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2021
Mining Equipment Market

Mining Equipment Market by Type (Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment, Mining Drills & Breakers, Crushing & Screening Equipment, and Others), Application (Metal Mining, Mineral Mining, and Coal Mining), and Solution (Products, and Services): Global Opportunity Analysis and Industry Forecast, 2021–2030

A00036
Pages: 341
Sep 2021 | 45663 Views
Author(s) : Amol Phoke, Priyanka Khandelwal
Tables: 155
Charts: 103
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COVID-19

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The global mining equipment market size was $125,274.0 million in 2020, and is expected to reach $182,119 million by 2030, growing at a CAGR of 4.6% from 2021 to 2030. 

The COVID 19 outbreak has affected the growth of the global mining equipment industry owing to the lockdown measure in various countries globally and delay in manufacturing and production of mining equipment used in metal mining, coal mining, and mineral mining applications.

Mining is the process of extracting coal, metals, minerals, water, oil, and others from earth. By application, the market is segmented into metal mining, mineral mining, and coal mining. Various types of mining equipment included in the report are mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing, & screening equipment, and others. Excavators, haulers, articulated dump trucks, crawler dozers, and crawler excavators are some of the mining equipment used in mining applications.  

Mining-Equipment-Market--2021-2030

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An increase in mining related activities in various regions such as Asia-Pacific & Europe, and rise in demand for mining equipment for application such as metal mining, coal mining, and mineral mining, fuels the growth of the mining equipment market. A rise in urban population, which in turn, increases the demand for natural resources, and oil, which is expected to surge the demand for mining equipment, fueling the mining equipment market growth. For instance, by 2030, almost 590 million people are expected to shift to urban locations globally. In addition, more than 50% of all urban growth is anticipated to take place in emerging economies such as Asia and Africa, for the next 20 years. Rise in industrialization and urbanization globally is one of the key factors that propel the market growth. Over past few years, there has been a significant growth in population, leading to augmentation in consumption of minerals. Besides, rise in household incomes has also backed up the surge in demand for minerals, which positively contributes toward the growth of the market.

A limited availability of fossil fuels, and strict norms by government on reducing carbon emission, increases the need for cost efficient, and energy efficient renewable energy source such as solar energy, which fuels the growth of the market. An increase in urbanization and industrialization in emerging countries such as Germany, France, and the U.S. propels the growth of the mining equipment market globally. For instance, degree of urbanization in the U.S. increased by 0.4% from 2017 to 2019. 

Mining Equipment Market
By Type

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Mining Drills & Breakers segment is projected to grow at a highest CAGR

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Major players such as AB Volvo Group, Deere & Company and others are adopting collaboration, and product launch as key development strategy to improve the geographical presence of the mining equipment products. For instance, in March 2020, Hitachi collaborated with Deere at CONEXPO booth. In the booth, each brand showcased a range of excavators. Hitachi featured its ZX245USLC-6 and ZX345USLC-6, both wheel excavators. The partnership aims to improve the product portfolio of mining equipment products. They combined the strength of Hitachi’s hydraulic excavator technology to meet customer requirements.

However, fluctuation in raw material prices and strict government regulations and tariffs, are anticipated to hamper the growth of the global market. Furthermore, increase in demand for technologically advanced mining equipment is anticipated to provide lucrative opportunities for the growth of the global mining equipment market. 

Mining Equipment Market
By Application

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Metal Mining segment holds dominant position in 2020

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The mining equipment market is segmented on the basis of type, application, solution, and region. By type, the market is fragmented into mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing & screening equipment, and others. Underground mining equipment generated the highest revenue in 2020. By application, the market in divided into metal mining, mineral mining, and coal mining. Metal mining generated the highest revenue in 2020. By solution, the market is divided into products and services. Products segment dominated the market in 2020. 
Regionally, the mining equipment market analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific generated the highest revenue in 2020.

Competition Analysis

The key players profiled in the market report include AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Atlas Copco AB , Hitachi, Ltd., Komatsu Ltd, Liebherr-International AG, Metso Corporation, and Sandvik AB.

Mining Equipment Market
By Solution

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Products segment holds dominant position in 2020

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Major players are adopting business expansion and product launch as key developmental strategies to improve the product portfolio of the global mining equipment market. For instance, in September 2021, Liebherr-International AG launched a new R 9150 G7 excavators for mining application. It is 130 ton/ 143 ton excavators with the proven 565 KW/757 HP power. It is operated by diesel engine. It has a loading capacity of 50 tons to 100 tons trucks and offering high productivity, and high accuracy. 

