The Ground Engaging Tools Market is estimated to be valued at US$ 7,087.4 Mn in 2022 and is expected to exhibit a CAGR of 23.1% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ground engaging tools are used for performing digging, drilling, grading, ripping, scraping and demolition activities. These tools are used in various applications such as construction, mining, agriculture and other heavy equipment operations. Some key ground engaging tools include buckets, rippers, mills, grapples and hammers. Buckets are the most common type of ground engaging tool used for digging and loading applications in excavators and loaders.
Market Dynamics:
The ground engaging tools market is expected to witness significant growth over the forecast period, owing to rising construction activities and increasing mining operations across the globe. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. Growing construction of residential and non-residential buildings is anticipated to generate high demand for earthmoving and heavy construction equipment, thereby fueling the need for ground engaging tools. Furthermore, increasing mining activities amid rising demand for metals and minerals from end-use industries such as automotive, construction and manufacturing is also expected to propel the market growth over the coming years.
According to the report 'Mining Industry Outlook 2020' by Deloitte, total global mining investment is projected to reach $1 trillion by 2023. This significant growth in mining industry creates high opportunities for ground engaging tools such as rippers, grapples.
Read More : https://cmiorientedreportblog.blogspot.com/2023/11/ground-engaging-tools-market.html
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