Global mining equipment market is expected to reach USD 143.41 Billion by 2025, at a CAGR of 7.39% from 2018 to 2025. Replacement of the aging fleet, increasing mineral production, rising demand for metals and supplies around the globe, upcoming emission regulations to boost advancements in engine and exhaust technologies are the major trends for the demand of the market.
Mining equipment is used for extraction of geological materials from the surface or under the earth. This extraction can be for metals, coal, metal, or minerals. The mining equipment are used for plowing, drilling, and heaping activities. Mining deploys substantial capital investment and among the total, over 1/3rd is for mining equipment. The development of high-performance equipment along with the automation features has immensely decreased the extraction cost. Also, the new technological developments in the mining equipment will boost the market in the future. For instance, Volvo declared that it will be using 3D printing technology to offer spare parts to consumers with a fast and efficient way than before. This will enhance the customer service of the company throughout the life cycle of its equipment.
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- The base year for the study has been considered 2017, the historic year 2015 and 2016, the forecast period considered is from 2018 to 2025.
- The report provides the key data of Production (‘000 Units), Consumption (‘000 Units), Import & Export (‘000 Units), Demand, Supply, and Gap Analysis to understand the present and future scenario of the market.
- The study delivers a comprehensive analysis of the global mining equipment market by equipment category, electric equipment, industry, autonomous equipment type, and regions.
- The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2018 to 2025.
- Porter’s Five Forces model is used to recognize the competitive scenario in the global mining equipment market. This report incorporates the industry analysis which is focused on providing an extensive view of the mining equipment market.
- The study also includes attractiveness analysis of equipment category, electric equipment, industry, autonomous equipment type, and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the mining equipment market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Replacement of the aging fleet
- Increasing mineral production
- Rising demand for metals and supplies around the globe
- Upcoming emission regulations to boost advancements in engine and exhaust technologies
- Increasing market for used equipment and local/unorganized players
- Environmental and human rights concerns
- Stringent emission regulations on mining machinery
- Technological developments in mining equipment
- Adoption of extraction equipment
- Lack of standardization and high production cost
- The high cost of equipment
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacificvalued around USD 26.26 billion in 2017.Development of high-performance equipment with increased automation, growth in mining operations, growing investments in mineral exploration tools, and demand for equipment has increased the growth of mining equipment market in Asia Pacific region.
The major players ofmarketinclude AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, Sandvik AB, Liebherr Group, Atlas Copco, Terex, Sany, Hyundai Heavy Industries, Schulte Strathaus, Astec Industries, RTM Equipment, Konecranes, XCMG, JSC, and others.
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