The global mining equipment market was valued at $122,274.0 million in 2020, and is projected to reach $200,892.3 million by 2032, registering a CAGR of 4.1%.Mining equipment is used for extraction of coal, minerals, and metals from earth. Mining is an important sector of the world economy and the main products extracted during mining include petroleum, coal, natural gas, and water, in addition to various substances such as uranium, diamond, stone, rock, various chemicals, and geologically deposited substances. Mining equipment includes mining drills, earth movers, crushing equipment, dump trucks, wheel loaders, motor graders, and scrapers.
The major factors that boost demand for mining equipment include increase in demand for underground mining equipment and surge in consumption of natural resources in electronics industry. Moreover, rise in need for mineral fertilizers to improve agricultural yield is expected to drive growth of the global mining equipment market. However, strict government regulations and environmental regulations on mining activities are anticipated to restrain growth of the global market. However, rise in demand for technologically advanced mining equipment is expected to provide lucrative opportunities for growth of the global market during the forecast period.
The global mining equipment market is segmented on the basis of equipment type, application, and region. By type, it is categorized into mineral processing equipment (portable and stationary), surface mining equipment (articulated dump truck, crawler dozer, crawler excavator, and others), underground mining equipment (hydraulic excavators, mining dozers, underground haulers, and others), mining drills & breakers, crushing, pulverizing, & screening equipment (stationary, portable), and others. By application, it is segmented into metal mining, mineral mining, and coal mining. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the largest market for mining equipment during the forecast period. India, Australia, and China are expected to be the main revenue-generating countries in Asia-Pacific.
Prominent vendors such as Caterpillar, Komatsu, and Volvo CE deal in advanced mining trucks to stimulate their market growth. For instance, articulated trucks by Caterpillar offers features such as automotive style comfort, simple operation, combined service points, and extended service intervals, thereby, letting users/miners to focus on work expending less time and capital on servicing.
The major factors that boost demand for mining equipment include increase in demand for underground mining equipment and surge in consumption of natural resources in electronics industry. Moreover, rise in need for mineral fertilizers to improve agricultural yield is expected to drive growth of the global mining equipment market. However, strict government regulations and environmental regulations on mining activities are anticipated to restrain growth of the global market. However, rise in demand for technologically advanced mining equipment is expected to provide lucrative opportunities for growth of the global market during the forecast period.
The global mining equipment market is segmented on the basis of equipment type, application, and region. By type, it is categorized into mineral processing equipment (portable and stationary), surface mining equipment (articulated dump truck, crawler dozer, crawler excavator, and others), underground mining equipment (hydraulic excavators, mining dozers, underground haulers, and others), mining drills & breakers, crushing, pulverizing, & screening equipment (stationary, portable), and others. By application, it is segmented into metal mining, mineral mining, and coal mining. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the largest market for mining equipment during the forecast period. India, Australia, and China are expected to be the main revenue-generating countries in Asia-Pacific.
Competition Analysis
The companies profiled in the report are AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB.Prominent vendors such as Caterpillar, Komatsu, and Volvo CE deal in advanced mining trucks to stimulate their market growth. For instance, articulated trucks by Caterpillar offers features such as automotive style comfort, simple operation, combined service points, and extended service intervals, thereby, letting users/miners to focus on work expending less time and capital on servicing.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging global mining equipment market trends and dynamics.
- In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2019 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive mining equipment market opportunity analysis of all the countries is also provided in the report.
- The global mining equipment market forecast analysis from 2020 to 2027 is included in the report.
- The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.
