The global mine rescue vehicle market size is projected to reach USD$ 8.1 Billion in 2032 and exhibit growth at a CAGR of 4.9% in the forecast period from 2022 to 2032. It is anticipated to be valued at US$ 3.6 Billion in 2022. The ever-increasing mining activities across the globe are likely to augment the demand for mine rescue vehicles in the future years.
The global mining industry has gradually enhanced over the course of the years, having endured a lengthy period of sluggishness in the wake of the global financial crisis and economic recession. The growth of the mining industry depends partly on the GDP trend. Furthermore, growing demand for minerals, combined with stabilized prices of metal is expected to boost the mining industry in the coming years, which in turn will drive the mine rescue vehicles demand over the forecast period. Mine rescue vehicle enables the rescue crews to reach the most remote areas of the mine, without the limitations formerly dictated by the capability of breathing apparatus. Moreover, economic realities and technical progress of mining is driving the mines to larger depths and distances in order to explore valuable minerals such as gold, iron ore, potash among others. The increasing depths of the underground mining activities is creating new challenge for the rescue team in case of emergencies. As, to reach the most remote part of the mine on time in case of emergency and safely return safely after completing rescue operation if the most important part of the rescue mission. This can only be done by using the mine rescue vehicles and is one of the key factors responsible for positive outlook of mine rescue vehicles market during the forecast period.
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Global Mine Rescue Vehicle Market: Dynamics
The increasing mining activities across the globe in order to trap untapped minerals is anticipated to create significant demand for mine rescue vehicles market during the forecast period. As the starting of any new exploration activity will require the rescue vehicles in order to save the life of the workers during the time of emergency. Moreover, the manufactures are working on the development of the more efficient rescue vehicles which is capable to reach most remote sites safely and is having significant oxygen storage capability in the berating apparatus. Additionally, the cabins of the mine rescue vehicles are made airtight in order to protect the rescue team from harmful external gases.
Global Mine Rescue Vehicle Market: Segmentation
The global mine rescue vehicles market can be segmented on the basis of vehicles type, capacity, mine type and region.
On the basis of vehicle type, the global mine rescue vehicles market is segmented as:
Passenger Shuttle/ Car
Ambulance
Fire & Rescue Truck
On the basis of capacity, the global mine rescue vehicles market is segmented as:
Light & Medium Duty Mine Rescue Vehicles
Heavy Duty Mine Rescue Vehicles
On the basis of mine type, the global mine rescue vehicles market is segmented as:
Surface Mining
Underground Mining
Global Mine Rescue Vehicle Market: Regional Outlook
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Asia Pacific is among the prominent markets of mining Industry. Sales of mining rescue vehicles in China is expected to increase significantly over the forecast period due to the upsurge mineral production activities in the region. China is playing a significant role in the growth of the global mine rescue vehicles market. The presence of a huge numbers of mines in this country is the key reason for the growth in the country. Moreover, the market in Latin America, especially in countries such as Chile and Peru, is expected to return to its steady phase in the coming years, creating opportunities for mining companies and translating the positive effects of the same to mine rescue vehicles manufacturers. On the others hand, positive growth in the mining sector of the South African market is anticipated to create positive impact on the mine rescue vehicle market in these regions. Additionally, Russia is also anticipated to remain among key markets in the global mine rescue vehicles market. This can be attributed to increasing investments in the country for the explorations of untapped minerals which is further going to create significant demand for mine rescue vehicles in the country.
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