Global Mining Equipment Market Development By Major Eminent Players, Research Analysis, Growth and Forecast 2021 to 2028
According to the Vision Research Reports, The Mining Equipment market revenue share is set to grow at a yearly rate of 12.8% during 2021-2028, while its valuation is Projected to jump from £ 144.38 Bn in 2020 to £370.01 Bn in 2028. Growth Factors Growing trend of investment in renewable energy installations and deployment of innovative technologies are some of the key factors driving the market.
Countries including India, Australia, and China are playing a significant role by meeting the growing demand for metals and minerals in order to increase their market share in the global minerals trade. Get Sample Copy of This [email protected] https://www.visionresearchreports.com/report/sample/36601 Adoption of automated solutions & robotics to reduce human intervention at the excavation sites for workforce safety is expected to drive the market over the forecast period.
Furthermore, demand for base metals is expected to elevate due to growing trend of decarbonization and technological advancements, thereby fueling the market growth. Significant improvements in equipment efficiency, investments in the sector by Original Equipment Manufacturers (OEMs), coupled with the need for sustainable products, are expected to positively augment the market growth over the next few years. For instance, in May 2019, Rio Tinto entered into a partnership with Caterpillar, Inc., wherein Caterpillar supplied 20 autonomous 793F trucks, along with four autonomous blast drills, for the Koodaideri iron ore operation.
Report Highlights Surface mining equipment held the largest share of the overall revenue in 2019 and is expected to maintain its lead over the forecast period. Increasing demand for coal, iron ore, in emerging economies is expected to provide growth avenues for the surface mining equipment over the next few years.
Growing adoption of this equipment has led to selective mining operations by exploring high-quality materials and creating embankments and stable surfaces. increased demand for excavators in the construction and oil & gas industries is expected to significantly contribute to the growth of the surface mining equipment segment. This equipment has also witnessed increased demand due to the emergence of compact excavators. These excavators are a potential solution for carrying the excavating process in confines spaces.
Companies are further upgrading excavators and electric shoves to meet the current metal exploration demand. For instance, in September 2019, Komatsu Ltd. introduced a hydraulic excavator, PC2000-11, which is equipped with a machine monitoring system, called KomVision. This is used to load the haul trucks and can be used for loading coal, stripping overburden, and loading shot rock.
Underground mining equipment significantly contributed to revenue growth in 2019. Need to maximize the efficiency of decline truck haulage and maintain its competitiveness with shaft haulage has led to increased demand for underground high-capacity trucks. Furthermore, miners are unable to find economically viable deposits for open-pit mining.
This situation has given rise to the expansion of underground mining to extend the mine life, thereby driving the demand for underground mining equipment. The metal mining application segment dominated the global mining equipment market in 2019 owing to an increase in hauling of metal deposits and high demand for precious metals. Factors such as favorable government regulations, growth of the mining-related end-use industries, and fluctuation in commodity prices are expected to significantly affect the demand for mining equipment in the metal mining applications.
The non-metal mining application segment witnessed substantial growth in 2019. Need for non-metal mining has observed an upsurge due to increased demand for the extraction of rocks, stones, sand, and similar materials for the construction of roads, buildings, monuments, and landscaping. Increasing number of investment schemes in this sector by various governments is also boosting the growth of the non-metal mining segment.
For instance, in 2019, the Australian government raised new funding for its critical minerals and rare earth minerals sector. Asia Pacific accounted for the largest market share in 2019 and is expected to maintain its lead over the forecast period. India, followed by Australia, accounted for a significant share of the overall revenue due to constant investments and increasing infrastructure projects.
India offers a number of opportunities for the mining companies as there is significant scope for exploration of bauxite, iron ore, and coal. Furthermore, booming real estate sector in the country is expected to augment the demand for metal mining equipment, thereby contributing to regional growth. continuous government support for the development of mining and exploration has generated ample opportunities for manufacturers to provide enhanced equipment.
For instance, the Government of India has allowed 100% FDI in this sector for the exploration of metal and non-metal ores. Moreover, the Ministry of Steel aims to more than double the steel production capacity to 300 million tons by 2030-31. Latin America has gained popularity owing to a boost in mineral exploration activities, which is attributed to significant investments in this sector.
Chile and Peru are home to a large number of copper and gold mines, which contribute significantly to the global exploration of metals. Key Players
- Atlas Copco AB
- Caterpillar, Inc.
- Komatsu Ltd.
- Sandvik AB
- Equipment Outlook
- Underground Mining
- Low Profile Dump Trucks (LPDT)
- Load Haul and Dump (LHD) Loaders
- Surface Mining
- Electric Shoves
- Crushing, Pulverizing, & Screening
- Drills & Breakers
- Underground Mining
- Application Outlook
- Regional Outlook
- North America
- The U.S.
- The U.K.
- Asia Pacific
- South Korea
- New Zealand
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- North America
Key Coverage of the Report
- Key Trends (Drivers, Constraints, Opportunities, Threats, Challenges, and Recommendations)
- Strategic recommendations for major business segments based on accurate estimations
- Competitive landscape mapping key trends in the regions
- Company profiling with strategic initiatives, financial standing, and recent events
- The report evaluated key market features, including revenue, price, capacity utilization, gross margin, production and consumption, demand and supply, import/export, along with market share and CAGR. In addition, the study offers a comprehensive analysis of these factors, along with pertinent market segments and sub-segments.
- Detailed SWOT analysis.
- Opportunities and threats faces by the existing vendors in Global Mining Equipment Market
- Trending factors influencing the market in the geographical regions.
- Strategic initiatives focusing the leading vendors.
- PEST analysis of the market in the five major region.
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