Global Ground Engaging Tools (GET) Market 2018-2022
About Ground Engaging Tools
Ground engaging tools (GETs) are high wear-resistant metal components that come in direct contact with the ground during construction and excavation activities. GET include bucket teeth, blades, and cutting edges that are mainly used in construction and mining machinery, such as loaders, excavators, dozers, and scrapers.
Technavio’s analysts forecast the global ground engaging tools market to grow at a CAGR of 24.95% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global ground engaging tools market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of ground engaging tools.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Ground Engaging Tools (GET) Market 2018-2022
Technavio recognizes the following companies as the key players in the global ground engaging tools market: Atlas Copco, Caterpillar, Hitachi Construction Machinery, Komatsu, and Sandvik
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Eco-efficient mining process. Developing new eco-friendly mining practices and integrating these practices to reduce the harmful environmental impacts by mining operations make mining activities eco-efficient. The main strategy to reduce the negative environmental impacts of mining involves the introduction of mining equipment that limits harmful emissions in the environment.”
According to the report, one of the major drivers for this market is Increase in number of smart cities. The number of smart cities is expected to rise exponentially by 2025. It is anticipated that a total of 67 new smart cities are expected to be built in the 2013-2025 period. The main reason for this growth is the increasing congestion of urban areas and major metropolitan cities. As of 2016, according to the World Bank, the overall world urban population stood at 54.30% of total global population.
Further, the report states that one of the major factors hindering the growth of this market is Uncertainty in mining industry. Many major mining corporations have reduced their investments in new mining projects and expansion of the existing ones due to the declining commodity prices. The prices of coal, aluminum, copper, and iron ore have witnessed a declining trend since 2011, thus revenue for mining companies have seen a negative trend since 2011.
Atlas Copco, Caterpillar, Hitachi Construction Machinery, Komatsu, and Sandvik
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