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A00036 | Pages: 264 | Charts: 76 | Tables: 121 |
The Global Mining Equipment Market size was valued at $122.3 billion in 2020, and is projected to reach $200.9 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032. Mining equipment are used for extraction of geological materials, such as copper, nickel, cobalt, gold, silver, lead, zinc, iron, diamond, platinum, and others, from the surface or under the earth.
These equipment or machines perform digging, drilling, and loading activities in the mining industry. Caterpillar, Komatsu, Liebherr-International AG, and Metso Corporation are some of the leading key players of the mining equipment industry.
In mining equipment industry, the major products includes mining drills and tools, earth movers, crushing equipment and machines, feeding & conveying equipment, and others. Metals and minerals are extracted from the ground with the help of computerized remote-control equipment, high-technology operations, and complex machinery. Mining activity may vary according to the type of metals and minerals to be extracted from the earth.
There are basically two types of mining processes, that is, surface mining and underground mining, each mining process involves different machineries as per applications. Apart from digging, there are other activities such as milling, smelting, refining, and others.
The mining equipment market size is increasing due to rise in mining activities for extraction of metals and minerals from the ground, to deal with growing demand for metals and mineral commodities. Furthermore, adoption of various technologies such as automation and IoT is reducing labor cost and operational time associated with mining activities, this in turn is expected to increase the demand for innovative mining equipment.
In addition, growing consumption of natural resources, such as coal, diamond, and uranium, and increasing need for mineral fertilizers to improve agricultural yield supplements are major factors expected to increase the demand for the global mining equipment market. However, stringent government regulations such as environmental concerns, safety standards, emission norms, and import regulations are expected to hinder the growth of the global market.
Increase in usage of coal for heating and electricity generation and rise in construction of roads and railway tracks through hilly areas are expected to fuel the demand for mining activities in emerging countries such as India, China, and others. Moreover, robotic machines and drilling technology minimize human intervention, thereby increasing workplace safety. These factors are also expected to propel the growth of the global mining equipment market. However, increase in prices of raw materials is anticipated to restrain the global mining equipment market growth.
Stationary mining equipment at a surface generally perform processing, hauling, and other service functions. Stationary equipment and structures such as conveyor systems, water reclamation systems, feeders, bins, and hoppers are common for most surface mining operations. Many companies operating in this market offer their solutions in the stationary equipment category. For instance, Austria-based SBM Mineral Processing GmbH deals in stationary mineral processing equipment and conveying plants for processing of natural stone.
Mining excavation on an open surface or operated from the surface is termed as surface mining. Nearly 60% of all the U.S. electricity is generated from coal and uranium. According to the National Mining Association, the U.S. needs nearly 40,000 pounds of newly mined material and approximately 3.4 tons of coal each year. Further, adoption of new technologies has increased the demand for mining equipment to help development of the mining and construction sector. Surge in population drives the infrastructure development related projects for end users, especially in developing countries such as Brazil, China, India, and the Middle East, which, in turn, leads to development of the mining equipment industry.
The applications of automation systems such as AHS in open-pit mines targets to provide cost reduction advantage to mining operations. Thus, is expected to drive growth of the mining equipment market in the field of surface mining.
Articulated dump truck is a type of heavy equipment used to transport heaps over rough terrain and sometimes on public roads. The dumping mechanism is usually hydraulically powered so as to avoid compression problems that can at times be faced, while using pneumatic systems. Engine of an articulated dump truck can either be diesel-powered or gasoline-powered and is normally a large internal combustion (IC) engine irrespective of the type of fuel used.
Prominent vendors such as Caterpillar, Komatsu, and Volvo CE deal in advanced articulated dump trucks to stimulate their market growth. For instance, articulated trucks by Caterpillar offers features such as automotive style comfort, simple operation, combined service points, and extended service intervals, thereby, letting users/miners to focus on work expending less time and capital on servicing.
Crawler dozers are continuous tracked earthmoving equipment attached with front-mounted blades to push or move huge amount of materials, which includes sand, soil, and stones. A riper is attached behind a crawler dozer to break and loosen solid material. In addition, they have engines in the range of 45 to 700 horsepower or above.
Komatsu and Caterpillar. For instance, Komatsu offers crawler dozers with operating weights ranging from 8 to 108 tons and merge a comfortable environment for operator with modern bulldozer technology, thereby providing exceptional performance throughout the entire working cycle.
Mining dozers are continuous tracked heavy equipment machinery used to push large volume of materials such as quarries, sand, and soil. Major players such as Sandvik and Caterpillar offer technologically-advanced products to the market. For instance, LZ101LE battery-powered dozer from Sandvik AB is designed for low-seam operations. These dozers enhance underground working atmosphere by eradicating coverage to hazardous emissions. In addition, the machine is ideal for tabular ore bodies, such as chrome and platinum mines. The dozer features a push capacity of up to 4 tons.
Surge in demand for noiseless rock. breakers in economies such as China, India, and Africa is expected to propel the market growth. For instance, Volvo Construction Equipment offers a low-noise hydraulic breaker, which handles breaking and trenching operations in mining and quarrying. This equipment controls vibration and noise generated by hydraulic breakers. In addition, it reduces noise made while striking by covering the whole breaker with a special damper. Moreover, technical advancements in breakers offer lucrative growth opportunities for the market growth.
For example, Sandvik offers hydraulic breakers. It has automatic feature function system that provides efficient and economical operation. All such factors are anticipated to lead to development of the market. The mining equipment market is segmented on the basis of equipment type, application, and region.
[TYPEGRAPH]
The mining equipment market share is analyzed as mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing, & screening equipment, and others. The surface mining equipment segment held the highest market share in 2020 of the global mining equipment market.
[SOLUTIONGRAPH]
It is segmented into products and services. The products segment accounted for the largest share in 2020, the services segment is projected to maintain its lead position during the forecast period.
[APPLICATIONGRAPH]
It is segmented into metal mining, mineral mining, and coal mining. The metal mining segment held the highest market share in 2020 and is estimated to maintain its leadership status throughout the forecast period.
[REGIONGRAPH]
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. LAMEA is anticipated to be the largest market for mining equipment during the forecast period. It is the most productive region as compared to others with diverse industry verticals significantly investing in mining equipment. Moreover, various domestic players are investing in the mining sector, which is anticipated to boost demand for mining equipment such as crushers, trucks, loaders, diggers, and others to complete operations with reduced labor cost and high precision of work within optimized time.
Key Market Segments
Key Market Players