In addition, major players adopting business expansion as key strategy for improve the product portfolio of mining equipment. For instance, in September 2018, Komatsu Ltd., opened a new manufacturing facility of Komatsu Mining Corporation in the U.S. The company invested around $300 million. The new manufacturing facility is built on an area of 2.5 million square feet. It is planning to manufacture products such as large machining, heavy fabrication, mining shovels, and drills. The facility is expected to complete by 2022.

Mining Equipment Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2020 and Europe is expected to grow at a significant rate during the forecast period.

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Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging global mining equipment market trends and dynamics.  
  • In-depth mining equipment market analysis is conducted by global market estimations for the key market segments between 2020 and 2030. 
  • Extensive analysis of the global mining equipment market share is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The global mining equipment market forecast analysis from 2021 to 2030 is included in the report.
  • The key market players within market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global. 

Key Market Segments

Segments Sub-segments
BY TYPE
  • Mineral processing equipment
    • Stationary
    • Portable
  • Surface mining equipment
    • Articulated Dump Truck
    • Crawler Dozers
    • .Crawler Excavator
    • Others
  • Underground mining equipment
    • Hydraulic Excavators
    • Mining Dozers
    • .Underground haulers
    • Others
  • .Mining drills & breakers
    • Drills
    • Breakers
  • Crushing, pulverizing, & screening equipment
    • .Stationary
    • Portable
  • Others

BY APPLICATION
  • Metal mining
  • Mineral Mining
  • Coal mining

BY SOLUTION
  • Products
  • Services

BY REGION
  • North America
    • U.S
    • Canada
    • Mexico
  • Europe
    • Germany
    • Russia
    • UK
    • France
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players

  • AB VOLVO (VOLVO CONSTRUCTION EQUIPMENT)
  • CATERPILLAR INC.
  • DEERE & COMPANY
  • DOOSAN CORPORATION
  • Atlas Copco AB (Epiroc AB)
  • HITACHI, LTD. (HITACHI CONSTRUCTION MACHINERY CO., LTD.)
  • KOMATSU LTD
  • LIEBHERR-INTERNATIONAL AG
  • METSO CORPORATION
  • SANDVIK AB
 

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This section provides opinions of top-level CXOs in the global mining equipment market. In accordance with the interviews conducted, the mining equipment market has witnessed a notable growth in past few years. Developing countries such as India, China, and Indonesia have witnessed increase in demand in the mining equipment market. The demand for precious metals such as gold, silver, copper, titanium, and bauxite is an important factor that boosts the growth of the global mining equipment market. Moreover, rise in demand for technologically advanced mining equipment, such as remote monitoring mining equipment, propels the market to expand in developed regions. Mining drills & breakers is the fastest growing segment, followed by crushing, pulverizing, & screening equipment.

Leading companies in the mining equipment market such as Caterpillar Inc.; Komatsu Ltd.; Joy Global Inc. Inc. Sandvik; and Hitachi Co. Ltd have witnessed a significant growth in past few years. Innovative products, such as remote-controlled mining equipment, launched by these players have increased their overall consumer base. Moreover, other players operating in the market such as AB Volvo, Doosan Group; Atlas Copco, and Liebherr Group are expected to strengthen their product line with higher technological products to cater to the increase in requirements of consumers. Players operating in the mining equipment market focus on development and launch of high-quality products, depending on needs and preferences of consumers to keep up with recent technological advancements. Moreover, innovative marketing and positioning strategies of players have helped to increase the overall market size.

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FREQUENTLY ASKED QUESTIONS?

A. The Global mining equipment market size was valued at $125,274.0 million in 2020.

A. Based on application, metal mining segment holds the maximum market share of the Global mining equipment market in 2020.

A. The Global mining equipment market is projected to reach $182,119.0 million by 2030.

A. The urbanization and growing investment in the road and infrastructure sector are the key trends in the Global mining equipment market.

A. The product launch is key growth strategy of Global mining equipment industry players.

A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. High fluctuation in raw material cost are the effecting factors for Global mining equipment market.

A. The application of mining equipment system includes metal mining, coal mining, and mineral mining.

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