As per the report published by Fior Markets, the global mining equipment market is expected to grow from USD 76.84 billion in 2017 to USD 143.41 billion by 2025 at a CAGR of 7.39% during the forecast period from 2018-2025. The development of high-performance equipment with increased automation, growth in mining operations, growing investments in mineral exploration tools, and demand for equipment has increased the growth of mining equipment market in Asia Pacific region.
Global Mining Equipment Market by Equipment Category, Electric Equipment Type (Mining Trucks, LHD), Industry, Autonomous Equipment Type (Surface Mining, Underground Mining), Region and Global Forecast 2018-2025.
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Prominent companies in the industry include AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, Sandvik AB, Liebherr Group, Atlas Copco, Terex, Sany, Hyundai Heavy Industries, Schulte Strathaus, Astec Industries, RTM Equipment, Konecranes, XCMG, JSC are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in 2018, Sandvik acquired Inrock, a North America based supplier of rock drilling tools and services. This acquisition added pilot hole bits, guidance systems, reamers, other services in Sandvik portfolio and will help in development of the HDD product for mining and infrastructure sectors.
Equipment category segment included drill & beaker, crushing, pulverizing, & screening equipment, mineral processing equipment, surface mining equipment, and underground mining equipment. The crushing, pulverizing, & screening equipment segment valued around USD 18.68 billion in 2017 due to their increased usage in mining. They are used in open and closed mining pits. Electric equipment segment covers mining trucks and (LHD). The LHD segment held highest market share of 54.14% over the forecast period due to the growing load, haul, & dump activities in Asia Pacific region. Industry segment is divided into coal, metal, and minerals. Metal segment is expected to hold the largest share of 39.43% during the forecast period. Here the contributing factors include Implementation of government schemes, growing local demand, and improving production capacity. Autonomous equipment type segment is segmented as surface mining and underground mining. The surface mining segment is further covers articulated dump truck, crawler dozer, crawler excavator, motor grader, and rigid dump truck. The underground mining segment is further divided into drills, electric shovels, hydraulic excavators, mining dozers, mining trucks, and wheeled loaders. Surface mining segment is anticipated to grow with highest CAGR 9.34% over the forecast period. Surface mining helps to improve the profitability of the business and are easy to use.
Replacement of the aging fleet, increasing mineral production, rising demand for metals and supplies around the globe are the key driving factors for the mining equipment market. In addition, upcoming emission regulations to boost advancements in engine and exhaust technologies will lead the growth of mining equipment market in couple of years. The increasing market for used equipment and local/unorganized players, environmental and human rights concerns, and stringent emission regulations on mining machinery may limit the growth of market. However, technological developments in mining equipment and adoption of extraction equipment is expected to boost the mining equipment market over the forecast period.
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