Global mining equipment market include growing demand for metal and mineral commodities, growing consumption of petroleum, gold, and diamond, and elevated demand from agriculture sector for making fertilizers. However, high maintenance costs and strict government regulations would limit the growth of the market. Additionally, rising construction of roads and railways and surge in demand for coal in generating electricity could provide market opportunities in the forecast period.
Global Mining Equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $167.7 Billion by 2024 from $98 Billion in 2016, growing at a CAGR of 6.9% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 7.6% and 6.9%, respectively, during the forecast period.
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Some of the major drivers of global mining equipment market are growing consumption of petroleum, gold, and diamond, increasing demand for metal & mineral commodities, and elevated demand from agriculture sector for making fertilizers. However, high maintenance costs and strict government regulations would limit the growth of the market.
Additionally, rising construction of roads and railways and surge in demand for coal in generating electricity would provide market opportunities in the forecast period.
Global mining equipment market has been bifurcated into type, application, and geography. Type segment comprises mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, pulverizing, & screening equipment, crushing, and other types.
Surface mining equipment accounted for the largest market share in 2016, and expected to remain the highest over the forecast period 2016 - 2024. Application segment includes mineral mining, metal mining, and coal mining.
Metal mining dominated the segment with highest market share, driven by huge demand for precious metals such as gold, silver, aluminium and platinum.
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North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the regions covered in the report. Asia-Pacific accounted for the majority of the market share in 2016, driven by presence of large volume of untapped resources, improving technologies and legislatives, and rising investments on several mining projects.
Increasing demand for coal in countries such as India and China is also supplementing market growth in the region. RoW held the second largest market share with 13.5% in 2016.
Major key players in the market are Metso, Komatsu Ltd., Sandvik, Caterpillar Inc., Joy Global, Atlas Copco, AB Volvo, Hitachi Co. Ltd., Liebherr Group, and Doosan Group, among others.
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Scope of Mining Equipment Market
- Mineral Processing Equipment
- Surface Mining Equipment
- Underground Mining Equipment
- Mining Drills & Breakers
- Crushing, Pulverizing, & Screening Equipment
- Metal Mining
- Mineral Mining
- Coal Mining
- North America
- Western Europe
- Eastern Europe
- South America
- Middle East & Africa
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