According to the latest report by IMARC Group, titled “Mining Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global mining equipment market size reached US$
142.4 Billion in 2022. Mining equipment refers to machinery used to extract metals, minerals, and non-renewable resources from underneath the earth's surface. It includes trucks, dozers, drill rigs, motor graders, loaders, excavators, shovels, wheel tractor scrapers, and cranes as standard tools. Apart from extraction, mining equipment is also used for various operations, such as digging, drilling, blasting, sorting, excavating, transporting, loading, and grinding. It helps increase efficiency, improve productivity, enhance worker safety, and boost employee morale. In addition to this, it reduces operation costs, minimizes material wastage, saves time, and prevents mining site hazards, such as fires, rollovers, stalls, and electrocution.
Mining Equipment Market Trends:
The increasing construction and infrastructural development activities across the globe are primarily driving the market growth. Mining equipment is widely used for extracting copper, iron, aluminum, and limestone that find applications in the construction of houses, bridges, and buildings as cement, concretes, rods, pipes, frames, and panels. In addition to this, the widespread product utilization for unsheathing various fossil fuels, such as coal, petroleum, natural gas, and oil shale, due to increasing energy consumption is acting as another growth-inducing factor. Furthermore, the increasing demand for extracting nickel, cobalt, gold, silver, lithium, and aluminum, as they are used in manufacturing electric vehicles (EVs), batteries, smartphones, and other devices, is favoring the market growth. Apart from this, the introduction of autonomous mining equipment that uses robotics, advanced software, and internet connectivity to enable operations from a safe distance, thus, increasing safety, improving efficiency, and minimizing prolonged exposure to hazardous conditions, is positively influencing the market growth. Moreover, leading players are adopting battery-driven mining equipment with enhanced durability and eco-friendliness to reduce the turnover rate and minimize carbon dioxide (CO2) emissions. Such a shift has also led to the usage of fewer parts, resulting in reduced breakdowns, thus providing an impetus to the market growth. Other factors, including shifting consumer preference toward renewable energy sources, implementation of stringent policies by several governments to reduce carbon emissions, increasing investments in research and development (R&D) activities, and rising exploration of new resources, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 193.0 Billion by 2028, exhibiting a CAGR of
4.91% during 2023-2028.
- On the basis of the type, the market has been divided into excavators, loaders, dozers, motor graders, dump trucks, and others.
- Based on the equipment, the market has been classified into underground mining, surface mining, crushing, pulverizing and screening, drills and breakers, and others.
- On the basis of the application, the market has been divided into metal, mineral, and coal mining.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being AARD Mining Equipment, Astec Industries Inc., Atlas Copco AB, Boart Longyear Ltd., Caterpillar Inc, Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd), J.C. Bamford Excavators Limited, Komatsu Ltd., Liebherr-International AG, Metso Corporation, Sandvik AB and XCMG Group.
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