BERLIN, Aug. 05, 2022 (GLOBE NEWSWIRE) — The Global Mining Equipment Market Size is valued at USD 133 billion in 2021 and is estimated to achieve a market size of USD 185 billion by 2030; growing at a CAGR of 4.1%.
An upsurge in the number of mining and construction activities in emerging nations is primarily driving the mining equipment market revenue. APEC member economies produce and consume roughly 70% of all mining output, including the majority of the world’s copper, bauxite, iron, silver, nickel, tin, and zinc. These resources are used in a variety of applications ranging from home construction to transportation and digital infrastructure, food production, and healthcare. The mining, mineral, and metal industries are critical to APEC, accounting for nearly 75 percent of all international mining trade and investment. According to the India Brand Equity Fund (IBEF), the number of mines in India in 2021 was 1,229, with 684 reporting mines for non-metallic minerals and 545 reporting mines for metallic minerals. As a result, the presence of a huge number of mines ultimately increases the demand for mining equipment. Additionally, increasing adoption of technologically advanced equipment in mining activities is one of the mining equipment market trends that are bolstering industry growth.
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|Market||Mining Equipment Market|
|Market Size 2021||USD 133 Billion|
|Market Forecast 2030||USD 185 Billion|
|CAGR During 2022 – 2030||4.1%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Atlas Copco, Caterpillar, Doosan, Hitachi Construction Machinery, Komatsu, Liebherr, Sandvik, Sany, Terex, and Volvo Construction Equipment.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
COVID-19 Impact on the Global Mining Equipment Market Value
The COVID-19 pandemic has already had an impact on many industries, including mining. Because of the wide spread of the coronavirus, governments imposed strict lockdowns and halted manufacturing and mining operations. Because only a few miners were permitted to work in the mines, only a few pieces of equipment were required. As a result, the mining equipment industry suffered greatly. On the other hand, many industry players shifted their focus to mining automation, in which all mining activities were carried out with a minimum of personnel. This aided mining equipment manufacturers in maintaining sales during the pandemic.
Mining Equipment Market Dynamics
The growing number of construction activities around the world has boosted mining equipment sales. Another factor boosting the mining equipment industry is the increased demand for underground mining equipment. The increasing adoption of technologically advanced equipment due to its benefits such as cost savings, time savings, and efficiency is also fueling the market growth. Then again, rising natural resource consumption in the electronic industry will accelerate the industry’s growth in the future.
However, high machinery and operation costs may stifle market growth. Furthermore, strict government regulations and tariffs are expected to shrink the market in the coming years. Furthermore, rising investment in digitalization and innovation is expected to generate significant growth opportunities for the market between 2022 and 2030. Another important factor driving market growth in the future is the rapid adoption of mining automation.
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Increasing implementation of mining automation will fuel the mining equipment market share
Mining automation is the removal of human labor from the mining process. The mining industry is becoming increasingly automated. The major element driving the advancement of the global mining automation market is enhancing profitability in the mining process through automation. The use of advanced mining equipment in mining operations is expected to save money and time while increasing market demand. Automation and digitalization are commonly thought to be the most important trends in the mining automation industry, to increase productivity and address mining industry issues.
Mining Equipment Market Segmentation
The global market is divided into three segments: product, application, and region.
Based on products, the market is categorized into crushing, pulverizing, & screening, drills & breakers, surface mining (dumpers, electric shoves, excavators, and others), underground Mining (low profile dump trucks (LPDT), and load haul and dump (LHD) loaders), and others. According to our mining equipment industry analysis, surface mining equipment is expected to grow significantly between 2022 and 2030. Underground mining; on the other hand, is expected to grow at a rapid pace during the forecast period of 2022 to 2030.
The application segment includes metal, non-metal, and others. Metal mining held a significant market share in 2021, whereas non-metal mining is expected to grow significantly during the forecasted years.
Mining Equipment Market Regional Outlook
The global mining equipment market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. Among all regions, Asia-Pacific captured the largest market share in 2021 and is expected to grow rapidly between 2022 and 2030. Factors supporting the Asia-Pacific mining equipment market include the presence of a large number of mines, increasing industrialization and urbanization, and rapidly growing construction activities in countries such as China, India, Japan, and South Korea, among others.
However, due to an increase in mineral exploration activities in the region, the Latin American region is expected to grow significantly in the coming years. Because of the presence of prominent players in the region, the rapid adoption of technologically advanced mining equipment, and rising public and private sector investments, North America and Europe are among the most important regions in the world.
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Mining Equipment Market Players
Some prominent mining equipment companies covered in the industry are Atlas Copco, Caterpillar, Doosan, Hitachi Construction Machinery, Komatsu, Liebherr, Sandvik, Sany, Terex, and Volvo Construction Equipment.
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