In terms of revenue, the Global Mining Equipment Market is expected to reach USD 272.9 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 10.8% from 2022 to 2028.
The major drivers of the mining equipment market are the increasing demand for mineral resources, the Adoption of advanced mining technologies, and the rising prices of raw materials. The growing appetite for mineral resources is expected to drive the growth of the mining equipment market because newer mines are being developed, and companies are looking to adopt more advanced mining technologies in order to maximize their profits. Furthermore, the adoption of advanced mining technologies helps miners extract minerals faster and with less environmental impact leading to a shift in the industry towards more automated processes, which in turn is benefitting the mining equipment market as well.
Additionally, the rising prices for raw materials, especially gold, copper, and iron ore, are benefitting the mining equipment industry as well. This is because companies need to invest in more efficient and powerful tools in order to extract these minerals profitably.
Key Highlights from Report:
· From among the Propulsion segmentation, the Diesel segment is expected to dominate the Mining Equipment Market with the highest market share during the forecast period. This surge is due to diesel's high torque at a lower speed. Also, diesel is the most commonly utilized fuel in Mining Equipment.
· By Application, the Mineral segment accounted for the highest CAGR during the forecast period. Various semi-precious gem deposits, Limestone, Barite, and other industrial mineral deposits are present across the Asian regions, and this region is attributable to fuel the mineral Mining Equipment Market.
· Geographically, Asia Pacific held the largest market share and will likely be the most lucrative market in the forecast period. This surge is because of the growth in industrialization and urbanization, the presence of many mines, and rapidly mounting construction activities in nations such as China, Japan, South Korea, and India, among others in this region.
The Global Mining Equipment Market growth can be attributable to significant factors such as the growing demand for metals & commodities and the rising usage of electric machinery in underground mining. In addition, there is a significant demand for mineral fertilizers in order to increase agricultural yield, and there is an increasing construction of roads and railway tracks in hilly areas in developing countries. Both of these factors are likely to drive demand and boost mining activities. Increases in the utilization of high-tech tools are driving market expansion because of their many advantages. Moreover, an increase in the consumption of natural resources in electronic manufacturing will likely fuel Mining Equipment.
Furthermore, the Mining Equipment Market garners broad increases from the ongoing digital mining innovations. Also, the high investment and government support for digital mine innovation will probably create profitable prospects for the Mining Equipment Market in the coming years. The development of new technologies is expected to fuel the expansion of the industry. Three-dimensional imaging, robotics, the Internet of Things, and plasma technology are just a few of the emerging innovations in this sector. High-temperature and high-pressure resistance is a must for this equipment. In addition, the high levels of radiation and chemical compounds to which the machines are subjected have a direct impact on the performance of the relevant component. More and more, industry participants are devoting their efforts to addressing these difficulties, and they are creating machinery tailored for the mining of particular metals and minerals.
Asia Pacific Mining Equipment Market is anticipated to witness remarkable market growth in the coming years. Factors supporting the Asia-Pacific Mining Equipment Market include the rapid growth in construction activities and manufacturing output, increasing infrastructure projects, and government efforts to enhance the mechanization of mines. Moreover, continuous government support for mining and exploration development will open new prospects for market manufacturers in the future. Also, this region bid lots of opportunities for the mining industries, as there is major scope for the exploration of coal, bauxite, and iron ore, which is expected to fuel the market development in Asia Pacific. In addition, China is the leader in growth in terms of consumption, mainly for these mineral commodities such as coal, aluminum, cement, copper, lead, iron & steel, crude petroleum, phosphate rock, natural gas, zinc, and tin, propelling the regional market's growth.
The Global Mining Equipment Market is Segmented as follows:
- Powertrain Type
- IC Engine Vehicle
- Electric Vehicle
- Crushing, Pulverizing, Screening Machinery
- Mineral Processing Backhoe Loader
- Surface Mining Machinery (Crawler Excavators, Crawler Dozers, Motor Graders, Rigid Dump Trucks, & Articulated Dump Trucks)
- Underground Mining Machinery (Electric Shovels, Hydraulic Excavators, Wheeled Loaders, Mining Dozers, Mining Trucks, & Drills)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Mining Equipment Market is:
Akzo Nobel N.V., Arkema Inc., Linde PLC, The Chemours Company, Shell PLC, Henkel AG & Co., CPMC Holdings Ltd., Ball Corporation, Toyo Seikan Co. Ltd., Guangdong Sihai Iron-Printing, Tin-Making Co. Ltd.
The Global Mining Equipment Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|