The global Mining equipment and machinery market was valued at USD 95.0 Billion in 2019 and is projected to reach USD 140.3 Billion by 2027 expanding at a CAGR of 5.4% during the forecast period, 2020-2027. Mining equipment and machinery are used to extract geological materials such as copper, nickel, cobalt, gold, silver, lead, zinc, iron, diamond, and platinum, from the earth. The equipment and machines in the mining industry perform digging, drilling, and loading activities. Other activities include friction, smelting, refining, and others. Mining equipment and machinery include mining drills & tools, earthmovers, crushing machinery & equipment, and feeding & transportation equipment. Mining equipment and machinery have evolved with the aid of computerized remote-control equipment, high-tech operations, and complex machinery, which simplifies the extraction of metals and minerals from the ground process. Mining activity can vary depending on the type of metals and minerals to be extracted. Currently, two types of mining processes are majorly utilized, that is, surface mining and underground mining, with each mining process there are different mining equipment and machinery available.
Manufacturers of mining equipment and machinery provide better approaches and variety of features in the equipment to increase production and boost the performance of mining operations. Smart solutions provide features such as real-time control & monitoring, optimize production management, and enhance the approach to decision making. Product development has led players to integrate these advanced solutions into their products to increase productivity and reliability in the processes of mineral extraction. For example, Wipro Limited's smart extraction technologies includes advanced analytics, short interval monitoring, visibility of mobile assets, remote operation centers, automated job management, and a connectivity platform. Customers are able to optimize the return on investment (ROI) with the introduction of emerging technologies in their mining equipment. These factors are expected to facilitate market expansion.
The market is driven by factors such as growing consumption of natural resources, minerals such as copper, platinum, iron, gold, and silver are widely used minerals in several applications. Moreover, gold and silver are precious metals used for manufacturing products such as jewelry, Olympics medals, and currency. Furthermore, cobalt, bauxite, lithium, zinc, and potash are used for various applications. Increasing consumption and use of these minerals is expected to drive the growth of market. Rising demand for metals and commodities has led to rise the need for mining activities, this is expected to boost the demand for mining equipment and machineries during the forecast period. Conversely, Implementation of strict government regulations and tariffs, rising prices of raw materials, growing demand for used equipment and local/unorganized players, and environmental and human rights concerns are expected to restraint the market growth. Whereas, rising government initiatives for mining is expected to create lucrative opportunities in the market. Recent market trends include automation, digital mining, use of IoT and AI for smart and effective operation management in the mining industry are key trends in the market.
On the basis of product category, the global mining equipment and machinery market is divided into crushing, pulverizing, and screening equipment, drills & breakers, mineral processing equipment, surface mining equipment, and underground mining equipment. The surface mining equipment segment is expected to holds a major share of the market, due to the high demand for these equipment and machinery, for the extraction of minerals such as non-metallic ore, metallic ore, and coal. The underground mining equipment segment is estimated to expand at a CAGR of around 8.1 % during the forecast period. The demand for underground mining equipment is rising rapidly due to majority of miners shift from a vacuum method of mining to underground mining. The sector is moving toward limiting human involvement in underground mining owing to growing safety concerns; therefore, extractors use automated underground mining equipment during the forecast period.
Based on propulsion the global mining equipment and machinery market is classified into Diesel, Gasoline, CNG/ LNG/Others. The Diesel segment is expected to hold higher market share, as it is widely used in mining equipment and machinery due to its high density that makes diesel a preferred propulsion for this equipment. However, the CNG/LNG is considered as an alternative for the diesel and gasoline for mining equipment and machinery, as these are highly efficient and effective. The gasoline segment constitutes of small share of the market due to its low efficiency and high cost, which leads to low consumption of the gasoline.
In terms of application the market is segmented into coal, mineral, and metal. The metal segment accounts for a major share of the market due to the rising demand for precious metals such as diamond, silver, and gold and increasing hauling of metal deposits. Growing need for mineral mining due to rising demand for the extraction of stones, rocks, and other materials used for the construction of buildings and in the generation of low-cost, reliable electricity is expected to increase the demand of mining equipment and machinery. Factors such as favorable government legislation, growth of mining-related end-use industries, and volatility in commodity prices are expected to hamper the demand for mining equipment.
In terms of region the market has been fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for a major share of the market and is expected to retain its lead position during the forecast period. India, followed by Australia, accounted for a key share of the market, in terms of revenue due to relentless expenditure and rising infrastructure projects. The market in India offers a number of opportunities to market players, as there is significant scope for exploring bauxite, iron ore, and coal. Moreover, the country's booming real estate sector is expected to increase the demand for metal mining equipment and machinery, thus contributing to the regional growth in the market.
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Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report includes the distributors list in the final report.
According to this Growth Market Reports report, the market from Mining equipment and machinery is likely to register a CAGR of 5.4 % during forecast period 2020-2027, with an anticipated valuation of US$ 140 million by the end of the 2027.
In addition to market size (in US$ Billion), Company Market Share (in % for base year 2019), other data such as pricing analysis for year 2017 to 2027 (estimated pricing analysis) is provided, in final report.
Growing consumption of natural resources, rising demand for metals and commodities, adoption of innovative technologies, increasing demand for energy and electricity are the factors expected to drive the market growth during forecast period.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to witness decline of over 2.6% between 2019 and 2020 owing to the negative impact of COVID 19 pandemic on the Mining equipment and machinery market. The shutdown of production activities, restrictions on transportation activities, and temporary decline in demand for mining equipment and machinery are some of the prime reasons responsible for this market trend.
The base year considered for the global mining equipment and machinery market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017, and 2018 are the historic years and the forecast is provided from 2020 to 2027.
The mining industry is the key end-user driving the Mining equipment and machinery market growth.
Major manufactures include, Caterpillar Inc., Komatsu Ltd., Hitachi, Ltd., AB Volvo, Liebherr-International AG, and others.