According to the research report, the global mining equipment market size was valued at USD 94.78 billion in 2020 and is expected to reach USD 142.93 Billion By 2029, to grow at a CAGR of 6.3% during the forecast period.
Being employed in the mining industry can be a daunting task, especially when one is unsure about the details of the equipment. Systematic training is required, and comprehending machines when working in proximity is vital in all facets of the industry. Each kind of mining equipment is predisposed to its mining ventures. The most usual type of mining equipment differs based on the work being executed above or below the ground or mining for gold, crude oil, metals, or gold. Mined minerals emerge in almost all consumer products, from electronics to cars, to jewelry, and more. Minerals like coal and uranium are prominent energy sources responsible for 50% of the energy supply of the US.
The surface mining method is utilized for pulling out minerals close to the earth's surface. These methods include strip mining, open-pit mining, quarrying, and so on. Underground mining refers to mining minerals that surface mining techniques cannot extract. This mining includes Blast mining, room and pillar mining, and retreat mining. In strip mining, layers of surface materials are removed to reach the mineral. The layer above the mineral is known as overburden and usually consists of rock and soil. This technique is generally utilized to extract coal. Blast mining uses explosives to remove complex rock layers, detach rocks and expedite underground mining areas.
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- Market Size & Share Estimation and Forecast
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Top Market Players Are:
- AB Volvo
- Astec Industries Incorporated
- Atlas Copco AB
- Bell Equipment Limited
- Bradken Limited
- Caterpillar Inc.
- China Coal Energy Company Limited
- CNH Industrial NV
- Corum Group
- Deere & Company
- Doosan Corporation
- Epiroc AB
- Hitachi Co. Ltd.
- Hyundai Heavy Industries Company Limited
- Komatsu Ltd.
- Kopex SA
- Liebherr Group
- Metso Corporation
- RCR Tomlinson Limited
- Sandvik AB
- Techint Group
- Terex Corporation
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Mining equipment market: Growth leading factors
Technological progressions and inventions are anticipated to push the mining machinery industry's growth. Various technologies transforming the industry involve the Internet of Things, automation, plasma technology, and 3D imaging. These machines are advanced, using materials and technologies to combat high temperatures and pressure. The machines are liable to high radiation and chemical substances that can directly impact the functioning of the parts. The players in the market are concentrating on challenges and are advancing machines that can be utilized to extract particular metals or minerals.
The utilization of telematics in the mining industry has been demonstrated to be a transformer. IoT sensors offer feedback to the fleet manager, which ensures low downtime due to malfunctions and assists plan maintenance pursuits. With a growingly competitive habitat across all industries, companies are continuously chasing process optimization, which has expanded the demand for automation in the mining industry.
Due to the covid-19 pandemic, there has been a significant price drop, which was seen across crucial commodities, while in some illustrations, prices stayed passive. For instance, the demand for thermal and metallurgical coals has decreased, and the need for iron ore and coal has increased.
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Global Mining Equipment Market: Report Scope
|
Report Attribute |
Details |
|
Market Size 2020 Value |
USD 94.78 billion |
|
Market Outlook for 2028 |
USD 142.93 billion |
|
Expected CAGR Growth |
6.3% from 2021 - 2029 |
|
Base year |
2020 |
|
Forecast period |
2021 - 2029 |
|
Segments covered |
By Type, By Application, By Product, By Region |
|
Key Companies |
AB Volvo, Astec Industries Incorporated, Atlas Copco AB, Bell Equipment Limited, Bradken Limited, Caterpillar Inc., China Coal Energy Company Limited, CNH Industrial NV, Corum Group, Deere & Company, Doosan Corporation, Epiroc AB, Hitachi Co., Ltd., Hyundai Heavy Industries Company Limited, Komatsu Ltd., Kopex SA, Liebherr Group, Metso Corporation, RCR Tomlinson Limited, Sandvik AB, Techint Group, and Terex Corporation. |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Customization Options |
Customized purchase options are available to meet your research needs. |
Mining equipment market: Key segmentation
- Insight by type, product, application, and region
By type, surface mining is anticipated to hold the largest share of the overall revenue due to increased demand for iron ore, coal, diamonds, and chromium in appearing economies. BY product, the mining drilling and breakers are projected to gain substantial gains due to various technological inventions like sonic, optical micro cameras, IoT, and infrared. By application, the metal mining segment ruled the market due to the increased hauling of metal deposits and escalated demand for precious metals.
By region, Asia Pacific is deemed to have the most significant market share due to continual investments and growing infrastructure projects. India provides several opportunities for mining companies as there is substantial scope for examining bauxite, coal, and iron ore. Additionally, the flourishing real estate sector in the country is anticipated to expand the demand for metal mining equipment, thereby bringing about growth that is regional. Latin America is also emerging as a dominating region for the mining equipment market because of the improvement of mineral exploration activities, which accredited significant investments in this sector. Peru and Chile are the bedrock of the vast number of global exploration of metals. Further, beneficial mining directives for foreign investors are aiding in regional growth.
Browse the full “Mining Equipment Market Share, Size, Trends & Industry Analysis Report, By Type (Surface; Underground); By Product (Mining Drills & Breakers; Mineral Processing Machinery; Crushing, Pulverizing & Screening Equipment; Others); By Application; By Region; Segment Forecast, 2021 - 2029” Report at https://www.polarismarketresearch.com/industry-analysis/mining-equipment-market
Important Questions Being Answered by The Market Report
- What is the market growth and size?
- What is the aggregate market value of the global mining equipment market?
- Which market influences the most significant market share of the global mining equipment market?
- What are the main trends?
- What are the effective growth strategies?
- How is the company profile being chosen?
The market primarily depends on the type, product, application, and region
Mining equipment market: By type
- Surface
- Underground
Mining equipment market: By product
- Mining Drills & Breakers
- Mineral Processing Machinery
- Crushing, Pulverizing & Screening Equipment
- Others
Mining equipment market: By application
- Metal Mining
- Mineral Mining
- Coal Mining
- Others
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