The global CO2 capture and recovery market is expected to grow at a steady rate in the coming years, with a projected CAGR of over 9.2% during the forecast period 2023-2031. The market is driven by increasing government regulations and policies to control carbon emissions from various industries. The CO2 capture and recovery process involves capturing carbon dioxide from industrial processes such as power generation, oil and gas production, and manufacturing, and then recovering and reusing it.
Globally, the mining excavators market is expected to grow with a CAGR of more than 5% during the forecast period from 2024 to 2032. Globally, the mining equipment industry has witnessed considerable growth based on increased mining operations across various parts of the globe. The demand for mining equipment such as excavators is mainly driven by recovery of commodity prices and increasing focus on technology and automation as the way forward.
The global mining equipment market is expected to see a significant growth through the forecast period with improving economic conditions and rising output of mining sector. The market for mining equipment is also expected to see a significant demand from replacement market due to stringent energy consumptions regulations particularly in developed nations. In addition, rising domestic demand for metal and coal represents a positive outlook for mining equipment particularly in emerging economies such as India, China and others.
In 2022, the worldwide mining equipment market was valued at USD 140 billion and is anticipated to rise at a compound yearly growth rate (CAGR) of 5.5% between 2023 and 2031. In the coming years, ongoing digital mine innovation is anticipated to revolutionize the industry's most important facets. Throughout the projection period, increased investment and government support for digital mine innovation are anticipated to stimulate demand for mining equipment. The enhancement of ore grades has been made possible by technological and equipment advancements, hence extending the useful life of existing mines.
Many commodities, including crushed rock, cement, gold, construction, industrial sand, gravel, iron ore, and copper, are routinely extracted in the United States. Increasing demand for coal, gas, and oil sands, as well as technology advancements, are predicted to propel this business in the United States. Caterpillar Inc., Metso Qutotec, Komatsu Ltd., Boart Long year Ltd, Sany Group, and Liebherr are notable U.S. manufacturers.
The mining sector requires a great deal of energy for resource extraction and protection, as well as for a range of refining and concentration operations. The decline in average copper ore grade has led to a rise in energy consumption and total material production, consequently driving demand for high-performance mining machinery. The inclusion of artificial intelligence (AI) into mining equipment boosts their efficiency, while also increasing mine productivity and maintaining miner safety. Globally, intelligent data and machine learning have also been utilized by the mining industry. It is projected that technological advances will drive market demand over the projection period. In order for firms to remain competitive, the integration of automated technology into mining operations is anticipated to increase the demand for innovative mining equipment. The demand for these automated solutions and equipment is anticipated to be highest in developed markets, as the use of advanced technology requires highly skilled labor and strong network infrastructure.
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