Unveiling mobile mapping market trends in terms of the strategies undertaken by competent industry players: escalating development of software-assisted solutions to stimulate product demand
The increasing importance for geospatial technologies for visualizing and analyzing geospatial data has stimulated mobile mapping industry trends. The advent of new technologies such as Lidar, AI, and IoT has also significantly transformed mobile mapping technology over the last few years. With more innovations across this technology, it has become easier and effective to carry various tedious projects like urban development, rail-road creation, and power plant construction across inaccessible areas. Thus, the increasing use of this technology to survey numerous mobile platforms is poised to propel mobile mapping industry share.
U.S. Mobile Mapping Market Revenue, By Component
The involvement of companies in novel product development activities for high efficiency and productivity will have a notable impact on the business over the years ahead. In the last few years, companies have come up with a diverse set of products that can deliver remarkable benefits to users and asset owners. Validating the aforementioned fact, in February 2018, the California based software development company, Trimble developed a next-generation mobile mapping system, which has been designed with multi-camera imaging, mobile lidar system, and field software. This newly launched Trimble MX-9 mobile mapping technology has the capability to capture 360-degree immersive geo-referenced imagery with the help of already installed laser scanning sensors, GNSS technology, and spherical camera. The improved accessibility of such newly developed mobile mapping devices via smartphones and tablets will augment the growth of mobile mapping market.
Speaking more about the recent advancements, it is prudent to mention that 3D mobile mapping is also one of the latest developments in geospatial technologies that helps users to record, measure, visualize, and understand environments. The advent of 3D mobile mapping has overcome the limitations of conventional mobile mapping systems and helps to carry out a detailed visualization of climatic conditions. In 2018, a German company which develops software and hardware to navigate, map, and digitize the indoors, NavVis made it to the headlines for generating a fully integrated product for indoor mapping aided with six cameras. NavVis has developed this product in accordance with customers’ request to have sophisticated and more versatile systems. This product is likely to prove beneficial for the end-users like construction product manufacturers, construction companies, and AEC (architecture-engineering-construction) professionals to generate high-quality data owing to its capability to capture immersive imagery.
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The increasing importance for geospatial technologies has also been encouraging the players in the mobile mapping market to carry out vigorous research and development activities for capturing more business space. For instance, the Italy based SITECO Infomatia SRL has been proactive in developing varieties of products from road-scanners to pave-scanners. In 2018, it has launched software assisted mobile mapping devices. The integration of software and LiDAR system has helped the company to enhance the performance of mobile mapping platform. The widespread availability of multi-scanners and high-performance mobile mapping platforms is slated to propel the industry growth over the years ahead.
In addition to higher performance, cost-effectiveness is also one of the major factors promoting mobile mapping market size. As of now, Google is one of the leading contributors of navigation applications, but due to rise in subscription amounts for accessing its Google Maps, other contributors in mobile mapping market have been able to race ahead with the launch of low-cost navigation features. For instance, a few days before, a digital mapping company, TomTom has started offering free software development kits to Android and iOS users to access maps and traffic information for free. Such initiatives will help IoT companies and autonomous vehicle manufacturers to load the traffic and routing data free of cost.
The advancement in consumer electronics and shifting trends toward the deployment of autonomous vehicles for the betterment of the environment will have a positive influence on the mobile mapping industry share. As of now, most of the automotive companies have been involved in the development of highly modernized infotainment systems for improving the driving experience that is likely to enhance the product demand. In accordance with the expanding end-use sectors, the strategies adopted by the key player will help them to strengthen their business position over the years ahead. Reportedly, driven by new product launches, mobile mapping market will generate a revenue more than USD 40 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Growing emphasis on consumer satisfaction and safety has proliferated testing, inspection, and certification (TIC) services market size as governments worldwide have implemented stringent quality regulations on almost every industry vertical. Whether it is construction, automobile, energy, healthcare or other segments, continuous advancement in products and components have necessitated upgraded testing and certification requirements.
What are the factors that will drive TIC services market trends over the forecast period?
Improvements in management, product quality, manufacturing processes, supply chains and service value have become imperative for the growth of any business, imposing the need for TIC services, which would eventually augment the industry outlook. Existence of recognized certifications such as ISO:9001 or ISO/TS 16949 make it easier for customers to search for companies that provide excellent product quality, better customer service and new, innovative solutions.
