The global mining equipment market is anticipated to grow at a CAGR of around 13.0% during the forecast period 2020 to 2027 and to reach around US$ 382.1 Bn by 2027.
Market Dynamics
Increasing exploration activities related to bauxite, iron ore, and coal in developing countries, rising construction and reconstruction activities in emerging economies is resulting in rising demand for low profile dump trucks (LPDT) and load haul and dump (LHD) loaders this is major factor expected to drive the growth of global market. In addition, favorable government policies, high expenditure and increasing digital mining innovation are among other factors expected to further support the growth of target market.
Major players are focused on business expansion through strategic merger and acquisition in order to increase the business presence and enhance the customer base this is another important factor expected to augment to growth of target market.
In addition, players focus on innovative product offerings is another factor expected to further support the growth of target market.
However, factors such as high capital investment and high cost associated to operation and maintenance of the equipments are expected to hamper the growth of global mining equipment market. In addition, availability of rental option is another factor expected to challenge the growth of target market.
Rapid technological advancements and innovative cost-effective product offerings by major players are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, increasing partnerships and agreements between regional and international players is another factor expected to revenue support the growth if target market.
Mining Equipment Market Segment Analysis, 2019
The global mining equipment market is segmented into equipments and application. The equipment segment is further bifurcated into underground mining, surface mining, electric shoves, crushing, pulverizing, & screening, drills & breakers, and others. Among application metal segment is expected to account for significant revenue share in the global market.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to high government spending on digital mine. In addition, presence of major players operating in the country and innovative product offerings is another important factor expected to further support the growth of regional market.
Asia Pacific is expected to witness faster growth in the near future owing to rising construction and reconstruction activities. In addition, high coal exploration activities in developing countries and players inclination towards emerging economies in order to track the untapped market is another important factor expected to further support the growth of target market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
Market |
Global Mining Equipment Market |
Analysis Period |
2016 – 2027 |
Base Year |
2019 |
Forecast Data |
2020 – 2027 |
Market Stratification |
Product, Application, and Geography |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
The market research study on “Mining Equipment Market (Product: Underground Mining, Surface Mining, Electric Shoves, Crushing, Pulverizing, & Screening, Drills & Breakers, and Others; Application: Metal, Non-metal, and Coal) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global mining equipment market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global mining equipment market segment by product, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global mining equipment market size and segment markets by product, application, and geography along with the information on companies operating in the market. The mining equipment market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Caterpillar, Volvo Construction Equipment, Komatsu, Doosan, Sandvik, Liebherr, Hitachi Construction Machinery, Terex, Atlas Copco, and Sany.
Market Segmentation
Market By Product
Underground Mining
Surface Mining
Crushing, Pulverizing, & Screening
Drills & Breakers
Others
Market By Application
Metal
Non-metal
Coal
Market By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The global mining equipment market in 2027 is expected to be above US$ 382.1 Bn.
The CAGR of the global mining equipment market from 2020-2027 is above 13.0%.
Some of the players considered in the report scope are Liebherr, Hitachi Construction Machinery, Terex, Atlas Copco, and Sany.
In the global market the Asia Pacific region is expected to grow faster.
In application segment the metal is growing at faster pace.
The report provides insights on global mining equipment market segment by product, application, and major geographic regions.
The mining equipment market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.