According to the global mining equipment market research report by Technavio, the market will register a CAGR of more than 7% during the period 2018-2022.
One of the key drivers for the global mining equipment market is the increased demand for minerals used in clean energy. The use of electric vehicles helps in reducing air pollution. The number of electric vehicles produced globally is anticipated to reach 41 million by 2040. Clean energy products such as electric vehicles require batteries that are manufactured from metals and minerals such as aluminum, cobalt, iron, lead, lithium, manganese, nickel, platinum, palladium, silver, and gold. This will subsequently drive the need for mining equipment, driving market growth.
This global mining equipment market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising adoption of automation and AI in mining as one of the key trends in the global mining equipment market.
Global mining equipment market: Rising adoption of automation and AI in mining
Mining equipment such as draglines, excavators, and transport trucks are used to move mined ore from mines to processing units. These machines should operate with limited downtime to ensure seamless operations and to reduce the operating expenditure. For instance, the downtime of a single truck is $700 per hour for mining companies. The use of automation and AI improves the operational efficiency of mining companies.
"Many mining companies have been adopting advanced technologies such as AI. For instance, Rio Tinto employs driverless trucks offered by Komatsu. The trucks use precise global positioning systems and maneuver obstacles using radar and laser sensors. Around 15% of the expenditure was reduced when compared with human-operated trucks due to the use of driverless trucks," says a senior analyst at Technavio for research on construction.
Global mining equipment market: Segmentation analysis
This mining equipment market analysis report segments the market by product (surface mining equipment, underground mining equipment, crushing, pulverizing, and screening equipment, mining drills and breakers, mineral processing machinery, and others), application (coal mining, metal mining, and mineral mining), and geography (the Americas, APAC, and EMEA).
The surface mining equipment segment held the largest mining equipment market share in 2017, accounting for nearly 37% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2017 with more than 58% of the market share, followed by the Americas and EMEA respectively. The APAC region is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario