Allied Market Research
Loading...
0

Mining Equipment Market Expected to Reach $182.1 Billion by 2030

 

Report Code : A00036

quote The global mining equipment market has witnessed significant growth over the past decade, owing to increase in demand for underground mining equipment, surge in consumption of natural resources, and rise in need for mineral. However, strict norms of government, and inadequate industry infrastructure, are anticipated to limit the growth of the mining equipment. Furthermore, rise in demand for technologically advanced mining equipment is anticipated to fuel the growth of the global market. quote

Priyanka Khandelwal
Lead Analyst, Construction and Manufacturing at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, Mining Equipment Market by Type, Application, and Solution: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global mining equipment market size was $125.2 billion in 2020, and is expected to reach $182.1 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030. In 2020, Asia-Pacific dominated the global market, in terms of revenue, accounting for about 58.9% share of the global market, followed by North America.

Mining equipment is used to dig and move heavy and bulky loads in mining industries. These include drill rigs, crawlers, crushing & processing equipment, dumpers, excavators, finishing equipment, graders, mixers, trucks, trenchers, loaders, and dozers. These are majorly used in surface and underground mining operations. Moreover, these are also used for lifting and shifting operations in the construction sector.

The key factor that drives the mining equipment market growth includes rise in mining activities to meet the demand for metal and minerals. Moreover, as compared to other regions across the world, the economy of Europe has drastically declined over the past couple of years, which has affected the mining industry.

The surface mining equipment segment accounted for the highest share of about one third of global mining equipment in 2020, and is expected to grow at a CAGR of 4.5% during the forecast period. In terms of application, the metal mining sector is expected to contribute for the highest mining equipment market share in the coming years. Moreover, increase in emphasis on the mineral mining sector is expected to provide wide growth opportunities to small players in developing economies.

Asia-Pacific serves as 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. Furthermore, the surface mining equipment market is expected to experience rapid growth in emerging economies during the forecast period, owing to deployments in construction and mining industries.

In 2020, Asia-Pacific registered the highest rate in the mining equipment, and is expected to continue this trend during the forecast period, owing to expansion of coal and metal mining in the region. For instance, in April 2017, Atlas Copco invested $13.4 million for expansion of its factory in Hyderabad, India, doubling its capacity. The plant manufactures drilling consumables for surface mining applications.

The major players, such as AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB, focused on developing new products to strengthen their presence in the market. Moreover, these companies expand their business by acquiring small businesses to sustain intense competition. For instance, Epiroc acquired Mining Products (Proprietary) Limited, a South African manufacturer of rock reinforcement products for underground mining. Through this acquisition, Epiroc expanded its presence in South Africa.

Several manufacturers in the global mining equipment industry stopped their business activities due to lockdown implemented in developed and developing countries, owing to ban on construction activities. This halt in production activities impacted the revenue of the mining equipment manufacturing companies. For instance, net sales of Sandvuk AB dropped by 5.2% from January 2020 to December 2020. In addition, lack of man power and raw materials affected the supply chain of the global market. However, the market is projected to cover from the 1st quarter of 2021, due to the reduced restrictions and reopening of the global mining equipment industry. Moreover, in 2021 with the availability of vaccine against COVID-19, the global mining equipment is expected to gradually witness growth.

Key Findings Of The Study

  • The report provides an extensive analysis of the current and emerging global mining equipment market trends and dynamics. 
  • By type, underground mining equipment segment dominated the market, in terms of revenue in 2020.
  • By application, the metal mining segment registered highest growth in the global market in 2020.
  • By construction, the products segment is projected to register the highest growth rate in the coming years.
  • The report provides an extensive analysis of the trends and emerging opportunities of the market. 
  • In depth, the global mining equipment market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote 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 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,694 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Mining Equipment Market"
Purchase Enquiry