The global TIC services market share is anticipated to exceed USD 260 billion by 2025, driven by the obligation of companies towards meeting specific product requirements and to comply with international quality standards.
How will transportation application segment help propel the TIC services industry share?
Besides helping to control the quality, effective testing and inspection processes aid in minimizing rejections, reduce manufacturing costs and identify reasons for a defective output. The transportation segment, in general, constitutes a major part of the global manufacturing industry where thousands of components or auto parts go through daily quality checks.
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As governments and international agencies are constantly raising the weight, material and other standards of automobile components to enhance the safety and efficiency of vehicles, the TIC services industry is subsequently gaining massive popularity. OEMs as well as small auto component vendors are striving to achieve high level of quality and get certified, to get documented and provide validity to their proficiencies and expertise.
Frequent inspection and evaluation of manufacturing processes by in-house or third party services to maintain a grip on the quality level will continually boost the TIC services market.
Will the life sciences segment help drive TIC services market outlook?
The TIC services market is rapidly witnessing demand from the healthcare and life sciences segment, with test and inspection reports of pharmaceutical equipment being critical in assessing whether the international standards are met. TIC companies are trying their best to evolve with technological developments and remain up-to-date with new regulations pertaining to safety and quality.
Products, apparatus and supply chains are subject to quality testing activities regularly, as pharmaceutical companies are responsible for providing vital therapeutic solutions. Even other parties involved in the supply chain must go through intense inspection by assigned representatives to be eligible to acquire critical certifications.
Author Name : Pankaj Singh
The global vehicle tracking device market size has witnessed an unprecedented growth rate owing to enhanced fleet management techniques which are reducing operation cost of managing large fleet operations. These tracking systems enable monitoring of fuel consumption, engine parameters, and driver’s behavior along with ensuring safety, thus making them an essential component in fleet management techniques.
Europe Vehicle Tracking Device Market Size, By Region, 2018 & 2025 (USD Million)
Wireless vehicle tracking devices are being increasingly used across various business verticals in the past few years owing to low power consumption and compact size. Wireless tracking devices facilitate extensive wired interface and wireless communications that easily adapt to the tracking requirements. They consist of built-in antennas and geo fencing techniques that reduce the overall size and eliminate external antennas and wires. Since wireless vehicle tracking devices are compact in size, they integrate easily into vehicles – a factor that is positively influencing vehicle tracking device industry outlook.
Several governments of developing nations are undertaking initiatives which focus on installing vehicle tracking devices to ensure safety of drivers, passengers, goods, and the vehicle as well. For instance, the Road Transport and Highway Ministry of India mandated the installation of tamper-proof GPS satellite systems in all public service vehicles – along the likes of buses and taxis – to ensure safety of women.
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In this context, it is quite imperative to mention that, in 2017, over 436 cases of women molestation on public transport were recorded across India, due to which strict measures are being taken by the government to curb such incidents. Along with tracking devices, the government recently ordered the development of AIS-140 – an automotive industry standard that ensures quality and reliability of devices used in case of emergency. Needless to mention, such initiatives by developing countries are favoring vehicle tracking device industry trends.
In terms of vehicle types in the global vehicle tracking device market, the heavy commercial vehicles segment is expected to surpass over 25% of the total revenue share in the coming years. According to a report by WHO, the number of road casualties across the globe stood at 1.35 million in the year 2018. The massive increase in road accidents on highways which leads to either damage of goods or loss of life – especially due to HCVs like trucks – has resulted in rise in the demand for GPS satellite systems, thus expanding vehicle tracking device market share.
The usage of vehicle tracking systems is gaining popularity in the mining industry due to the demand for safe mining operations. Mining companies are striving towards improving the safety conditions of both the mechanical assets as well as the employees. Real time tracking of mining vehicles allows the managers to have adequate information about their asset locations along with tracking the employees, in case of any emergency. Evidently, the use of tracking techniques in the mining sector is propelling the revenue scale of vehicle tracking device industry.
In terms of geographical expansion, the growing number of innovations in the automobile sector has invariably contributed to the remuneration scale of Europe vehicle tracking device market. With innovations like self-driving cars and the introduction of C-V2X (cellular vehicle – to – everything), there is a growing demand for vehicle tracking devices to facilitate safety of passengers. Several companies are introducing autonomous vehicles in Europe. For instance, the European Commission has urged the need for research and innovations of autonomous vehicles in this region.
