows:

• Stringent regulations related to emissions, noise, and safety standards.
• High initial and maintenance costs of construction and mining equipment
• Shortage of skilled operators for construction and mining equipment

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Market Scope in Construction And Mining Equipment Market Research Report

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Research Analysis Overview

The construction and mining equipment market is witnessing significant growth due to increasing labor requirements in the infrastructure sector for building bridges, tunnels, roads, and non-residential and residential buildings. In the mining industry, the demand for construction machinery is high in coal mining applications and metal mining for mineral processing, crushing, drilling, and underground mining. Rare earth metals mining is also driving the demand for advanced equipment, including robotics and automation, machine learning, and artificial intelligence (AI) to reduce energy consumption and greenhouse gas emissions. Energy-efficient equipment and electrification are becoming essential trends in the mining industry to reduce energy consumption and meet sustainability goals. Coal demand remains strong, and coal mining continues to be a significant application area for mining equipment. However, the shift towards renewable energy sources and sustainable mining practices is expected to impact the market's growth trajectory. Excavators, dozers, and drilling equipment are some of the key types of mining equipment in high demand. The construction equipment market is also witnessing the adoption of automated technology and AI to improve productivity and efficiency. The future of the construction and mining equipment market lies in the integration of advanced technologies to meet the evolving needs of the infrastructure and mining industries.

Market Research Overview

According to Technavio, the global construction and mining equipment market is a segment of the larger global construction and engineering market. This market encompasses businesses specializing in non-residential construction, including engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. Residential construction firms are excluded from this market's scope. The market's size is determined by the consolidated revenue generated by engineering service providers and EPC contractors operating within the non-residential sector. Factors driving growth in the global construction and engineering market include escalating investments in urban infrastructure, particularly in major cities, where there is a pressing need to address increasing populations and the resulting demand for improved transportation, communication services, and essential utilities like water and electricity. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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