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The SNS Insider report provides that the Mining Equipment Market value was USD 142 Billion in 2023 and projected to reach USD 212.5 Billion by 2031, Growing at a CAGR of 5.15% over the forecast period (2024-2031). This growth is primarily driven by the increasing demand for metals and minerals across various industries.
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Some of the Major Key Players:
- Epiroc
- Boart Long year Ltd
- Caterpillar Inc
- China Coal Energy Group Co. Ltd
- Vipeak Mining Machinery Co. Ltd
- Guangdong Leimeng Intelligent Equipment Group Co. Ltd
- Henan Baichy Machinery Equipment Co. Ltd
- Komatsu Ltd
- Liebherr
- Metso Qutotec
Growing Demand for Mining Equipment Across Industries
The Mining equipment market Having a wide range of equipment used for extracting geological materials Such as copper, nickel, and gold. These machines perform activities such as digging, drilling, and loading, facilitating efficient mining operations. The industry offers various products including mining drills and tools, earthmovers, crushing equipment, feeding & conveying equipment, and more. Modern mining utilizes computerized remote-control equipment and high-tech machinery for efficient extraction of resources. The type of mining equipment deployed depends on the specific metals and minerals being extracted and the mining process involved, which can be surface or underground.
The Increasing demand for metals and minerals for various applications such as construction, infrastructure development, and production of electronics and electric vehicles is driving the market growth. The adoption of automation and IoT technologies in mining equipment is reducing labour costs and operational times, further propelling the demand for innovative solutions. the growing consumption of natural resources such as coal and diamond, and the need for mineral fertilizers for agriculture are expected to contribute significantly to the market’s expansion. Stringent government regulations concerning environmental concerns, safety standards, emission norms, and import restrictions could potentially hinder market growth. The adoption of robotic machinery and advanced drilling technology minimizes human intervention, enhancing workplace safety. These factors are anticipated to propel the global mining equipment market forward. the rising prices of raw materials might restrain market growth to some extent.
Recent Developments in Mining Equipment
July 2023: Liebherr partnered with Leica Geosystems to offer a comprehensive range of machine control systems specifically designed for hydraulic excavators. These systems function as driver-assistance tools, enhancing efficiency, safety, and productivity in construction projects.
July 2023: Metso Corporation acquired Brouwer Engineering, an Australian company specializing in electrical and control systems. This collaboration aims to provide customers with a holistic range of solutions by combining their respective expertise in bulk material handling equipment.
June 2023: Epiroc introduced a mobile hydraulic powerpack designed to improve the efficiency of electric drill operations. This wagon-mounted powerpack enables off-grid operation for electric drills, eliminating the need for pre-existing electrical infrastructure.
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Segment Analysis
Equipment Type, The Surface mining equipment segment dominates the market, accounting for more than 35% of the global revenue in 2023. This dominance is attributed to the rising demand for iron ore, coal, diamonds, and chromium, particularly in emerging economies. Surface mining equipment facilitates exploration of high-quality resources and construction of embankments and stable surfaces, making it an essential part of various mining activities. Underground mining relies heavily on specialized equipment for efficient operations, particularly the mine transportation system. The robust build and high impact force of underground mining equipment make it crucial for subterranean operations, driving demand throughout the forecast period.
- Underground Mining Equipment
- Surface Mining Equipment
- Crushing, Pulverizing & Screening Equipment
- Drills & Breakers
- Others
Coal Mining Continues to Dominate Application Segment
The Coal Mining Application Segment holds the leading position, accounting for More than 34% of the global revenue in 2023. The mining equipment used in coal mining is expected to witness significant growth due to the increasing demand for coal in electricity generation. The scope of coal mining equipment has expanded considerably in recent years, with advancements in technology leading to increased excavation of coal. Growing Investments in new technologies highlight a focus on long-term value creation in large metal mining operations. This trend is expected to lead to the emergence of new and cost-effective extraction methods.
- Metal Mining
- Non-metal Mining
- Coal Mining
Impact of global Events
The Russia-Ukraine war has had a multifaceted impact on the mining equipment market, The war has caused a surge in energy prices, impacting the production costs of mining equipment. This, coupled with the supply chain disruptions, has resulted in significant price increases for mining equipment across the board. Example: A leading manufacturer of mining trucks in North America might face difficulty sourcing key components from its usual Russian supplier due to sanctions. This could force the company to find alternative suppliers at higher costs, potentially leading to delays in production and increased prices for its mining trucks.
A potential economic slowdown could also negatively impact the mining equipment market. Economic slowdowns result to decreased demand for various industries that Depend heavily on metals and minerals. This result to decline in mining activities and a reduced need for new mining equipment. Companies tend to tighten their budgets and delay capital expenditure projects. This results cancellations of investments in new mining projects, impacting the demand for mining equipment.
Key Regional Developments
Asia Pacific region dominates the market with a revenue share of more than 32% Share, due to the increasing focus on clean energy resources and the adoption of electric vehicles in countries Such as China and India. This will drive demand for mining equipment used in extracting materials for battery production and renewable energy infrastructure. The Growing use of coal for power generation and the construction of roads and railways in developing economies such as India and China are expected to significantly boost mining activities.
North America region is growing with the significant CAGR of 4.2%, because of Increasing mineral mining activity, increased adoption of advanced mining equipment, and government initiatives supporting the mining sector. Additionally, the shift towards cost-effective open-pit mining is anticipated to boost demand for relevant equipment.
Key Takeaways for the Mining Equipment Market Study
The mining equipment market is expected to reach USD 212.5 Billion by 2031, driven by the Increasing demand for metals and minerals.
Asia Pacific is expected to lead the market growth due to its focus on clean energy and electric vehicles.
Our Report Supports Customization According to Clients need.
According to our report, Technological advancements and a shift towards sustainable mining practices will influence future demand for mining equipment.
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