The global mining equipment market is segmented into three major segments namely equipment, application and region. Equipment based segmentation of the mining equipment market can further be divided into underground mining, surface mining, crushing, pulverizing, & screening, drills & breakersand others. These underground mining are further bifurcated into Low Profile Dump Trucks (LPDT) and Load Haul and Dump (LHD) Loaders and the integrated connected devices is also further segmented into electric shovels, excavators, dumpers, and others. The global mining equipment market can be categorized by metal, non-metal, and coal on the basis of application based segmentation of the market. On the basis of region the global mining equipment market is differentiated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Rising drilling and investigation activities across the world globe are anticipated to drive the market during the forthcoming years. Augmented acceptance of automation technologies in the field has led to the increased use of connected and smart solutions. This, in turn, has providing substantial opportunities to market participants for the retrofitting of current products. The market has also observed acceptance of data analytics to aid and to improve procedures and decrease operational losses and costs.
In all an increase in demand for smart construction equipment drive the need for better and smart mining equipment. Also, surge in ongoing mining projects drive the need for market. Apart from above favorable government regulation to promote construction and mining drives the demand for efficient mining equipment. It is being projected that the global mining equipment market will grow at a CAGR of 12.2% in the forecast period, reaching an impressive mark of USD 285.5 billion by the end of the forecast period in the year 2026.
Here are some more points to help explain about the global mining equipment market: