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According to the latest market study on "Braking Resistor Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Resistor Element Type and End User," the market was valued at US$ 7,838.1 million in 2019 and is projected to reach US$ 11,141.9 million by 2027; it is expected to grow at a CAGR of 4.8% from 2020 to 2027.
Infrastructure-driven growth in countries, such as China, has resulted in high economic growth and increased the demand for commodities such as iron ore, coal, manganese, cobalt, and copper. The exploration activities for necessary minerals and metals are vital for the overall growth of the mining industry. For instance, gold mines in South Africa, Russia, Indonesia, the US, and other countries are expected to draw attention for more mining activities. Similarly, China and South Africa are the major countries known for a significant number of iron ore production sites. To continue with mining activities, appropriate equipment is necessary for greater productivity while ensuring a low risk of fatalities. The application of cranes, heavy mining machines, conveyors, and mining shaft elevators plays a vital role in handling the overall operation in the mines efficiently. Braking resistors are used to control the speed of these industrial machines for an efficient workflow, which creates a massive opportunity for the braking resistor manufacturers to develop advanced products and meet the emerging requirement by the customers. Therefore, the increasing application of these industrial machineries and growing mining sector are demanding the integration of braking resistors.