Pune, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Mining Equipment Industry Analysis:
“According to SNS Insider Research, The Mining Equipment Market size was valued at USD 142 billion in 2023. It is expected to reach USD 223.14 billion by 2032 and grow at a CAGR of 5.15% over the forecast period 2024-2032.”
Rising Safety Regulations and Emission Controls Drive Demand for Advanced Self-Driving and Electric Mining Equipment
The combined effect of the rising safety regulations in the mining sector and has been seen in a demand move for self-driving mining machinery. As well, enclosed mines which lack efficient ventilation can be a breeding ground for miners’ respiratory diseases due to a lack of clean air. These trends have contributed to an uptick in demand for electric and hybrid mining equipment. Manufacturers of mining machinery are constructing more user-friendly interfaces which could operate large mining machinery from a distance and monitor them. Mining machinery is tailored in size and equipment type in relation with the changing needs of the mining industry, however, safety and convenience remain the priority through a user experience-oriented approach. Adoption of safer mining strategies with minimum emissions to stop pollution results in a good demand for mining machinery.
The data indicates that the majority of mining companies in the modern world are likely to opt for electrification over traditional fuel sources, such as diesel. A chosen metal for the experiment was copper. Different types of minerals are being mined in the U.S. They include crushed rock, cement, gold, industrial sand, gravel, and iron ore, copper, and potash. It is likely that the demand for coal, gas, and oil sands will drive the industry in the U.S. Technological advancement is also expected to lead the sector. The mining industry involves extraction and protection of various materials and therefore will require a lot of energy. Moreover, there will be lots of refining, smelting, and concentration processes that will require a lot of electricity. The fact that the average quality of copper ore is deteriorating at an alarming rate means that more and more energy will be required for the mining processes. The total volume of the mineral produced would also be increasing. Therefore, there is a possibility that as the need for sophisticated mining equipment rises. More equipment will be required in the industry.
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Key Players Analysis Listed in this Report are:
- Epiroc
- Boart Long year Ltd
- Caterpillar Inc
- China Coal Energy Group Co. Ltd
- Vipeak Mining Machinery Co. Ltd
- Guangdong Leimeng Intelligent Equipment Group Co. Ltd
- Henan Baichy Machinery Equipment Co. Ltd
- Komatsu Ltd
- Liebherr
- Metso Qutotec
- Other Players
Mining Equipment Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 142 Billion |
| Market Size by 2032 | US$ 223.14 Billion |
| CAGR | CAGR of 5.15% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The increase in need for minerals, metals, and gemstones is driving the expansion of the mining equipment industry. An important factor is the increasing usage of these resources in sectors like building, technology, and power. • Continual growth in mining activities, especially in developing countries, is leading to a substantial need for improved and more effective mining machinery. Governments' supportive policies towards mining activities are also a factor in the growth of the market. |
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Segmentation Analysis
Surface Mining Equipment Leads the Mining Equipment Market in 2023 with a 40.2% Revenue Share, Driven by Growing Demand for Iron Ore, Coal, and Precious Resources
In 2023, surface mining equipment had the highest revenue share of over 40.2% in the Mining Equipment Market, making it the dominant segment. In the upcoming period, there is an expectation for a growth in the need for surface mining equipment due to an increased demand for iron ore, coal, diamonds, and chromium in developing countries. As this equipment is adopted more widely, it allows for specific mining operations to be carried out, such as scouting for valuable resources and building sturdy embankments and surfaces.
Coal mining was the dominating segment in the Mining Equipment Market in 2023, contributing over 39.4% of the total revenue. It is anticipated that there will be a substantial increase in the use of mining equipment for coal mining purposes. The increase is due to its rising need for generating electricity. Coal mining equipment has diversified its functions and usage due to the increase in coal excavation.
Mining Equipment Market Key Segmentation:
By Equipment Type
- Underground Mining Equipment
- Surface Mining Equipment
- Crushing, Pulverizing & Screening Equipment
- Drills & Breakers
- Others
By Application
- Metal Mining
- Non-metal Mining
- Coal Mining
Asia Pacific Dominates Global Market with 38.2% Revenue Share in 2023; North America Set for 4.1% CAGR Growth, Driven by Clean Energy and Advanced Mining
In 2023, Asia Pacific has emerged as the dominant region, representing more than 38.2% of the total revenue. Market growth is anticipated to be driven in the future by the rising use of clean energy sources and the increase in electric vehicle adoption in developing nations like China and India.
North America region will experience growth at a compound annual growth rate of 4.1%. Increased mining activity for minerals, utilization of advanced mining equipment, and government efforts in North America are the primary factors driving market expansion. Furthermore, the transition from conventional underground mining to advanced, efficient open-pit mining is expected to increase the need for these items in the upcoming period.
Future Growth
The Mining Equipment Market is poised for substantial growth in the coming years, driven by the increasing demand for minerals and metals across various industries. The shift towards electric and hybrid mining equipment, along with the adoption of automation and digitalization in mining operations, is expected to play a pivotal role in the market's expansion. Moreover, the growing emphasis on sustainable mining practices and the need to comply with stringent environmental regulations will further fuel the demand for advanced mining machinery.
Recent Developments
In July 2023: Metso Corporation entered into an agreement to acquire Brouwer Engineering, an Australian company. The diverse bulk material handling equipment of Mesto lineup aligns well with Brouwer Engineering's expertise in electrical and control systems. The collaboration aimed to provide customers with a holistic range of solutions by combining their respective capabilities.
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Key Takeaways
- The adoption of electric and hybrid mining equipment, along with advancements in automation and digitalization, is driving significant growth in the Mining Equipment Market. Companies that invest in innovative technologies are likely to gain a competitive edge and capture a larger market share.
- The increasing demand for minerals and metals in various industries, including construction, technology, and renewable energy, is a key driver of market growth. This trend is expected to continue as global infrastructure projects and the shift towards clean energy sources gain momentum.
- Asia Pacific is expected to remain the largest market for mining equipment, driven by the rising adoption of clean energy sources and the growing demand for electric vehicles. North America is also poised for growth, supported by government initiatives and the transition to more efficient mining methods.
- The emphasis on sustainable mining practices and compliance with environmental regulations is reshaping the Mining Equipment Market. Companies that focus on developing energy-efficient and low-emission equipment are likely to see increased demand and long-term growth.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Mining Equipment Market Segmentation, by Equipment Type
8. Mining Equipment Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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