As per the report published by Fior Markets, the global mining equipment market is anticipated to grow from USD 76.84 billion in 2017 to USD 143.41 billion by 2025 at a CAGR of 7.39% during the forecast period from 2018-2025. Factors that are boosting the growth of mining equipment market in the Asia Pacific region includes the advancement of high-performance equipment with increased automation, growth in mining operations, growing investments in mineral exploration tools, and demand for equipment.
Global Mining Equipment Market by Equipment Category, Electric Equipment Type (Mining Trucks, LHD), Industry, Autonomous Equipment Type (Surface Mining, Underground Mining), Region and Global Forecast 2018-2025.
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Chief players in the industry include 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. Key companies are working to make advancements in production as well as venture capital investments to obtain market share. For instance, in 2018, Sandvik acquired a North America based Inrock who is a supplier of rock drilling tools and services. This acquisition added pilot hole bits, guidance systems, reamers, other services in Sandvik portfolio and will help in the development of the HDD product for mining and infrastructure sectors.
Equipment category segment is classified into drill & beaker, crushing, pulverizing, & screening equipment, mineral processing equipment, surface mining equipment, and underground mining equipment. In 2017, the crushing, pulverizing, & screening equipment segment registered around USD 18.68 billion on account of their increased usage in mining. They are used in open and closed mining pits Electric equipment segment includes mining trucks and (LHD). Based on the growing load, haul, & dump activities in the Asia Pacific region, the LHD segment accounted for the highest market share of 54.14% over the forecast period. Industry segment is divided into coal, metal, and minerals. Metal segment is anticipated to detain the largest share of 39.43% during the forecast period due to the implementation of government schemes, growing local demand, and improving production capacity. Autonomous equipment type segment covers surface mining and underground mining. Then, the surface mining segment includes articulated dump truck, crawler dozer, crawler excavator, motor grader, and rigid dump truck. The underground mining segment covers drills, electric shovels, hydraulic excavators, mining dozers, mining trucks, and wheeled loaders. Surface mining segment is expected to grow with the highest CAGR 9.34% over the forecast period. Surface mining helps to improve the profitability of the business and are easy to use.
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The key drivers of the mining equipment market include replacement of the aging fleet, increasing mineral production, rising demand for metals and supplies around the globe. According to evaluations, upcoming emission regulations to boost advancements in engine and exhaust technologies will lead to the growth of the mining equipment market in upcoming years. Further, increasing the market for used equipment and local/unorganized players, environmental and human rights concerns, and stringent emission regulations on mining machinery are expected to become growth limiting factors for the growth of the market. Moreover, technological developments in mining equipment and adoption of extraction equipment is expected to boost the mining equipment market over the forecast period.
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