Mining is the process of extracting coal, metals and other minerals from the earth’s crust. Mining sector holds a significant position in bolstering the world’s economy and generates tremendous employment opportunities as well as provides numerous resources to different industries. Coal, petroleum, water and natural gas are some of the major products extracted during mining process. In addition, materials such as diamond, uranium, rock, stone, chemicals and various other geologically deposited materials are extracted using the mining process. Different types of mining equipment are required for specific set of mining activities. The most general and basic mining equipment depends on the fact whether the work is carried below or above the ground including mining for metals, gold, crude oil, stones, coal or rock. From excavators to drilling machines and grinding and crushing instruments, the mining industry is equipped with all types of tools. Moreover, blasting tools are an important part of mining industry which are used to fracture and break materials, usually rocks, by using a specific amount of explosive material to sort out the desired product from the waste. Underground mining is done only when minerals or rocks which are to be extracted are traced at a relatively low distance under the earth’s crust. Underground mining requires specialized instruments such as loaders, trucks, diggers etc. and are used to extract the desired material. Drilling is generally deployed to put explosives in order to liberate the minerals waste material.
Some of the key factors boosting the demand for mining equipment include rising demand for mineral and metal commodities as well as rising consumption of natural resources including diamond, coal, uranium and others. In addition, increasing demand for mineral fertilizers to enhance the overall agricultural yield contributes to the growth of global mining equipment market. However, strict government regulations and increasing cost of raw materials on mining are some of the key factors expected to hamper the growth of global mining equipment market over the forecast period. Increasing demand for technologically advanced equipment for mining and extraction purposes coupled with increasing use of coal for electricity production as well as increasing construction activities including road construction and construction of railway tracks pose bright opportunities to the growth of mining equipment market. However, rising security and safety concerns due to presence and deployment of heavy equipment is anticipated to hamper the mining equipment market.
The mining equipment market is segmented by product, application, and geography. On the basis of application, the global mining equipment market is segmented into metal mining, mineral mining and coal mining. By product type, the global mining equipment market can be segmented into surface mining equipment, mining drills & breakers, mineral processing equipment, underground mining equipment, crushing, pulverizing, & screening equipment, and others. On the basis of geography, the global mining equipment market can be divided into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.
The players involved in the supply of mining equipment are focusing on key market strategies such as mergers and acquisitions along with improvement in old products and innovations and developments in new products. They are also concentrating on bringing up new products to meet the demands in the ever-competitive market. Some of the major players in the global mining equipment market include Hitachi Construction Machinery, Caterpillar Inc., Atlas Copco AB, Komatsu Limited and Sandvik AB among others.
Market by Product
· Surface mining equipment
· Mining drills & breakers
· Mineral processing equipment
· Underground mining equipment
· Crushing, pulverizing, & screening equipment
Market by Application
· Metal mining
· Mineral mining
· Coal mining
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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