Artificial Intelligence is fastest growing segment fueling the growth of Cone Crusher Market11/27/2023 The global Cone Crusher Market is estimated to be valued at US$ 1811.13 Mn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Cone crushers are used in construction, mining, aggregates, waste management to reduce large sized rocks into smaller sizes by squeezing it between oscillating steel cones. It is suitable for crushing hard rocks and ores due to its stable structure and high crushing ratio. Market key trends: One of the key trends driving the growth of the market is the adoption of AI and IoT in cone crusher operations. The use of technologies like machine learning helps to monitor equipment performance and predict failures. IoT sensors helps to collect operational data from crushers which is analyzed to improve productivity. It allows remote monitoring of crushers and enhances efficiency of operations through predictive maintenance and optimization of crushing cycles. Segment Analysis The global cone crusher market is segmented based on product type, application, and region. Based on product type, the market is segmented into less than 300 mm, 300-600 mm, and more than 600 mm. The less than 300 mm segment currently dominates the market and is projected to continue its dominance over the forecast period. This is owing to the fact that these cone crushers are effective in processing smaller sized materials and are used extensively across various industries. Key Takeaways The global Cone Crusher Market Growth size is expected to witness high growth, exhibiting a CAGR of 6.4% over the forecast period from 2023 to 2030, due to increasing focus on infrastructure development projects across developing nations coupled with rising demand for crushed materials from construction industries. Asia Pacific currently dominates the regional segment and is expected to continue dominating over the forecast period. This is attributed to strong presence of mining and construction industries in countries like China and India. Key players operating in the cone crusher market are Tesab Engineering Ltd., Terex Corporation, ThyssenKrupp AG, Metso Corporation, FLSmidth & Co. AS, McCloskey Equipment, Keestrack NV, Westpro Machinery Inc., Puzzolana Machinery Fabricators LLP, Â Astec Industries Inc., and Sandvik AB. Regional Analysis Asia Pacific accounts for the largest share in the global cone crusher market currently. China and India are the major markets in the region on account of strong presence of mining industries and ongoing infrastructure development projects. Furthermore, rising populations and rapid urbanization are fueling demand for crushed materials from construction industries in these countries. North America is expected to exhibit significant growth over the forecast period supported by recovery in construction sector post COVID-19 pandemic. Key players Key players operating in the cone crusher market are Tesab Engineering Ltd., Terex Corporation, ThyssenKrupp AG, Metso Corporation, FLSmidth & Co. AS, McCloskey Equipment, Keestrack NV, Westpro Machinery Inc., Puzzolana Machinery Fabricators LLP, Â Astec Industries Inc., and Sandvik AB. These players are focusing on new product launches and mergers & acquisitions to strengthen their market presence. For instance, in 2022, Sandvik AB acquired Preferred Sands for enhancing its presence in industrial minerals processing sector. Read More, https://www.insightprobing.com/cone-crusher-market-trends-size-and-share-analysis/
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