Asia Pacific Mining Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia Pacific mining equipment market is anticipated to register a CAGR of about 6%, during the forecast period (2020 - 2025).

Key Highlights

• The major driver for demand of mining equipment markets in Asia-Pacific is depleting surface mineral reserves in the region due to high demand of these minerals all around the world. After depletion of these minerals from the surface, deep mining activities are growing in the region which has increased the demand for mining equipment in the region.
• According to United Nations’ Environment program (UNEP), China is the world’s leader in consumption of minerals and metals, but at the same time China is also the world’s leading producer of over 20 metals and minerals
• Asia-Pacific is the largest coal mining market with almost 75% of it being done within the region. China, Australia and India are one of the global leaders in production of coal which is used for many essential activities like power generation and steel production. Hence these requires high mining activities in the region which drives the demand for mining equipment in the region.

Key Market Trends

Increase in number of Mineral Exploration Sites

The Governments and archeological departments in the region are initiating several projects for mineral exploration in the region. For instance, the Govt. of India in 2017 have notifies the state governments of Odisha and West Bengal to conduct exploration of mineral bearing areas and subsequently grant such areas for mining through auction. Total mineral exploration expenditure by govt. of Australia in the year 2018-19 was USD 2347.6 million and in 2017-18 was USD 2345 million. Owing to the new thermal power energy projects, the demand for coal mining in China has increased drastically. This increase in demand for minerals and government initiatives will enhance the demand for mining equipment in the region.

China and Australia are Expected to be the Leaders

Asia Pacific is expected to be the largest underground mining equipment market worldwide. With high spending by the governments for metal expedition, Australia and China which are home for many rare minerals are touted to be the major players for mining equipment in the Asia-Pacific region. Australia is expected to be a leader in global mining innovation as 60% of the mining software used globally is produced in this country. It is therefore expected to be the leading exporter of mining technology not only in Asia, but also globally. With continual government support for innovation and strong demand from the mining sector, the miners in the country will continue to be front-runners in the race to utilize cutting-edge mining technology, thus helping the overall market grow as well.

Competitive Landscape

The Asia-Pacific Mining Equipment Market is fragmented, with many players vying for marker share. Some of the prominent companies in the Asia-Pacific Mining Equipment Market are Caterpillar Inc., Hitachi Ltd., JCB, SANY Heavy Equipment+ and others. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies that may help for new technology. For instance, Caterpillar Introduces trolley assist system for electric drive mining trucks. This is a move towards government and activists’ stringent norms against increasing pollution due to mining activities.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support