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The key findings from our mechanical drive market forecast report for mining industry are summarized below
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According to the mechanical drive market for mining industry analysis, the rise in demand for coal and other metals and minerals will be one of the major factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of almost 3% by 2021. China, the UAE, India, and Brazil are investing heavily in oil and gas production and coal mining activities to meet the energy demand, which will, in turn, drive the demand for mechanical drives. The utilization of coal for electricity production in APAC is more than 50% and coal accounts for almost 80% of the electricity generated in China and India. Additionally, the increased construction activities of buildings, roads, and bridges drive the demand for coal, as it is used in steel and cement manufacturing. This will positively influence the investments in the mining industry, which in turn, will drive the mechanical drives demand for the mining industry.
The advancement in the belt drive technology is one of the latest trends that will contribute to the growth of this market in the forthcoming years. The emergence of new improvements in the belt drive industry will result in the development and introduction of stronger, cleaner, and efficient belts. Some of the major vendors have introduced polyurethane and carbon-reinforced belts that can withstand bulkier materials and have a power transmission capacity that is five times higher than a conventional belt. These high technology polyurethane belts can be used in end-user sectors such as industrial machinery, agriculture, and material handling, in turn, boosting the mechanical drives for mining market growth.
The mechanical drive market for mining industry consists of many international players with customer bases across national borders. The market also has smaller regional vendors who cater to the needs of the local customers. In addition to the major vendors, numerous regional and local vendors have also started manufacturing customized and energy-efficient mechanical drives for the mining industry. The market is quite competitive and with the introduction of products with new features and technologies, the level of competition among the market players will become more intense.
The report offers a detailed analysis of several leading companies, including:
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During 2016, the industrial gear drive segment accounted for the largest mechanical drive market for mining industry share. Benefits such as the reduction in the complexity and cost of designing and constructing machines, power tools, and appliances used in the mining industry will contribute to the growth of this market segment.
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the mechanical drive market for mining industry throughout the forecast period. The presence of major developing economies such as India, China, Indonesia, and the Philippines and the high requirement for energy and infrastructure development, will drive the growth of the market in this region, in turn, gaining the largest mechanical drive for mining market share during the predicted period.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Vendor analysis
PART 13: Appendix
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