Dublin, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The "Surface Mining Equipment Market Size, Share & Trends Analysis Report By Product (Loader, Excavators, Dumper, Motor Graders), by Application, By Region and Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global surface mining equipment market size is expected to reach USD 1,016.78 billion by 2030, registering a CAGR of 6.0% from 2023 to 2030
Surge in demand for metals and minerals owing to the growth of energy, manufacturing and construction industry is anticipated to drive the demand for surface mining equipment over the forecast period. Furthermore, the increasing adoption of technologies such as artificial intelligence, augmented reality, and big data analysis enabling target exploration, optimized safety of workers and increased production is driving the market growth. 
The ongoing urbanization and industrialization have fueled the global demand for natural resources such as oil and minerals. As a result, the global mining industry is flourishing which, in turn, is boosting the demand for mining equipment.
Companies operating in the mining equipment market are enhancing their production capacities to meet the rising global demand for various types of mining equipment, such as crushers, mining drills & breakers, screening equipment, surface mining tools, and mineral processing equipment.
Automation is gaining the utmost importance in extracting and exploring metals and minerals. Integration of automated technology in mining operations is expected to boost the demand for innovative mining equipment for firms to remain competitive. For instance, in January 2022, Boart Longyear announced the launch of LM Deep hole underground drilling rig. It can be controlled remotely with the DCiTM (Drill Control Interface) and comes with a rod handler for added safety.
Most surface mining equipment manufacturers are focusing on developing electric equipment to reduce their carbon footprint and emission levels. The manufacturers are resorting to strategies such as product launches, partnerships, and product enhancement to sustain in the highly competitive market.
For instance, in July 2023, Komatsu Ltd. revealed its plans to introduce PC210LCE-11 and 200LCE-11 versions of its class electric 20-ton excavators powered by Li-ion batteries in Japan and Europe.
Surface Mining Equipment Market Report Highlights
- Equipment manufacturers have prioritized enhancing the performance of current equipment over creating new technologies due to economic concerns. Over the forecast period, rising demand for iron ore, coal, diamonds, and chromium in emerging nations is anticipated to open new opportunities for surface mining equipment
- Metal mining is the extraction of metals from the earth's crust. The metal mining market is expected to grow as a significant application segment due to increased resource exploration and strong demand for precious metals such as silver, gold, copper, and iron. Metal mining is extracting and processing ores to refine them into valuable target metals
- Asia Pacific regional market is anticipated to register the highest growth rate over the forecast period. This growth can be attributed to constant investments and increasing infrastructure projects in the region
Company Profiles (Overview, Financial Performance, Component Overview, Strategic Initiatives)
- AB Volvo.
- Atlas Copco AB
- Boart Longyear Ltd
- Caterpillar Inc
- Hitachi Construction Machinery Co. Ltd.
- J.C. Bamford Excavators Limited
- Komatsu Ltd.
- Liebherr-International AG
- Metso Corporation
- Sandvik AB
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $633.15 Billion |
| Forecasted Market Value (USD) by 2030 | $1016.78 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Surface Mining Equipment Market Snapshot, 2022 & 2030
2.2. Product Segment Snapshot, 2022 & 2030
2.3. Application Segment Snapshot, 2022 & 2030
2.4. Competitive Landscape Snapshot, 2022 & 2030
Chapter 3. Surface Mining Equipment Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Surface Mining Equipment Market - Value Chain Analysis
3.3. Surface Mining Equipment Market - Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Market Opportunity Analysis
3.4. Industry Analysis Tools
3.4.1. Surface Mining Equipment Market - Porter's Analysis
3.4.2. Surface Mining Equipment Market - PESTEL Analysis
Chapter 4. Surface Mining Equipment Market Product Outlook
4.1. Surface Mining Equipment Market Share by Product, 2022 & 2030 (USD Million; Volume Units)
4.2. Loaders
4.2.1. Market Estimates and Forecast, 2018 - 2030 (USD Million; Volume Units)
4.3. Excavators
4.4. Crushing, Pulverizing & Screen Equipment
4.5. Drills & Breakers
4.6. Dumper
4.7. Shovels
4.8. Motor Graders
4.9. Others
Chapter 5. Surface Mining Equipment Market Application Outlook
5.1. Surface Mining Equipment Market Share by Application, 2022 & 2030 (USD Million; Volume Units)
5.2. Metal Mining
5.2.1. Market Estimates and Forecast, 2018 - 2030 (USD Million; Volume Units)
5.3. Non Metal Mining
5.4. Coal Mining
Chapter 6. Surface Mining Equipment Market: Regional Outlook
6.1. Surface Mining Equipment Market Share by Region, 2022 & 2030 (USD Million; Volume Units)
Chapter 7. Competitive Landscape
7.1. Company Categorization
7.2. Company Market Ranking/Share Analysis, 2022
7.3. Company Heat Map Analysis
7.4. Strategy Mapping
For more information about this report visit https://www.researchandmarkets.com/r/yhlyjg
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