Increasing mineral and metal exploration activities and rising need for energy- and cost-efficient underground mining equipment are key factors driving market growth
Mining Equipment Market Size – USD 11.90 Billion in 2020, Growth – at a CAGR of 10.3%, Trends – Increasing RD activities to develop safer and more efficient mining equipment
The global Mining Equipment Market size is expected to reach USD 26.07 Billion by 2028 and register a revenue CAGR of 10.3%, according to the latest report by Reports and Data. Rising demand for energy- and cost-efficient underground mining equipment and increasing exploration activities are key factors expected to drive market growth over the forecast period. In addition, increasing investment in mining industries to expand research and development and to produce more efficient and safer mining equipment to enable more productive mining operations is another key factor expected to drive revenue growth of the market over the forecast period.
Mining drills and breakers are extraction equipment utilized for surface mining operations and to drill below the earth’s surface, while breakers are used to break large stones and rocks during the process. Drilling in mines is primarily to create blastholes for tunneling or mining purposes, but secondary goals can be to place bolts or facilitate exploration activities. Rapid advancements in high-performance drill heads has enhanced feasibility of mining machinery and this is expected to drive market growth over the forecast period. Increasing incorporation of Artificial Intelligence and automated solutions is a key trend major mining companies are following, and this is expected to continue over the forecast period.
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Top Companies: Komatsu Ltd., Caterpillar, Inc., Sandvik AB, Atlas Copco AB, Geodrill Ltd., Epiroc AB, Metso Corporation, and Boart Longyear Ltd., among others.
Further Key Finding from the Report Suggestion:
- Rock breakers segment is expected to register significant revenue CAGR over the forecast period, attributable to increasing mining activities and rising popularity of breakers that augment safety and productivity of mining equipment and operations.
- Metal mining segment is expected to account largest revenue share in the global market over the forecast period owing to rising demand for metals such as gold, steel, and aluminum across various industry verticals such as automotive and building construction.
- Asia Pacific market revenue is expected to expand significantly over the forecast period owing to rapid expansion of building construction sector, increasing infrastructure development, rising economic growth, and increasing implementation of favorable policies that support exploration activities in the region.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Mining Equipment market is segmented into:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Rotary Drills
- Crawler Drills
- Rock Breakers
- Hydraulic Breakers
Application Outlook (Revenue, USD Billion; 2018-2028)
- Metal Mining
- Coal Mining
- Mineral Mining
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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