Speaking along similar lines, the UK government has established the Centre for Connected and Autonomous Vehicles (CAV) to allow the testing of motorways in the country. A fully automatic vehicle thus needs a high precision positioning and sensor integration to ensure accuracy and reliability that the vehicle can be self-driven. Furthermore, a tracking device will ensure that the vehicle stays in line and at a safe distance from other vehicles.
Owing to the increasing number of innovations in automobile sector and the growing need to enhance road safety along with reduction in operational costs, the global vehicle tracking device market is expanding at a decent pace. Several initiatives are being undertaken by industry players to enhance the vehicle tracking capabilities to facilitate precision and reliability. The major players driving the global vehicle tracking device market include Maestro Wireless Solutions Limited, Orbcomm Inc., Verizon Communications, Suntech International Ltd. among others. According to a report by Global Market Insights, Inc., vehicle tracking device industry is estimated to exceed USD 3 billion by 2025.
Author Name : Shreshtha Dhatrak
Borehole equipment market to be majorly influenced by the ongoing advancements in drilling technology, Africa to emerge as a viable revenue contributor over 2017-2024
The profitability landscape of borehole equipment market has been witnessing a massive turnaround of sorts in the recent years, on account of the rising number of mining operations, heavy infrastructural development, and the increased demand for water in drought-ridden areas. In this regard, companies partaking in borehole equipment industry share have been striving to brainstorm rather innovative products and techniques for borehole drilling. For instance, merely a couple of years earlier, Boart Longyear, a rather prominent player in borehole equipment market, was involved in a project that included installing a ventilation shaft for a longwall coal mine in Wyoming. The company deployed a dual-tube flooded reverse-circulation drilling technique that was far advanced than the ones used for a traditional raised bore rig, as it pumped air via the outer tube, forcing mud upward through the inner tube, thereby preventing porous rock from being plugged for the borehole. The same year witnessed Boart launching the game-changing TruProbe drilling system that enables the deployment of gamma, geophysical, survey sensors inside drill strings for identifying any traces of previous metals and minerals at an affordable cost, majorly impacting the product landscape of borehole equipment industry. In retrospect, it would be apt to state that Boart Longyear has indeed established itself as one of leading participants in borehole equipment market, setting ambitious standards for its fellow rivals and new entrants.
U.S. Borehole Equipment Market, By Product, 2016 & 2024 (USD Million)
The emerging economies of Africa: The upcoming hotbeds for borehole equipment market
While the developed and developing economies across the globe have been rather proactive in global borehole equipment industry, in recent times, companies have been tapping the unexplored suburbs of the African continent, that seem to have depicted quite a perceptible potential as far as drilling operations and deploying the apt equipment for the same are concerned. Countries such as Zambia, South Africa, and the Republic of The Gambia, have lately emerged as profitable avenues for borehole equipment market, subject to the stream of favorable initiatives that are being undertaken by regional and international governmental agencies in order to combat the water shortage in these areas. A succinct gist of a couple of these productive initiatives that have transformed borehole equipment market outlook has been enumerated below:
- The CEO of the Vision Development Foundation recently approved a borehole project in Kerr Demba Holley, Upper Niumi, Gambia, for GMD 500,000, that would be powered with solar and storage tanks to deal with the water supply shortage in the district.
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- In a bid to deal with the severe impact of the droughts in KwaZulu-Natal, a funding of nearly ZAR 500,000 has been provided to drill boreholes in communities such as Verulam, Wyebank, Umbumbulu, and Ladysmith. To combat the water scarcity in the region and aid the expansive regional mining industry, companies and governmental organizations plan to make sufficiently huge investments in South Africa, that would eventually impel the regional borehole equipment market share.
- The National Savings and Credit Bank (NatSave) and the Musika Development Initiative struck a deal in the second quarter of 2017 for implementing a 12-month-long project in the Kalomo district of Zambia, worth ZMW 2 million. The program would apparently entail the sinking of 20 solar-powered boreholes for increasing the productivity of small-scale farmers and improving their access to irrigation solutions in the area. The memorandum of understanding (MoU) for this pilot project is certain to gain ground in the regional borehole equipment market, encouraging other players to follow suit.
