The "Mining Equipment Market Report: Trends, Forecast and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.
Trends, opportunities and forecast in mining equipment market to 2023 by product (underground mining machinery, surface mining machinery, drills and breakers, crushing, pulverizing, and screening equipment, mineral processing machinery and parts and attachments), by application (coal, mineral and metal), by function (transportation, processing and excavation), and by region (North America, Europe, Asia Pacific, and the Rest of the World).
The future of the global mining equipment market looks good with opportunities in underground mining and surface mining. The global mining equipment market is expected to reach an estimated $88.7 billion by 2023 with a CAGR of 4% from 2018 to 2023. The major drivers for the growth of this market are growth in mining activity, increasing demand of metal and mineral commodities, and rapid urbanization.
Emerging trends which have a direct impact on the dynamics of the mining equipment industry are underground automation systems for efficient mining, automatic power crushers for crushing and compacting operations, multi-functional excavators for construction and demining functions, use of hybrid electric motors for cost-effective operations, and rail-veyor technology for bulk material hauling solutions.
On the basis of its comprehensive research, the researchers forecast that the mineral processing machinery will show above-average growth during the forecast period.
Within the global mining equipment market, the surface mining equipment segment is expected to remain the largest market over the forecast period due to rising demand of metal and minerals across the world.
By application type, the mining equipment market is segmented into coal, mineral, and metal. The metal segment is expected to show above-average growth during the forecast period due to increasing metal mining activities with large-scale urbanization in emerging economies like India and China.
APAC is expected to remain the largest market during the forecast period mainly due to increasing coal and metal exploration activities for power generation and rising metal consumption because of large-scale infrastructure development.
Some of the mining equipment companies profiled in this report include Caterpillar, Komatsu, Hitachi Construction Machinery, Atlas Copco, and Sandvik.