The global mining equipment market size was US$ 125 billion in 2020 and is forecast to reach US$ 182 billion by 2030 by registering a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2021-2030.
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Mining equipment is employed to dig and carry large and bulky materials. Drill rigs, excavators, crawlers, crushing and processing equipment, graders, mixers, dumpers, finishing equipment, loaders, trucks, trenchers, and dozers all come under the umbrella of mining equipment.
COVID-19 Impact Analysis
As the virus continues to spread at a rapid pace, countries around the world are implementing measures including social distancing, contact tracing, surveillance, and testing to prevent further infection. Due to the abrupt impact on mining activities around the world, the global mining equipment market observed a significant decline during the pandemic period.
Factors Influencing
Profit margins of the global mining equipment market are expected to enhance during the forecast period. The new era of automation is expected to fuel the chances of growth in the coming years. Since 1990, the cost of industrial robotics has decreased by 50%. Moreover, mining activities such as excavating and hauling are now completely mechanized. Operators are already experiencing the benefits of automation due to increased productivity and safety.
The growing demand for electronic mining equipment is expected to generate promising opportunities for the market players during the forecast period. Mining equipment work on diesel engines that produce noise, heat, and pollutants. When employing diesel-powered mining equipment, it’s also crucial to keep the area well ventilated. The use of battery-operated or electronic mining equipment ensures cleaner working conditions and lower maintenance expenses.
The demand for metals and materials, and other resources is significantly rising in emerging nations. Thus, the market is forecast to witness huge potential growth during the analysis period.
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Regional Analysis
Asia-Pacific will dominate the global mining equipment industry due to abundant reserves and rising commodity prices. Moreover, this region offers a variety of opportunities for mining companies, including significant potential for bauxite, iron ore, and coal discovery. Meanwhile, North America will witness a potential growth rate due to advancements in automobile technology.
Competitors in the Market
- Caterpillar
- AB Volvo
- Komatsu Ltd.
- Sandvik AB
- Liebherr-International Deutschland GmbH
- Hitachi Construction Machinery Co. Ltd.
- Terex Corporation
- Mining Machines JSC
- Atlas Copco AB, SANY GROUP
- Doosan Corporation
- Equipment North Inc.
- RTM Equipment
- DAKOTA EQUIPMENT MANUFACTURING INC.
- ASTEC INDUSTRIES INC.
- Konecranes
- XCMG Group
- BEML Limited
- Hyundai Heavy Industries Co. Ltd.
- AARD Mining Equipment
- Other Prominent Players
Market Segmentation
By Type
- Mineral Processing Equipment
- Portable
- Stationary
- Surface Mining Equipment
- Articultated Dump Truck
- Crawler Dozer
- Crawler Excavator
- Others
- Underground Mining Equipment
- Hydraulic Excavators
- Mining Dozers
- Underground Haulers
- Others
- Mining Drills & Breakers
- Drills
- Breakers
- Crushing, Pulverizing & Screening Equipment
- Portable
- Stationary
- Others
By Application
- Metal Mining
- Mineral Mining
- Coal Mining
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By Solution
- Products
- Services
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
- The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
- During the forecast period, the report analyzes the growth rate, market size, and market valuation.
- The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
- The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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