The "Mining Equipment Market by Category, Electric Equipment, Propulsion, Industry, Autonomous Equipment, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The mining equipment market is estimated to be USD 77.7 billion in 2018 and is projected to reach USD 112.3 billion by 2025, at a CAGR of 5.40%.
Increase in demand for metals and minerals, upcoming emission regulations, increase in development of electric and autonomous mining are the major reasons for the market growth.
CNG/LNG/Others is estimated to be the fastest growing mining equipment market, by prolusion
According to the California Resource Board, RNG from landfill-diverted food and green waste can provide a reduction of 125% in the greenhouse gas emissions and RNG from dairy manure can result in a reduction of 400% in greenhouse gas emissions on replacing traditional vehicle fuels.
The mining equipment market for the mineral industry is estimated to have the largest share during the forecast period
Metals considered in the study are iron, copper, and gold as they have the largest deposits. According to the National Bureau of Statistics, Australia, Brazil, China, and India account for the largest iron production. China, Peru, and the US accounted for the largest copper production, whereas China, Russia, and the US accounted for the largest gold production, as of 2017.
Asia Oceania is estimated to be the largest and fastest in the mining equipment market during the forecast period.
The mining equipment industry has witnessed substantial growth, particularly in emerging economies such as China and India. Asia Oceania is expected to witness an annual growth of 6-7%, whereas the overall global growth rate is expected to be 5-6% during the next 8 years. The region has witnessed growth in mining operations due to increasing demand for raw materials.