With extensive developments prevalent in the construction and infrastructure development verticals, it goes without saying that the humongous demand for advanced infrastructural facilities, massive requirement for residential and commercial spaces, in tandem with the regulations enforced with respect to strong building foundations and soil quality would have a profound impact on borehole equipment market size. Furthermore, these products find colossal applications in various grades of mining operations, thus opening up a plethora of new vistas for borehole equipment industry, given the vast expanse of mining exploration activities and the regulations that mandate mine operators to deploy highly advanced machinery for drilling. By and large, it would be apt to state that borehole equipment market trends would undergo dynamic transformations in the ensuing years, contingent on the changing demands of the expansive construction and mining sectors.
Author Name : Saipriya Iyer
Heavy-duty trucks market projected to amass mainstream popularity over 2019-2025, global product penetration to depict an upsurge subject to a perpetually vast application terrain
Tesla’s latest Class 8 marvel is indeed a classic phenomenon that has posed several challenges for heavy-duty trucks market players. The automotive giant has unveiled the ‘Tesla Semi’ – its all-electric semi-truck that boasts of superior charging capacity and has been designed to travel from 0 to 60 mph in merely a 5-second span. In fact, towing a load of close to 80,000 lbs alongside, this truck can travel from 0 to 60 mph in just 20 seconds, setting quite a remarkable precedence for companies partaking in heavy-duty trucks industry share.
U.S. Heavy-Duty Trucks Market, By Class, 2018 & 2025, (USD Million)
What’s precisely noteworthy though, is not the Semi’s speed range or its aesthetic appearance, but the fact that it offers a transmission which requires no gear shifting with regenerative braking – essentially, a provision that delivers infinitesimal brake life for the vehicle. Endowed with such an amazing intrinsic design such as this, the Tesla Semi is certain to cause a stir in heavy-duty trucks market.
It is prudent to state that the Tesla Semi being a Class 8 wonder is an indicator of the fact that class 8 vehicles are indeed being pursued with renewed gusto by heavy-duty trucks industry players. In fact, a report by Global Market Insights, Inc., claims class 8 vehicles to accumulate a considerable portion of the global revenue in heavy-duty trucks market over 2019-2025, pertaining to their enviable ability to sustain heavy loads. Generally deployed for high-power applications such as construction and mining, class 8 vehicles are diesel-powered and have a gross weight vehicle rating of more than 33,000 lbs. Subject to the extensive demand for these beauties, companies have been sparing no expense in R&D activities, to bring forth newer class 8 vehicles endowed with superior features, that would ultimately help augment the sales graph of the overall heavy-duty trucks industry.
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Not so long ago, Daimler, one of the most prominent players of heavy-duty trucks market, had unveiled a prototype of its much-awaited vehicle at the Tokyo Motor Show. Daimler’s truck unit, Mitsubishi FUSO, claimed that its heavy-duty truck, called the E-FUSO Vision One, weighs more than 51,000 lbs and is capable of driving up to 220 miles on a single charge. The product was viewed as a cutthroat competition to Tesla’s Semi, leading to some level of consolidation in heavy-duty trucks industry. In consequence, it is undeniable that products endowed with superior properties and high-caliber innovations would prevail in this business space, thereby increasing the sales figures and the overall revenue of heavy-duty trucks market, which is anticipated to surpass USD 160 billion by 2025.
Unquestionably, renowned biggies have not been programmed to remain the underdog in heavy-duty trucks industry. In this regard, Volvo Trucks, the Sweden-based truck manufacturer, recently launched LNG and biogas powered, Euro 6-compliant heavy duty trucks, that apparently possess the same driving ability, fuel consumption, and performance level as that of Volvo’s diesel-powered vehicles. However, the proportion of carbon emissions from the all-new Volvo FM LNG and Volvo FH LNG is 20% to 100% lower than the diesel vehicles, based on which fuel is specifically chosen. Furthermore, these trucks are also available for heavy long-haul operations, with 420 hp to 460 hp, that may make them one of most sought-after vehicles in heavy-duty trucks market.
Most companies spanning across the competitive spectrum of heavy-duty trucks industry have lately been concentrating on cost-reduction methodologies. This paradigm shift, it has been observed, is being carried out through the introduction of novel remanufacturing business models that ultimately help to reduce the production expense. One of the pivotal factors responsible for the expansion of heavy-duty trucks market is the robust growth of the automotive domain, especially across the emerging economies.
In fact, heavy-duty trucks market players such as Toyota, Daimler, Ford Motor Company, Tata Motors, Volvo, and General Motors have strongly established bases across the developing geographies, owing to the convenient availability of resources coupled with a supportive regulatory frame of reference, which has proved to be rather lucrative for the overall business sphere.
