Mining Equipment means all present and after-acquired equipment and machinery used or acquired for use in connection with mining properties, including mineral processing facility. Each type of mining equipment comes with its own set of mining activities. The most common types of mining equipment vary depending whether the work is being carried out above or below ground or mining for gold, metals, coal, or crude oil. From drilling machines to excavators, crushing, and grinding equipment – the mining industry comes complete with all right tools. Mining equipment include all drilling, loading, haulage, and ancillary equipment used in operations relating to a project.
COVID-19 scenario analysis :
COVID 19 Scenario
The COVID-19 has extremely affected the economy in the world in a negative way, hence the mining equipment parts and attachments market also got affected abruptly and experienced a slowdown in the generation of revenue. There were strict regulations by governments of various countries, which caused reduction in demand for mining equipment parts and attachments in the current scenario. Furthermore, industries are focusing on innovations during the lockdown situation, such that it could help gain attention of majority of the players during the forecast period.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The key factors affecting the industry include the growth in mining activity, which would help the industry propel in the coming years. The surge in demand for metal and mineral commodities and quick urbanization is anticipated to propel in the forecast period. The emerging trends which have a direct impact on the dynamics of the mining equipment industry are underground automation systems for efficient mining, automatic power crushers for crushing and compacting operations, multi-functional excavators for construction and demining functions, usage of hybrid electric motors for cost-effective operations, and rail-veyor technology for bulk material hauling solutions.
The global Mining Equipment Parts and Attachments market trends are as follows:
New Product launches to boost the mining equipment parts and attachments market
The major companies are focusing on the up gradation according to the need in the market in the coming years. For instance, in October 2018, Epiroc, a global productivity partnered for mining, infrastructure and natural resources industries, had launched Minetruck MT436B to boost underground haulage capacity and efficiency across mining and construction operations
The Minetruck MT436B comes with unique features including Jacobs engine brake, automatic engine over-speed protection, electric transmission shift control and converter lockups. The truck is designed to facilitate fast and efficient service. Its centralised lubrication technique improves the component life while the driver's cabin is ergonomically designed for easy access of the controls. The MT436B can upload up to 32.6 metric tonnes and can be equipped with a Teletram dump box to push material off horizontally.
Surge in mergers and acquisitions to boost adoption of mining equipment parts and attachments
The boom in the demand for the Mining Equipment Parts and Attachments had propelled the need for mergers and acquisitions, which would help the market to propel in the next few years. For instance, in 2011 Caterpillar Inc. and ERA Mining Machinery jointly announced a pre-conditional voluntary offer by Caterpillar, through a wholly owned subsidiary, for all of the issued shares of ERA.
ERA primarily designs, manufactures, sells and supports underground coal mining equipment in mainland China through its wholly owned subsidiary Zhengzhou Siwei Mechanical & Electrical Equipment Manufacturing Co., commonly known as Siwei. As part of Caterpillar's 2015 strategy, the company has identified the mining industry and improved support of its customers as one of its key imperatives.
Key benefits of the report:
- This study presents the analytical depiction of the global Mining Equipment Parts and Attachments industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Mining Equipment Parts and Attachments market share.
- The current market is quantitatively analyzed to highlight the global Mining Equipment Parts and Attachments market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global mining equipment parts and attachments market analysis based on competitive intensity and how the competition will take shape in coming years.
Mining Equipment Parts and Attachments Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Application |
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 By Function |
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 By Region |
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 Key Market Players | Timken Global, Caterpillar, Atlas Copco, Metso Corporation, FLSmidth & Co., Hitachi Construction Machinery, Komatsu, Terex Corporation, Sandvik |
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