Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- Fortune Business Insights™ has published a report titled "Mining Equipment Market, 2021-2028". According to report, the global mining equipment market size was valued at USD 112.23 billion in 2020, and is projected to grow at a CAGR of 4.0% from USD 114.61 billion in 2021 to USD 151.25 billion in 2028. This growth is attributed to the increasing demand for mining equipment in various sectors such as energy, power, and infrastructure development. For instance, the demand for infrastructure development such as building railway tracks and roads has led to a rise in the usage of this equipment. Moreover, the increased use of coal for electricity production and heating has resulted in an upsurge in energy and power demands.
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Industry Development
Caterpillar Inc. procured listed possessions and employed workers from Marble Robot, Inc., which is a California-headquartered independent and robot technology solutions company.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 4.0% |
| 2028 Value Projection | USD 151.25 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 112.23 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application and By Region |
| Growth Drivers | Rising Usage of Electric Machinery in Underground Mining to Propel Market Growth |
| Trading of Obsolete Mining Equipment to Impact Market Growth |
Key Takeaways:
- Advent of New Technologies in Mining to Drive the Dump Trucks Growth of the Market
- Increasing Need for Electricity & Power to Boost Market Growth
- The report's scope comprises five major regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
- Leading Players Emphasize on Development of New Products Equipped With the Latest Technologies
- Instead of other batteries, density batteries with high energy are being used to maintain ongoing underground mining.
COVID-19 Impact
COVID-19 Pandemic: Supply Chain Break and Raw Material Unobtainability to Obstruct Market Growth
The COVID-19 pandemic has had a great influence on numerous industries and the mining equipment industry also had a principal collapse. The demand for these machines observed a substantial drop owing to the supply chain commotions.
Moreover, even mining equipment producers observed the absence of raw materials owing to the import-export and travel limitations resulting in terminations or delays in mining assignments.
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Drivers and Restraints
- Progressive Mining Technology to Spur Market Growth.
- The modern improvements in mining technology and a thrust toward sustainability are projected to produce substantial growth potentials during the mentioned period.
- These progressions assist to support contemporary, secure, and productive mining procedures.
- For example, it is projected that spatial data imaging, that permits three-dimensional (3D) modeling and creates noticeable and depth insight.
- It enables mining remodeling that would create enormous development latent.
- This is estimated to thrust the mining equipment market growth during the mentioned timeframe.
Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
List of Key Players Present in the Market
- Caterpillar
- Komatsu Ltd.
- CNH Industrial N.V
- AB Volvo
- Terex Corporation
- Sandvik AB
- John Deere & Company
- Liebherr-International AG
- Hitachi Ltd.
- Doosan Corporation
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Segmentation
By type, the market is segmented into excavators, loaders, dozers, motor graders, dump trucks, and others.
On the basis of application, the global market is segregated into coal mining, gas & oil extraction, metal ore mining & non-metal mining. Coal mining industry is estimated to have a considerable mining equipment market size owing to its demand from emerging countries.
Geographically, the global market is finally classified into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Regional Insights
Asia Pacific held the maximum mining equipment market shares during the forecast period. Additionally, governments of these regions are surging their backing for mining in order to augment electricity production while also procuring minerals and ores intended for export.
North America is likely to display reasonable growth owing to the primary implementation of these machines. Moreover, the mining sector is predicted to grow considerably and preserve the constancy of equipment requirements for mining.
Europe is unshakable and industrialized in sense of mining, thus it is anticipated to demonstrate the uninterrupted development.
The Middle East & Africa and South America are projected to display constant growth during the forecast period. This is accredited to the movements initiated by the government to decline the quantity of carbon footprint.
Competitive Landscape
Key Players Accentuate on Innovation of Products Fortified with Modern Technologies
Prominent manufacturers such as Caterpillar Inc., Liebherr-International AG, CNH Industrial N.V., AB Volvo, John Deere, as well as Sandvik AB have a powerful market share ranging from 58% - 64%. In order to be cost-efficient and get the most out productivity, these corporations are fixated on inaugurating plants and units in growing and emerging economies. Moreover, key players are focusing on offering products that are fortified with radical and ground-breaking technology.
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Major Table of Contents:
- Introduction
-
- Definition, By Segment
- Research Methodology/Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Mining Equipment Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Mining Equipment Market Share Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Mining Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- By Type (USD Bn)
- Excavators
- Loaders
- Dozers
- Motor Graders
- Dump Trucks
- Others (Mining Drills, etc.)
- By Application (USD Bn)
- Coal Mining
- Gas & Oil Extraction
- Metal Ore Mining
- Non-Metal Mining
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- By Type (USD Bn)
- Global Mining Equipment Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
Continued…
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FAQ’s
How big is the Mining Equipment Market?
The global Mining Equipment Market size was estimated at USD 112.23 billion in 2020 and is expected to reach USD 114.61 billion in 2021
What is the Mining Equipment Market growth?
The global Mining Equipment Market is expected to grow at a compound annual growth rate of 4.0% from 2021 to 2028 to reach USD 151.25 billion by 2028
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