It is imperative to mention that in the last half a decade or so, the prevalence of high-grade technological advancements, say for instance, such as telematics services and self-driving has increased to a rather commendable extent. As on today, these technologies are considered to be some of the key drivers that help expand the consumer pool for heavy-duty trucks industry players.
With tech-savvy clients willing to wield the convenience and flexibility of contemporary technologies, companies have been rapidly exploiting the latest tech-oriented mechanisms in product manufacturing, leading to increased vehicle sales and by extension, an escalated revenue collection for heavy-duty trucks market. With state-of-the-art technologies in action, in conjunction with the widespread penetration of truck fleets in several end-use domains, heavy-duty trucks market size is likely to depict a massive surge by the year 2025.
Author Name : Saipriya Iyer
Global explosives and pyrotechnics market has recorded a commendable growth graph due to increasing mining activities, military spending and greater demand for recreational fireworks. Rapid industrialization has created massive demand for mined commodities which has resulted in increased mining activities in countries such as South-Africa, China, Indonesia, the U.S. etc. adding to the demand for explosives used in mining industry.
U.S. Explosives & Pyrotechnics Market Size, By End-user, 2014-2025 (USD Million)
Mounting government spending on the defense sector in various countries including the U.S., India, China, France, Saudi Arabia, U.K. and Russia will positively impact explosives market size. On the other hand, pyrotechnics (fireworks) market is forecast to gain traction with rising cracker shows on occasions, festivals and sports events.
Pyrotechnic articles are not only used for entertainment but are also utilized in technical & military cases for illumination and signaling, as pesticides and for various other purposes. Pyrotechnics are designed to give out specific effects, such as whistling, illumination, smoke formation, detonation, propulsion, shooting and disintegration.
The APA (American Pyrotechnics Association) predicted an exceptional year for fireworks sale in 2019. According to APA, consumer fireworks revenue has increased from $407 million in 2000 to $945 million in 2018. The APA estimates that fireworks revenues could exceed $1 billion during the 2019 fireworks season. On days like New Year’s Eve, almost every nation celebrates with elaborate firework shows. For instance, in 2017, the German Pyrotechnic Industry Association reported €137 million in sales in the final four days of the year. In 2019, New Year’s Eve fireworks sale in Netherlands amounted to €70 million, which is €2 million more than 2018 figures. Such a trend will ultimately prove beneficial for increasing explosives and pyrotechnics market share.
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In spite of the ongoing trade war between U.S. and China, tariffs were not raised on the import of fireworks from China to U.S. as imports of fireworks have long surpassed domestic production in the United States. In 2018, China exported $325 million worth of bottle rockets, Roman candles and other fireworks/pyrotechnics to the U.S., accounting for 90% of pyrotechnic imports of the country, clearly underlining the growth of explosives and pyrotechnics industry in the region.
With record-breaking growth in backyard fireworks usage and liberalization of consumer fireworks laws, the number of fireworks-related injuries have dramatically declined. Currently, the fireworks-related injury rate is 56% lower than what it was in 2000. There is no such consumer product in the market that has an exceptional consumption growth and declining injury rate – which will encourage more expansive use of fireworks and add indirect impetus to explosives and pyrotechnics industry.
Another factor significantly augmenting explosives and pyrotechnics market size is ongoing political unrest between countries, which has resulted in increased military spending. The top five spenders in the world in 2018 included U.S., China, Saudi Arabia, India and France, which accounted for approximately 60% of world military spending. The total world military spending has risen by 2.6% to reach USD 1,822 billion over 2017-2018, according to SIPRI (Stockholm International Peace Research Institute). Military segment accounts for approximately 45% in explosives and pyrotechnics market share. The segment growth is majorly influenced by political clashes in African countries, Middle East and Europe.
North America and Asia-Pacific are the major regions having maximum growth rate in the explosives and pyrotechnics market. In 2018, Asia Pacific accounted for 35% share in the global explosives and pyrotechnics market.
Explosives are majorly used in mining. Growing technological expenditure for enabling effective exploration, sustainable processing of low grade and complex minerals are fueling mining activities. For instance, countries such as Indonesia have stringent government policies to generate up to 50% of power from domestic coal which is resulting in increased mining operations. Such initiatives are expected to positively influence explosives and pyrotechnics market growth over 2019-2025.
