The global mining equipment market size was valued at approximately USD 71 billion in 2018 and is expected to generate revenue of around USD 100.30 billion by 2026, growing at a CAGR of around 5.3% between 2019 and 2026.
The growing trend of transitioning to digital mining is the major growth factor in the mining equipment market. Major mining sites are on the verge of adopting automated drones, vehicles; most of these devices use IoT (Internet of Technology) sensors to capture real-time data. For instance, Rio Tinto Group implemented 3D mapping at the West Angelas mining sites to improve mining exploration activities. However, high machinery cost and lack of skilled personnel might hamper this market’s growth in the upcoming years.
By product, the mining equipment market is segmented into mineral processing equipment, surface mining equipment, mining drills and breakers, underground mining equipment, crushing, pulverizing, and screening equipment, and others. The surface mining equipment segment is anticipated to hold a major share in the mining equipment market in the upcoming years, due to the high adoption rates of these machines, which is fuelled by the rising demand for extraction of various minerals, such as metallic ore, non-metallic ore, and coal. This equipment supports in cost optimization due to its ability to crush, cut, and load in a single process. Based on application, the mining equipment market is categorized into metal mining, coal mining, and mineral mining. The metal mining segment is estimated to dominate during the forecast time period, due to the increase in resource mining and exploration activities and rise in the demand for base metals, such as platinum, gold, and copper. Coal mining, followed by metal mining, contributed considerably to this market in 2017, due to the coal usage in generating electricity.
Based on geography, Asia Pacific is likely to emerge as the leader in the mining equipment market during the forecast time period, due to the increasing demand for minerals from emerging economies, such as India and China. Increasing infrastructural developments are anticipated to enhance coal’s demand in this region, as it is one of the most significant raw materials for manufacturing steel and cement. In addition, governmental efforts related to consolidating coal mining companies are projected to open new growth avenues for this market in the upcoming years.
North America is anticipated to show a considerable rate of growth during the forecast time period. The U.S. and Canada are estimated to contribute a major revenue share in this regional market. Increasing investments made by the government in the mining industry are expected to have positive implications on the revenue growth of the mining equipment market.
The Middle East and Africa, followed by North America and the Asia Pacific, is anticipated to show a sustainable rate of growth in the mining equipment market in the upcoming years. This growth rate can be attributed to the rising demand for mining equipment by the region’s petroleum industry. Additionally, untapped mining exploration areas also offer lucrative growth opportunities to the market players in this region.
Some of the major players operating in the global mining equipment market are Caterpillar Inc., CNH Industrial NV, Bradken Limited, Sandvik, Komatsu Ltd., Joy Global, AB Volvo, Astec Industries Incorporated, Hitachi Co. Ltd., Hyundai Heavy Industries Company Limited, Metso, Doosan Group, Wirtgen Group Holding GmbH, RCR Tomlinson Limited, Atlas Copco, Techint Group, Bell Equipment Limited, and Liebherr Group, among others.
Global Mining Equipment Market: Product Segment Analysis
Global Mining Equipment Market: Application Segment Analysis
Global Mining Equipment Market: Regional Segment Analysis