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The global mining equipment market size reached US$ 134.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 184.19 Billion by 2027, exhibiting a growth rate (CAGR) of 5.25% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Mining equipment refers to various tools and machines used to extract industrial minerals, metals, oil, water, and coal that are buried deep inside the earth. It includes haulers, excavators, crawler dozers, articulated dump trucks, and crawler excavators. It assists in material handling, digging, pushing, and removing waste materials. Besides this, reliable and efficient equipment makes mining easier and safer, helps improve productivity, and promotes cost-effectiveness. As a result, it is extensively used to ensure the safety and productivity of workers.
At present, the increasing global population is resulting in the rising need for construction activities across the globe, which is driving the demand for the extraction of natural resources, such as copper, coal, iron, and aluminum. This, in turn, represents one of the key factors positively influencing the market. In addition, the growing demand for energy and power generation globally due to rapid urbanization and industrialization and a significant rise in infrastructure development activities is creating a positive market outlook. Apart from this, the rising focus of mining companies on using more advanced equipment and machinery to save time and cost and increase productivity is currently offering lucrative growth opportunities to mining equipment manufacturers. The leading manufacturers operating in the industry are also focusing on improvements and innovations in extraction technologies to minimize the cost of extraction and equipment maintenance, which is offering a favorable market outlook. Furthermore, shifting consumer preferences toward renewable energy sources is fueling the need for extracting various minerals. In addition, the increasing sales of mining machinery integrated with advanced technologies and telematics solutions are expected to drive the market in the coming years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global mining equipment market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, equipment and application.
Breakup by Type:
Breakup by Equipment:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, Equipment, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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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The global mining equipment market was valued at US$ 134.5 Billion in 2021.
We expect the global mining equipment market to exhibit a CAGR of 5.25% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous mining activities, thereby negatively impacting the global market for mining equipment.
The rising demand for advanced equipment and machinery among numerous organizations to save time and cost as well as increase productivity is primarily driving the global mining equipment market.
Based on the type, the global mining equipment market can be segmented into excavators, loaders, dozers, motor graders, dump trucks, and others. Currently, excavators account for the majority of the total market share.
Based on the equipment, the global mining equipment market has been divided into underground mining, surface mining, crushing, pulverizing and screening, drills and breakers, and others. Among these, surface mining currently exhibits a clear dominance in the market.
Based on the application, the global mining equipment market can be categorized into metal mining, mineral mining, and coal mining. Currently, metal mining holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global mining equipment market include 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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