Mining Equipment Market: Introduction
The global mining equipment market is expected to expand at a CAGR of 8.7% during the forecast period of 2021 and 2031. In 2020, the global mining equipment market was valued at US$ 138 Bn and is anticipated to reach US$ 345 Bn by 2031. Rise in the number of mining activities worldwide is estimated to drive the global mining equipment market. Furthermore, accelerating demand for mineral and metal commodities is likely to fuel the global mining equipment market. Other factors such as growing consumption of fertilizer minerals, elevated demand for technologically advanced solutions, and rising demand for commodities are anticipated to further fuel the global mining equipment market. On the contrary, factors such as increasing safety and environment concerns and differences in import duties and tariff restrictions are projected to suppress market growth.
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Surface Mining Equipment to Account for Major Share of Global Market
In terms of equipment type, the global mining equipment market has been segmented into mineral processing equipment, mining drills and breakers, pulverizers, crushers, screening equipment, surface mining equipment, underground mining machinery, and others. The surface mining equipment segment held substantial share of 37% of the overall mining equipment market. The mining drills and breakers segment is developing at a rapid pace across the globe. Led by the accelerating demand from developing nations, the mining equipment market is likely to demonstrate high growth rate in these nations, as mining drills and breakers are imperative equipment for most operations. The underground mining segment currently holds the second largest share of the global mining equipment market. In terms of end-use, the three main segments of the global mining equipment market are mineral mining, coal mining, and metal mining.
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Growth in Focus on Environment-friendly Equipment
New developing markets need equipment that are reliable. They also require machinery that is less harmful to the environment and more energy efficient. Companies that provide the hybrid technology (electric operation) and embrace sustainability practices are expected to emerge as significant players in supplying mining equipment.
Intense Competition Dots Landscape
Some of the players deeply entrenched in the mining equipment market are Caterpillar Inc., Liebherr Group, Atlas Copco, Komatsu Ltd, Hitachi Construction Machinery Co. Ltd, BelAZ, Sandvik AB, Deere & Company, Xuzhou Construction Machinery Group Co., Ltd., and AB Volvo.
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About Energy & Natural Resources Industry at Transparency Market Research
Experts at TMR analyze the multifold growth of the energy sector to support rapid industrialization and urbanization in the past decade in most parts of the world. Environment protection mandates and regulations to control the burden on natural resources that are in place in the energy & natural resources sector are a part of our reports. This, along with digitization that is leading to a swift transformation of the energy sector, is discussed at length in our reports.