Mining Equipment Market Size is Expected to Reach at USD 185 Billion by 2030, Registering a CAGR of 4.1%, Owing to Increasing Demand for Mined Materials
The Global Mining Equipment Market Size is predicted to reach USD 185 Billion by 2030 from USD 133 Billion in 2021, at a CAGR of 4.1% between 2022 and 2030, as per the Acumen Research and Consulting
The mining equipment market is constantly evolving as new technologies and trends emerge. This can include advancements in automation and robotics, as well as innovations in data analytics and IoT (Internet of Things) that allow more efficient and productive mining operations. Furthermore, rising demand for electric vehicles and other green technology may spur the development of new mining equipment built expressly for obtaining the metals and minerals utilized in these products. As a result, mining businesses are increasingly seeking ways to improve efficiency, production, and cost-cutting. As a result, the mining equipment market size is seeing growth in the adoption of new technology and novel solutions.
The mining equipment market is a market for the sales of different types of equipment and machinery used in the mining industry. This market includes underground mining equipment, surface mining equipment, and mineral processing equipment. Surface mining equipment comprises draglines, shovels, and hauls trucks, which are used to remove minerals and other products from open-pit mines. Underground mining equipment includes longwall systems, continuous miners, and roof bolters, which are used to recover minerals and other resources from underground mines. Mineral processing equipment comprises crushers, grinders, and separation equipment used in the processing of mined materials.
Mining Equipment Market Statistics
- Global mining equipment market value was worth USD 133 Billion in 2021, with a 4.1% CAGR from 2022 to 2030
- Asia-Pacific mining equipment market share occupied around 31.3% in 2021
- By application, the metal category capture over 48% of total market share in 2021
- Caterpillar is one of the world's largest manufacturers of mining equipment in 2021
- Advancements in technology, such as automation and IoT, propel the mining equipment market revenue
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Mining Equipment Market Trends
The increased demand for smart construction equipment promotes the need for better and smart mining equipment. The increased number of ongoing mining projects promotes the mining equipment market growth. Furthermore, favorable government regulations promoting development and mining stimulate demand for efficient mining equipment. Rising drilling and exploration activities around the world are projected to drive the market in the future years. Growing field acceptance of automation technology has resulted in increased utilization of linked and smart systems. This, in turn, has created a significant opportunity for market participants to retrofit existing goods.
The increased demand for metals in Latin America and Asia-Pacific has increased the adoption of mining equipment. Furthermore, due to the negative climatic effects of excavation activities, equipment manufacturers are creating energy-efficient equipment with lower fuel consumption levels. Builders are installing combustion catalysts, such as FuelSpec, with the goal of reducing emissions and fuel usage throughout the extraction process. This will also propel the mining equipment industry further in the coming years.
Mining Equipment Market Segmentation
Acumen Research and Consulting has segmented the global mining equipment market by product, and application.
- Based on the product, the market is categorized into drills & breakers, underground mining (load haul and dump (LHD) loaders, and low profile dump trucks (LPDT)), crushing, pulverizing, & screening, surface mining (excavators, electric shoves, dumpers, and others), and others. According to the mining equipment market forecast, the drills & breakers segment is estimated to grow significantly over the next several years.
- Based on the application, the industry is divided into metal, coal, and non-metal.
Mining Equipment Market Regional Overview
Geographically, the global mining equipment market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. According to a mining equipment industry analysis, Asia Pacific has the highest revenue share in 2021 and is expected to maintain this position during the projected period. Rising investments in advanced excavation tools for mineral exploration in India and Australia have had a positive impact on the growth of the regional mining sector. Furthermore, China is expected to see significant growth throughout the forecast period as a result of China's policy of encouraging foreign investment in the mining industry. Additionally, the nation has the greatest requirement for equipment domination in the Asia-Pacific region. Domestic companies in the country are rapidly improving and expanding their product offerings to meet both foreign and domestic demand. Many domestic manufacturers have developed production facilities in Brazil and the United States, allowing them to remain close to the miners.
The MEA and Latin America regions are predicted to increase significantly throughout the projected period due to favorable rules for foreign investment, particularly in Colombia and Chile. In comparison to Europe and North America, the aforementioned regions have a high potential for mineral discovery. Furthermore, the low cost of mineral production and rising investment are growing demands in these regions.
Mining Equipment Market Players
Some of the prominent mining equipment market companies are Caterpillar, Doosan, Atlas Copco, Hitachi Construction Machinery, Liebherr, Sany, Terex, Sandvik, Volvo Construction Equipment, and Komatsu. Due to the intense competition in the industry, these participants are pouring a significant amount of money into developing the product range. Similarly, as technology advances, the desire for better construction and mining equipment grows. To meet this demand, companies are always producing new goods. These companies are concentrating on new zero-emission subterranean extracting tools powered by batteries. They also prioritize product productivity and efficacy, as well as lowering operating costs to support profit margins. Most businesses recognize that upgrading and adapting existing items to satisfy current exploratory needs is a crucial strategy.
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