In 2021, the worldwide smart mining market is anticipated to grow at a CAGR of 17% during the forecast period of 2023 to 2031. The term "smart mining" refers to the process of automating the mining procedure by utilizing cutting-edge solutions such as cloud computing, 3D imaging, and modeling software, as well as automated equipment and hardware. It helps to provide remote and real-time awareness of equipment conditions, which in turn helps to minimize operational pressure, reduce downtime, eliminate maintenance expenses, and maximize workplace safety.
The market size for air-to-water heat pumps market is anticipated to expand at a CAGR of over 15% during the forecast period of 2023 to 2031. Notable public and private institutions have exerted considerable effort to improve the global operational performance of heat pump technologies. Using an example from April 2022, the IEA Heat Pumping Technologies Technical Collaboration Programme (IEA HPT TCP) published a study confirming that air-to-water (ATW) heat pump systems utilising propane (R290) significantly improve the energy efficiency of a building in comparison to other systems.
The biomethane market is projected to grow at a CAGR of 7.5% during the forecast period from 2023 to 2031, driven by increasing environmental awareness, the demand for sustainable energy sources, and efforts to reduce greenhouse gas emissions. Biomethane, a renewable and low-carbon form of natural gas derived from organic waste and biomass, has gained significant attention as a cleaner alternative to conventional fossil fuels. In conclusion, the biomethane market is poised for significant growth, driven by increasing environmental awareness, the demand for clean energy, and efforts to combat climate change.
The building-to-grid technology market is expected to grow at a CAGR of 22% during the forecast period of 2023 to 2031. The technology refers to the integration of buildings with the power grid, enabling enhanced energy management and efficiency. This market is driven by the increasing need for sustainable energy solutions, advancements in smart grid technologies, and the growing focus on energy conservation. The market revenue for Building-to-Grid Technology has been steadily rising, and the compound annual growth rate (CAGR) indicates a positive growth trajectory.
The optical current transformer (OCT) market is expected to witness a CAGR of 8.2% during the forecast period of 2023 to 2031, driven by the increasing demand for accurate and reliable current measurement solutions across various industries. OCTs are innovative devices that employ optical fibers to measure electric currents, offering numerous advantages over traditional current transformers. In terms of market revenue, the optical current transformer market is projected to experience robust growth over the forecast period.
The marine air intake systems market refers to the market for air intake systems installed in marine vessels, such as ships and boats, to supply clean and filtered air for the efficient operation of engines and machinery on board. The marine air intake systems market is expected to grow at a CAGR of 5% during the forecast period of 2023 to 2031.
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 2022 to 2030. 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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