Global Mining Equipment Market Worth Around USD 285.5 Billion in 2026: Acumen Research and Consulting
The global mining equipment market size is expected to around USD 285.5 billion by 2026, the market is projected to grow with 12.2% CAGR during the forecast timeframe.
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 favourable government regulation to promote construction and mining drives the demand for efficient mining equipment.
Rising drilling and investigation activities across the world globe are anticipated to drive the market during the forthcoming years. Augmentedacceptance of automation technologies in the field has led to the increased use of connected andsmart solutions. This, in turn, has providingsubstantial opportunities to market participants for the retrofitting of current products.
The market has alsoobservedacceptance of data analytics to aidand to improve procedures and decrease operational lossesandcosts. Big data analytics is deployed in a majority of the stages involved in mining procedures to assistworker safety,smart collaboration, security, and smarter procurement of equipment. Since the operations involved are complex, data analytics has evolved as a technical and technologicalbenefit in classifying any equipment breakdown during the mining process and operation.
Augmentedneed for metals in the Latin American andAsia Pacific regions has boosted the acceptance of extraction equipment. Additionally, owing to adverse climatic effects of excavating activities, equipment producers are introducing energy-efficient equipment that has lower diesel consumption levels. Builders are installing combustion catalysts, for instance,FuelSpec, with an objective to lessen emissions and fuel consumption at the time of extraction process. This will also shoot to the growth of mining equipment market during forthcoming years.
The global mining equipment market is segmented into four major segment named equipment, application and region. On the basis of equipment the mining equipment market is segmented 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. On the basis of the application the global mining equipment market is segmented into metal, non-metal, and coal. On the basis of region the global mining equipment market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Asia Pacific captures the largest revenue share in 2018 and is anticipated to continue its dominance during the forecast period. Rising investments in progressive excavating tools for mineral exploration in India and Australia have optimistically impacted the regional mining market growth. Moreover, China is projected to witness substantialdevelopmentduring the forecast periodowing to China’s policy regarding encouraging foreign investments in the mining industry.
Furthermore, the nationwitnesses’ maximum need for equipment dominance in the Asia Pacific region. Local producers in the nation are quickly upgrading and increasing their product line to match both international and domestic need. Many local producer have established producer facilities in Brazil and U.S. enabling them to remain in the proximity of the miners.
The MEA andLatin America regions are anticipated to experience substantial growth during the forecast period due to favourable regulations for overseas investors, especially in Colombia and Chile. The regions mentioned above have a large potential for mineral exploration as compared to EuropeandNorth America. Also, low cost of mineral manufacture and increasing investments are increasing the need in these regions.
The key players catering to the global mining equipment market are Komatsu Ltd., Sandvik AB, Caterpillar, Inc., and Atlas Copco AB.These participant are investing huge capital to invent the product line as the competition in the market is growing with rapid pace. Likewise, with changing technology the need for better construction and mining equipment are growing, so cater the demand of the clients, companies are continuously inventing new products. These businesses are focusing at emerging zero-emission underground extracting tools with battery-powered machines. They also focus on improving product productivity and efficacy, along with dropping operational costs to support profit margins. Upgrading and retrofitting existing products to meet present exploration need is asignificant strategy accepted by most of the business.
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