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- Per Capita Consumption Trends
- Product Consumption Analysis
- Reimbursement Scenario
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Type
- Mineral processing equipment
- Surface mining equipment
- Underground mining equipment
- .Mining drills and breakers
- Crushing, pulverizing, and screening equipment
- Others
By APPLICATION
- Metal mining
- Mineral Mining
- Coal mining
By SOLUTION
- Products
- Services
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Metso Corporation
- Liebherr-International AG
- Doosan Corporation
- Deere & Company
- Hitachi, Ltd
- KOMATSU Ltd
- Sandvik AB
- AB Volvo
- Atlas Copco AB
- Caterpillar Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MINING EQUIPMENT MARKET, BY TYPE
CHAPTER 5: MINING EQUIPMENT MARKET, BY APPLICATION
CHAPTER 6: MINING EQUIPMENT MARKET, BY SOLUTION
CHAPTER 7: MINING EQUIPMENT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the mining equipment market was valued at $122.3 billion in 2020, and is estimated to reach $200.9 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032. Asia-Pacific registered the highest rate in the mining equipment market, and is expected to continue this trend during the forecast period, owing to expansion of coal and metal mining in the region.There is an increase in number of metal mining projects around the globe since last few years, which fuels demand for underground mining equipment. For instance, Waterberg Platinum Mine is a multi-million dollar project proposed in South Africa. The studies have suggested that the project would excavate metals such as palladium, platinum, gold, and rhodium. The mine construction is expected to begin in 2023. Similarly, there are several metal mining projects carried out in China. China produces about half of the required steel in the world. Companies such as Zijin Mining Group Co., Ltd., China Northern Rare Earth Group High-Tech Co., Ltd. and Jiangxi Copper Co., Ltd. are active in metal mining. These companies generate more than 20% of the total mining revenue in China.Moreover, the equipment is increasingly being used in oil & mineral extraction. Rise in underground mining activities and innovations, primarily for extraction of metals and oil drive factors the metal mining equipment market. For instance, Barrick Gold Corporation, one of the largest gold mining companies, developed Underground Short Interval Control System (UGSIC) to improve safety and productivity at its underground mining operations. This new technology helps to locate equipment and track work progress. All such factors are expected to boost growth of the market.
Rise in demand for metals such as steel, titanium, iron, copper, silver, and platinum fuels number of metal mining activities, globally. For instance, the global steel consumption in million tons grew by nearly 4% from 2020. Moreover, other metals such as iron, copper, lead, and zinc serve as important raw materials for various applications such as batteries, weights for lifting, electrical equipment, and pharmaceutical equipment. All aforementioned factors are anticipated to propel growth of the market.
Increase in demand for metals such as copper, nickel, and bauxite is expected to fuel growth of the mining industry, thereby accelerating the market growth in Asia-Pacific. Furthermore, increase in demand for minerals and precious metals such as gold, silver, diamond, and platinum leads to a higher penetration of mining equipment in Asia-Pacific. Moreover, rise in need for coal is a major factor that fuels the market growth in the region.
The mining industry in LAMEA is anticipated to grow in the coming years, owing to increase in demand for minerals, metals, and natural resources. This, in turn, boosts growth of the mining equipment market in the region. LAMEA is the third largest producer of important metals such as iron ore, copper, and gold. Africa and Latin America have abundant mineral resources, which are mined on an extensive scale. Large-scale mining activities attract mining companies to introduce new technologies for extraction of minerals at lower investment costs. According to the U.S. Geological Survey, Chile owns the largest reserves of lithium and copper, whereas, Peru has the largest reserves for silver, globally. All these factors majorly create future growth opportunities for the smart mining in the LAMEA region.
According to the Australia-Africa Minerals & Energy Group, more than 140 Australian companies invested around $31.20 billion in the mining sector of Africa. Further, many countries in the Middle East have introduced new mining laws that seek to encourage investment.
The Gulf Cooperation Council countries in the Middle East continue developing unified regulatory system in the mining sector. Morocco and Saudi Arabia have future opportunities in the mining and infrastructure sector, owing to large proportion of resources such as crude oil, natural gas, barite, copper, silver, and phosphate. Increase in coal mining, oil refineries, and other underground mining activities are the key factors that fuel growth of the mining equipment market in LAMEA.
The major players, such as AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB, focused on developing new products to strengthen their presence in the market. Moreover, these companies expand their business by acquiring small businesses to sustain intense competition. For instance, Epiroc acquired Mining Products (Proprietary) Limited, a South African manufacturer of rock reinforcement products for underground mining. Through this acquisition, Epiroc expanded its presence in South Africa.
The global mining equipment market is segmented on the basis of type, application, and region. By type, it is categorized into mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing, & screening equipment, and others. By application, it is segmented into metal mining, mineral mining, and coal mining. By Solution as products and services. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
The report provides an extensive analysis of the current and emerging global mining equipment market trends and dynamics.In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2020 and 2032.
Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive mining equipment market opportunity analysis of all the countries is also provided in the report.
The global mining equipment market forecast analysis from 2020 to 2032 is included in the report.
The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.
Companies Mentioned
- Metso Corporation
- Liebherr-International AG
- Doosan Corporation
- Deere & Company
- Hitachi, Ltd
- KOMATSU Ltd
- Sandvik AB
- AB Volvo
- Atlas Copco AB
- Caterpillar Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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