26-Mar-2020 | Facts and Factors
Findings from Facts and Factors report “Mining Equipment Market By Equipment (Surface Mining, Underground Mining, Crushing, Pulverizing & Screening, Drills & Breakers, and Others) and By Application (Metal, Non-Metal, and Coal): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global mining equipment market in 2019 was approximately USD 150.7 billion. The market is expected to grow at a CAGR of 11.7% and is anticipated to reach around USD 327.2 billion by 2026.
Mining equipment includes mining drills and instruments, earthmovers, crushing machinery and equipment, feeding & transportation equipment, among others. With the assistance of computerized remote control systems, high-tech operations, and complex machinery, metals and minerals are extracted from the earth. Mining operations can differ from earth depending on the type of metals and minerals to be extracted.
Browse the full “Mining Equipment Market By Equipment (Surface Mining, Underground Mining, Crushing, Pulverizing & Screening, Drills & Breakers, and Others) and By Application (Metal, Non-Metal, and Coal): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/mining-equipment-market-by-equipment-surface-mining-underground-976
Increased demand for metals has boosted the adoption of extraction equipment in the Asia Pacific and Latin American regions. In addition, due to the adverse climatic effects of excavating operations, manufacturers of equipment are developing energy-efficient equipment that has lower levels of diesel consumption. Manufacturers mount combustion catalysts, such as FuelSpec, with the goal of reducing emissions and fuel consumption during the process of extraction. This would also lead to the development of the demand for mining equipment in future years.
The segment of surface mining equipment accounted for a market share of over 41 percent in 2019 and is expected to continue to rise over the forecast period. Currently, nearly all metallic and non-metallic minerals along with a greater fraction of coal are extracted using surface mining methods which are expected to give the segment growth an impetus. Over the forecast period, metal mining is projected to emerge as the highest revenue-generating application category. Implementation of government schemes, local demand growth, and production capability enhancement are expected to fuel demand in metal exploration applications. The steps were taken by the Government of India to curb metal and mineral imports, and the implementation of a price floor on a few existing imports, are expected to examine regional demand for metal exploration. The changing exploration environment additionally contributes to the increased demand for mining equipment in the application for metal exploration. The coal mining market has a high potential for growth and is expected to gain momentum in the coming years.
The Asia Pacific accounted for the largest share of revenue in 2019 and is projected to remain dominant in the upcoming years. Growing investments in advanced mineral mining tools in Australia and India have had a positive impact on the development of the regional industry. In addition, China is expected to see substantial growth in the coming years due to China's policy of promoting foreign mining investment. In addition, the country is witnessing the maximum demand for mining equipment that dominates the Asia Pacific region. The country's local manufacturers are increasingly upgrading and extending their product range to match domestic and foreign demand. Many local producers have built production facilities in the U.S. and Brazil allowing them to stay close to the miners.
Some of the major key players of the mining equipment market are Boart Longyear Ltd., Hitachi Construction Machinery Co. Ltd., Komatsu Ltd., Metso Corporation, Volvo, Atlas Copco AB, Caterpillar Inc., J.C. Bamford Excavators Limited, LIEBHERR, Sandvik AB, and Others.
This report segments the mining equipment market as follows:
Global Mining Equipment Market: By Equipment Segmentation Analysis
- Surface Mining
- Underground Mining
- Crushing, Pulverizing & Screening
- Drills & Breakers
Global Mining Equipment Market: By Application Segmentation Analysis
Global Mining Equipment Market: Regional Segmentation Analysis
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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