According to TechSci Research report “Mining Equipment Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026”, the global mining equipment market is expected to grow at a CAGR of 8.50% in value terms in the next five years to reach USD4545.54 million by 2026. High demand for the extraction of coal, mineral and metals for use in end-user industries is elevating the demand for mining activities and driving the mining equipment market through 2026.
A majority of the mining industry’s output is utilized by the automotive industry, whether it is steel for frame & body, lithium for batteries, copper and aluminum for wires, etc. The rising demand for automobiles from consumer’s end is expected to aid the growth in consumption of the mining equipment. A key raw material in demand for the automobile industry is steel, as one car uses about 700 kg of steel. The US produced around 8.82 million vehicles in 2020, including passenger vehicles, commercial vehicles, three-wheelers, two-wheelers and quadricycles. Similarly, China produced around 20 million passenger cars and 5 million commercial vehicles in 2020. Such massive consumption is expected to increase the mechanization and productivity of mining industry, further boosting the sales of mining equipment.
The latest trend in the mining equipment market is the automation of mining machinery and equipment. The world is arriving at the age of automation and robotics, where industrial robots have been in function in the manufacturing sector for decades, and the mining industry is projected to be the next industry to witness a transformation to automation. Mining activities are usually repetitive, physical and do not require any out-of-the-box thinking. The introduction of automation in such activities will aid in overcoming the shortcomings in the mining activities by speeding up the mining process.
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Global mining equipment market can be segmented based on category, application, propulsion, power output, vehicle type, company and region. In terms of application, the market is segmented into metal, mineral, coal and others. In 2020, the global production of coal was recorded to be around 7,438 metric tons, according to the International Energy Agency (IEA). The major use of coal is primarily driven by electric power generation. Over the years, the electricity consumption across the world is increasing at a rampant rate. Increasing demand for coal is bolstering the demand for coal mining and driving the segmental growth through 2026.
In terms of propulsion, diesel segment dominated the market in 2020 and the trend is likely to continue through 2026. However, electric powered mining equipment is expected to grow at CAGR of 10.83% through 2026. Electrification in mining equipment has been gaining much momentum in recent years owing to its ability to provide economic and environmental efficiency. Besides, electrically driven mining equipment does not emit much tail-pipe pollutants and also generates about 87% lesser heat, thus providing the best solution for increasing the mining efficiency across the world.
Some of the major players operating in the global mining equipment market are:
- Caterpillar Inc.
- Komatsu Ltd.
- Liebherr International AG
- Hitachi Ltd.
- Deere & Company
- Xuzhou Construction Machinery Group Co., Ltd. (XCMG)
- Doosan Heavy Industries & Construction Co., Ltd.
- SANY Group
- Volvo Construction Equipment AB
- JC Bamford Excavators Ltd.
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“Asia-Pacific region holds the major share in the global mining equipment market with 37.21% market share in terms of volume, in 2020, led by China, as the country holds the largest share in the Asia-Pacific region with 41.10% volume share, in 2020. The Asia-Pacific region comprises countries with high natural resources and minerals, which makes the region lucrative for mining industry globally, thereby creating greater demand for mining equipment.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Mining Equipment Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Category (Crushing, Pulverizing, Screening, Mineral Processing, Surface & Underground), By Application (Metal, Mineral, Coal, Others), By Propulsion (Diesel, CNG/LNG, Electric), By Power Output (<500HP, 500HP-2000HP, >2000HP), By Vehicle Type (Articulated Dump Trucks, Crawler Dozers, Crawler Excavators, Motor Graders, Rigid Dump Trucks, Drills, Electric Shovels, Hydraulic Excavators, Mining Dozers, Mining Trucks, Wheeled Loaders, Others), By Region”, has evaluated the future growth potential of global mining equipment market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global mining equipment market.
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