Mining equipment is basically used in mining area for different mining activities. The type of equipment varies according to the activities that are being carried out such as mining above or below ground or mining for gold, metals, coal or crude oil. Drilling machines, excavators, crushing and grinding equipment are some of the common type of mining equipments. For underground mining, equipments such as long wall machines, continuous miners, roof bolters, shuttle cars, rock dusters, scoops etc. are used. Furthermore, in case of surface mining, draglines, shovels, loaders, haul trucks, high wall miner, blast hole drills, dozers etc. are used.
Mining Equipment Market is valued at USD 116.78 Billion in 2018 and expected to reach USD 206.05 Billion by 2025 with CAGR of 8.45% over the forecast period.
Mining Equipment Market is segmented on basis of into type, application and region & country level. On the basis of type, the mining equipment market is classified into mineral processing equipment, surface mining equipment and underground mining equipment. On the basis of area of application, the market is classified into metal mining, mineral mining, and coal mining.
The regions covered in this Mining Equipment Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of mining equipment is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for global mining equipment market are AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB and others.
Increasing Demand of Advanced Mining Equipment is Driving the Global Mining Equipment Market.
The population growth rate, urbanization in China and other Asian countries, continued requirement of developed countries has generated high demand for minerals and metals which in turn propels the mining equipment market. Studies have demonstrated that when per capita income in a country reaches USD 5,000–10,000 per year, metal demand increases quickly in that particular region. The new mining equipment sare equipped with advanced technological sensors, cameras and automation systems that provides the operator to work more efficiently with improvement in production and less human resources, results in increasing investment in mining equipment by mining industry. Automation of physical mining jobs plays a vital role for easy day-to-day operations in mining industry.
Digital mining means compact labor power and increased automation across the value chain which fosters the mining equipment market growth. A new paper from the World Economic Forum and Accenture estimates that digitization could convey more than USD 425 Billion of value for the mining industry, customers, society and environment over the next 5 years to 2025. The mining industry is accepting innovative mining equipment like self-driving ore trucks and robotic mining drills and assistants, with the aim to make mining a man-less job. For example, the automated blast-hole drill system enables an operator using a single console at a location remote from the machinery to operate multiple drill rigs from multiple manufacturers. This trend in turn is helping the mining equipment market expansion. Adverse effect on environment and stringent government policies regarding mining activities may the hamper market growth.
Asia Pacific is Expected to Dominate the Global Mining Equipment Market
Asia pacific is dominating the global mining equipment market with highest market share of 63.51%. South and East Asia, led by new financial centers India and China, is leading the mining and metals segment globally by merger & acquisition as well as by investment activities with North American and European major players. North America is second dominating country in mining equipment market with the CAGR of 6.53% within the forecast period owing to the government supportive regulations and policies regarding mining safety, employment, environment, and equipment in this region. Europe is expected to witness a significant growth with a CAGR of 4.02%.
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