Global Mining Equipment Market Expected to Grow at a CAGR of 8.27% During 2019-2024

The "Mining Equipment Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The Global Mining Equipment Market is anticipated to grow at a CAGR of 8.27% during the forecast period, 2019-2024.

The global mining industry has been witnessing steady growth since the past few years, owing to rise in mining exploration activities, initiation of new mining projects in countries, such as Canada, the United States, Australia, India, Russia, and South Africa.

Additionally, with the rise in consumption of base metals and precious metals in numerous applications, the mining activities of these metals have increased, especially in countries, such as Canada and Mexico. Furthermore, the mining industry in the Asia-Pacific region has also been continually growing in countries, such as Australia, China, and India, in turn, propelling the demand for mining equipment.

A transition has been observed from underground to the more economical, open-pit mining, which is expected to drive the demand for mining equipment during the forecast period. Furthermore, the development of high-performance equipment, with increased automation, has made extraction of ores without declining grades comparatively cheaper, in turn propelling the growth of the market.

Key Market Trends

Asia-Pacific to Lead the Mining Equipment Market

The Asia-Pacific region has been witnessing a rise in extraction and mining of metals and minerals, owing to rapid industrialization & technological advancements, urbanization, and rising energy demands. The mining industry in Asia-Pacific exhibits large-scale excavation because of the advances in the technology of mining equipment.

The market is witnessing technological advancements, like advanced mining equipment, automated conveyor systems, and more effective crushing machinery. Growing demand from the coal mining industry, owing to rising energy demand in the region, especially in South East Asian countries, China, and India, is propelling the demand for mining equipment in the region.

The demand for underground mining equipment in Asia-Pacific is majorly influenced by depleting surface mineral reserves and rise in a number of mining activities in countries, such as China, Australia, and India. According to the United Nations Environment Programme (UNEP), China is the world's biggest consumer of primary materials, including minerals and metal ores, owing to which the market for underground mining equipment is also growing in China.

Active Mineral Exploration Sites Across the Globe

Increase in the number of mineral exploration sites and the resulting demand for advanced processing machinery have contributed to the growth in mineral processing mining equipment. The equipment used in mineral mining consists of majorly surface crusher, mineral refining machines, and heavy earthmover equipment, like bulldozers, excavators, dumper trucks, etc.

During 2017-18, Canada alone had 22% of the active mineral exploration sites across the world followed by Australia with 20% and Africa with 12%.

The Canadian mining industry is one of the largest, producing more than 60 minerals and metals. Mining activities in the country have been increasing over the past three years. In 2017, the mining industry alone has contributed a value of USD 97 billion towards the country's GDP. A significant share of the world's largest mining companies, such as Barrick Gold, Goldcorp and Saskatchewan Inc., is headquartered in Canada. In addition to this, the mining industry accounted for 19% of the country's exports. Canada also ranks first in the production of Potash, second in Uranium and Niobium and third in production of Nickel, Gemstones, Indium, Aluminum, and Platinum group metals.

Competitive Landscape

The global mining equipment market is characterized by the presence of numerous international and regional players in the market, resulting in a highly competitive market environment. The top six players in the market account for more than 70% of the market share as of 2018.

Owing to the new projects of thermal power energy, the demand for coal mining in China has increased drastically. However, since many small players are already present in China, the inability of these players to purchase new equipment (owing to the lack of required capital) forces them to rent equipment for various projects and return it back to suppliers. This indicates a rise in the demand for rental markets for mining equipment. The trend is expected to extend to the African and Latin American countries, Indonesia, etc. Some rental companies are also collaborating to increase their product portfolio.

Some of the leading players in the market are Caterpillar, Liebherr-international, Atlas Copco Construction & Mining, Hitachi, Sandvik, Metso Corp, Outotec. The leading players also have many subsidiaries that operate specific to products and/or in different countries.

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