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The global mining machinery market size was valued at USD 29 billion in 2020 and by 2025 it is projected to grow USD 36 billion at a compound annual growth rate (CAGR) of 4.4%.<br><br>Over the next few years, continuing digital mining progress is expected to change the main facets of mining. Increased investment is expected to trigger demand for mining equipment over the forecast period, along with government funding for digital mining innovation.
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Mining Machinery Market Mining Machinery Market was valued at USD 29 billion in 2020 and by 2025 it is projected to grow USD 36 billion at a compound annual growth rate (CAGR) of 4.4%. Over the next few years, continuing digital mining progress is expected to change the main facets of mining. Increased investment is expected to trigger demand for mining equipment over the forecast period, along with government funding for digital mining innovation.
Mining Machinery Market Companies are continually searching for process optimization, with an intensely competitive world in all markets, which in turn has raised the need for automation in the mining sector. For discovery and control of mines, drones are used. Drones ensure that areas are clear prior to explosions, track post-blast gases and increase overall site safety. The mining industry's automation and teleoperation technologies greatly increase efficiency and safety. Sales of modern mining machinery synchronised with telematics systems are thus anticipated to drive the demand for mining machinery.
Mining Machinery Market The use of modern mining machinery is dependent on mining sector funding, which, in turn, relies on the global economic scenario. Developing countries such as South Africa, Argentina and Peru, to name a few, typically opt for used mining machines because, if properly handled, they have a stable life cycle. Such equipment is shipped from industrialised economies in North America and Europe to South America, the Middle East & Africa and South East Asian nations, at a cheaper price relative to modern mining machinery. Sales of modern mining equipment are likely to be hampered by this.
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