Mining Locomotives Market 2022 by Manufacturers, Regions, Type

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Mining Locomotive Market

The mining locomotive market is expected to witness considerable expansion with a CAGR of 7% during the forecast period from 2021 to 2030. According to market specialists, the global mining locomotive market is expected to witness significant growth by 2030.

The mining locomotive is the engine that runs on electricity, gasoline or compressed air. This type of train is specifically designed for underground use, mainly for transporting heavy objects in mining works. A mining railway, also called a surface railway or mining road, is constructed to transport supplies, materials, and workers in and out of the mine. Materials include coal, ore and all mining waste such as cuttings, slack, stubble, tillage, etc. Previously, heavy and bulky materials were manually transported in and out of the mine; however, with the invention of the steam engine, it became easy to transport a mixture of heavy and bulky materials in and out of the mines. This gave rise to several generations of rails. These wagons are propelled by diesel or compressed air or by battery.

Description and overview of the market

The ability of mining locomotive to haul heavy materials such as tiles, thatch, and metal ores adds impetus to the growth of this market. Additionally, increasing adoption of electric locomotive owing to its eco-friendly nature for mining transportation is fueling the market. Also, increasing mining activities, rapid industrialization, and increasing government investment in research and development are considered to be the driving factors of the market. Additionally, the widespread savings and development plans, boosting demand for coal, and increasing industrial focus on developing green and efficient locomotives are driving the market.

Furthermore, coal is an imminent source of energy in high demand for generating electricity. To comply with emission regulations associated with using advanced technologies, manufacturers are now producing clean coal technologies. This in turn is seen as a lucrative source for the market.

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Market segmentation
Global Mining Locomotives Market is Segmented into Type and Application

Type
The market is further segmented on Type as
• Steam extraction
• Electric mining
• Diesel Extraction
The electric mining segment is expected to show a notable increase over the forecast period.

Application
The market is further segmented on Application as
• Underground mining
• Open pit mining
The underground mining segment is expected to generate significant returns in the coming years with a decent CAGR.

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Regional analysis

Based on the regional analysis, the market covers regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Where, North America is marked as the dominant region and was at a significant level. Several factors are responsible for the growth, such as demand for continuous power supply, growth in mining activities, widespread industrialization, etc.

Main market players

Hologic, Inc., Abbott, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Merck KGaA, Thermo Fisher Scientific, Inc., Danaher, Sysmex Corporation, Trivitron Healthcare, Koninklijke Philips NV are some of the major players market keys.
The main players in a market include investors and intermediaries and are considered pillars of the market. The market is highly competitive and has seen increasing competition among vendors.

Frequently Asked Questions:

• What are the key growth opportunities and trends in the Mining Locomotive market?
• What application/end user or product type may seek additional growth prospects?
• What is the market share of each type and application?
• What is the compound annual growth rate (CAGR) of the mining locomotives market?
• What are the different sales, marketing and distribution channels in the global industry?

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This press release was published on openPR.

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