As per the report published by Fior Markets, the global mining equipment market is expected to grow from USD 76.84 billion in 2017 to USD 143.41 billion by 2025 at a CAGR of 7.39% during the forecast period from 2018-2025. The mining equipment market has been witnessing steady growth from the past few years. This is mainly due to increasing number of mining projects in countries, such as Canada, the United States, Russia, Australia, India, and South Africa. In addition to this, rising consumption of metals in the numerous application, further boosting the growth of market.
Mining equipment are used for extraction of geological materials from the surface or under the earth. This extraction can be for metals, coal, metal, or minerals. The mining equipment are used for the drilling, and heaping activities. Mining deploys substantial capital investment and among the total, over 1/3rd is for mining equipment. The development of high-performance equipment along with the automation features has immensely decreased the extraction cost. Also the new technological developments in the mining equipment will boost the market in the future.
Global mining equipment market is expected to witness rapid growth over the forecast period, owing to rising investment in the mining industry across the globe. In addition to this, the development of high-performance equipment with increased automation, growth in mining operations, and demand for equipment has increased the growth of mining equipment market. However, lack of standardization, high production cost, and high cost of equipment is anticipated to hinder the market growth over the forecast period. On the flip side, adoption of extraction equipment among the various region, likely to provide growth opportunities in the mining equipment market in the upcoming years.
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Key players operating in the global mining equipment market include are AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, Sandvik AB, Liebherr Group, Atlas Copco, Terex, Sany, Hyundai Heavy Industries, Schulte Strathaus, Astec Industries, RTM Equipment, Konecranes, XCMG, and JCB among others. To enhance their market position in the global mining equipment market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, joint venture, mergers & acquisitions, collaborations, and partnership. Major firms are increasingly investing on research and development activities and development of newer products.
- For instance, in October 2019, Caterpillar and NASA developing autonomous vehicles and emote-controlled mining equipment to be used by NASA to mine the moon and build a lunar base.
- In October 2017, Doosan Corporation announced the expansion of DoosanCONNECT, to increase efficiency in site management and mining equipment operation through real-time data monitoring to check engine and hydraulic system parts of Doosan machines and other construction equipment and to provide information, mapping and visuals on their location and availability.
- In August 2018, Hitachi Construction Machinery Co. announced the development of their EX-7 series, a new generation of mining excavators to target safety, productivity and connectivity, and will include six models ranging in size from 100-tonne to 800-tonne class.
The crushing, pulverizing, & screening equipment segment valued around USD 18.68 billion in 2017
Equipment category segment included drill & beaker, crushing, pulverizing, & screening equipment, mineral processing equipment, surface mining equipment, and underground mining equipment. The crushing, pulverizing, & screening equipment segment valued around USD 18.68 billion in 2017, due to their increased usage in mining. They are used in open and closed mining pits.
The load haul dump (LHD) segment held highest market share of 54.14% in 2017
Electric equipment segment covers mining trucks and load haul dump (LHD). The load haul dump (LHD) segment held highest market share of 54.14% in 2017, due to the growing load, haul, & dump activities in the various regions.
Metal segment is expected to hold the largest share of 39.43% in 2017
Industry segment is divided into coal, metal, and minerals. Metal segment is expected to hold the largest share of 39.43% in 2017. Here the contributing factors include Implementation of government schemes, growing local demand, and improving production capacity.
Surface mining segment is anticipated to grow with highest CAGR 9.34% over the forecast period
Autonomous equipment type segment is segmented as surface mining and underground mining. The surface mining segment is further covers articulated dump truck, crawler dozer, crawler excavator, motor grader, and rigid dump truck. The underground mining segment is further divided into drills, electric shovels, hydraulic excavators, mining dozers, mining trucks, and wheeled loaders. Surface mining segment is anticipated to grow with highest CAGR 9.34% over the forecast period. Surface mining helps to improve the profitability of the business and are easy to use.
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Regional Segment Analysis of the Mining Equipment Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region held the largest market share of approximately 34.17% in 2017. Development of high-performance equipment with increased automation, growth in mining operations, growing investments in mineral exploration tools, and demand for equipment has increased the growth of mining equipment market in Asia Pacific region. Europe holds the significant market share in the global mining equipment market, due to the favourable regulations for overseas investors, large potential for mineral exploration activities, increasing adoption of mining equipment, and growing investments are key drivers for the growth of the market.