With major coal producing countries such as China, India, Indonesia and Australia, Asia Pacific is a region that is largely concentered on mining industry. The growth trends recorded by mining industry in Asia Pacific has added impetus to explosives and pyrotechnics market outlook. For instance, National Energy Agency of China has approved 7 major coal mining projects adding up a capacity of 22.5 million tons in 2019. Additional activities in mining sector not only due to the demand for coal but also other valued commodities like iron ore and copper are expected to fuel explosives and pyrotechnics industry trends during the forecast timeline.
Rapidly growing mining sector, increased political tensions leading to greater military spending and trends encouraging fireworks display will together augment revenue share of explosives and pyrotechnics market in the coming years.
Author Name : Aakriti Kakkar
Metal mining applications to drive mining equipment market, increasing popularity of fuel-efficient equipment to generate remunerative opportunities for industry magnates
Prominent mining equipment market players have lately been looking forward to developing multi-tasking, durable, fuel-efficient mining machinery for lowering operating costs, reducing service time, and improving mine quality. Currently, various underground specialist mining equipment including diggers, loaders, and trucks are used extensively to excavate metals. However, mining activities across the globe, in the last few years, have increased remarkably owing to the surging involvement of companies in advanced exploration programs.
France mining equipment market, by product, 2017 & 2024 (USD Million)
The excavation of a large amount of underground materials has led to a rise in air pollution which has become one of the major causes of the upsurge in the prevalence of respiratory diseases. Taking into account the surging need to curb the air pollution, mining equipment manufacturers have been thus investing in the development of cleaner and safer mining machinery, which has led to most of the companies establishing partnerships to come up with advanced versions of mining equipment.
Recently, the International Council on Mining and Metals revealed a plan to make mining vehicles safer and cleaner at the International Mining and Resources Conference held in Melbourne. At the conference, numerous renowned truck and mining equipment suppliers came together to accelerate the invention of next-gen mining equipment. In addition, the Innovation for Cleaner Safer Vehicles (ICSV) is also planning to launch GHG emission-free surface mining vehicles by the end of 2040. The increasing concerns about the depleting fossil fuel resources along with growing importance of emission-free vehicles are thus poised to observe a positive impact on the mining equipment market share.
In line with the ambitious clean vehicle development programs, in October 2018, Hitachi Construction Machinery signed an agreement with KTEG Kiesel Technologie Entwicklung GmbH to develop electric construction machinery. With this strategic agreement, it also looking forward to expanding its business across European countries owing to the deployment of strict regulatory norms for curbing GHG emission across Europe. KTEG will help Hitachi to commercialize electric construction equipment in the Europe mining equipment market.
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Aided by years of intense experience in the development of electric machinery, Hitachi is aiming to decrease life cycle costs of equipment and the burden they pose on the environment. The shifting focus of equipment manufacturers toward the development of highly innovative and fuel-efficient products is likely to proliferate the mining equipment industry size over the years ahead.
Over the last few years, in order to deal with the increasing number of mining activities, most of the countries have been planning to procure advanced mining equipment. The initiatives taken by the regulatory bodies have opened up new business opportunities for mining equipment industry players. Validating the aforementioned fact, in July 2018, Coal India Ltd has unveiled its plan to procure mining equipment of worth USD 2 billion over the coming three years. With the procurement of numerous mining equipment, it is looking forward to meeting the growing demand for coal in India. Coal India has also set an aim to produce 630 million tons of coal in 2018-19 and one billion tones in the coming years.
Similar to Coal India, the Zimbabwe Consolidated Diamond Company also has invested USD 100 million in the design and installation of complementary mining equipment. With the deployment of advanced equipment, the Zimbabwean diamond company aims to produce the best quality diamonds across the globe. In order to increase FDIs and contribute to strengthen the country’s economy, most of the diamond-producing companies have been investing heavily in the mining sector. The surging participation of the regional governments in the development of the mining industry for the betterment of economy will have a positive influence on mining equipment market size from metal mining applications.
The collaborative approach of mining companies and regulatory bodies to accelerate the number of mining activities will have a significant influence on the mining equipment industry growth. With the deployment of ambitious product development programs, global mining equipment industry is likely to traverse alongside a positive growth path. Driven by the growing investments in the mining and metal exploration activities, mining equipment market size will surpass USD 95 billion by the end of 2024.
Author Name :Sunil Hebbalkar