Mining And Oil And Gas Field Machinery Manufacturing Market Overview – Major Driver, Competitors And Top Trends As Per The Business Research Company's Mining And Oil And Gas Field Machinery Manufacturing Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 20, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s report on the mining and oil and gas field machinery manufacturing market identifies increased oil exploration to drive growth in the mining and oil and gas field machinery manufacturing markets. For instance, according to a data released by the US Energy Information Administration, a US-based government organization, the proven reserves of US crude oil and lease condensate increased by 6.2 billion barrels (16 percent) in 2021, to 44.4 billion barrels in December 2022. Furthermore, oil production in the United States was 11.2 million barrels per day in 2020, rising to 11.6 million barrels per day in 2021. As a result, rising oil exploration is propelling the mining and oil and gas field machinery manufacturing markets forward.
The global mining and oil and gas field machinery manufacturing market size is expected to grow from $332.26 billion in 2022 to $355.10 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The global mining and oil and gas field machinery manufacturing market size is then expected to reach $445.69 billion in 2027 at a CAGR of 5.8%.
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Major players in the mining and oil and gas field machinery manufacturing market are Caterpillar Inc., Komatsu Limited, Advantech Co. Ltd., ERA Mining Machinery Limited, TechnipFMC plc., Schlumberger Limited, General Electric Company, Industrea Limited, Joy Global Inc., Baker Hughes Company, National Oilwell Varco Inc., Sandvik AB, Epiroc AB, The Liebherr Group, Hitachi Ltd., Terex Corporation, United Heavy Machinery, Taiyuan Heavy Industry Co.Ltd., and Sany Heavy Industry Co. Ltd.
Technological progress is a crucial trend that is gaining traction in the mining and oil and gas sector machinery production industry. Major mining and oil and gas field machinery manufacturers are focusing on providing novel solutions to increase their market position. For example, Komatsu Mining Corp., a heavy equipment manufacturer and service provider based in the United States, will introduce Joy 02ESV scoops with OptiDrive technology in September 2021. It is a true soft rock mining workhorse that was designed exclusively for these next-generation 240-volt equipment. This OptiDrive technology can handle a variety of activities, such as cleaning, dusting stone, refilling supplies, and maintenance. Furthermore, OptiDrive can improve motor performance, operator productivity, reliability, and help minimize maintenance costs, making it excellent for mining applications.
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As per the report, North America was the largest region in the mining and oil and gas field machinery manufacturing market in 2022.
The global mining and oil and gas field machinery manufacturing market is segmented by machinery types into oil and gas field machinery and equipment, mining machinery and equipment, others machinery; by application into on-shore, off-shore
Mining And Oil And Gas Field Machinery Manufacturing Global Market Report 2023 by The Business Research Company provides insights on the mining and oil and gas field machinery manufacturing market size, mining and oil and gas field machinery manufacturing market segments, mining and oil and gas field machinery manufacturing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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