WASHINGTON, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Global Mining Equipment Market is valued at USD 147.5 billion in 2021 and is projected to reach a value of USD 272.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 10.8% over the forecast period 2022-2028.
The Mining Equipment Market is one of the most important sectors in the global economy, and it is expected to grow steadily in the coming years. However, the sector is prone to volatility, and there are a number of factors that could impact its growth or decline. This report offers a comprehensive overview of the industry, including an analysis of current trends and prospects. It also provides insights into the key players in the market and their strategies for growth.
The report offers a comprehensive overview of manufacturers and suppliers across globe, with detailed analyses on their current status and future prospects. It also provides insights into demand-side factors – such as technological advancements, increasing investment requirements and new regulations – that are driving global demand for Mining Equipment Market.
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Market Overview
According to Vantage Market Research, growth in the Mining Equipment Market will be driven by continued demand for higher production rates in mineral resources exploration and development (E&D) activities, increases in coal and other mine production, and growing demand from construction markets. The market will experience significant consolidation over the next seven years as larger players acquire smaller rivals or exit the market completely.
We forecast that used Mining Equipment Market sales will account for more than 30% of total sales by 2028. This is due to a decline in new Mining Equipment Market purchases by miners as they focus on improving efficiency and reducing costs. Additionally, miners are replacing aging assets with newer models that feature improved performance.
The Chinese economy is continuing to grow rapidly and this is leading to increased demands for commodities such as metals and minerals from countries around the world, including many in the Asia Pacific.
Market Dynamics
Increasing Demand for Metals and Minerals:
The global market for metals and minerals is forecast to grow at a rate of 6.7% annually through 2021, which corresponds to a total market size of $1 trillion. This growth of the Mining Equipment Market is primarily attributable to increasing consumer demand for products such as electronics and automobiles. The increased demand for raw materials will push companies to develop new mining technologies, which in turn will lead to an increase in the use of Mining Equipment Market.
Growing Number of Mines:
Mining operations are expanding at an unprecedented pace due to factors such as rising gold prices and increasing investment in mineral exploration projects. By 2021, the number of operational mines is projected to grow by more than 10%. This increase in mine activity will drive the need for new Mining Equipment Market, which in turn will spur growth in the overall industry.
Growing Efficiency of Mining Machines:
In recent years, there has been a notable shift from traditional manual labor-based mines to more automated ones using heavy machinery in the Mining Equipment Market. This trend has led to increased efficiency in extraction processes, which in turn has helped miners extract higher grades.
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Top Players in the Global Mining Equipment Market
- Akzo Nobel N.V.
- Arkema Inc.
- Linde PLC
- The Chemours Company
- Shell PLC
- Henkel AG & Co.
- CPMC Holdings Ltd.
- Ball Corporation
- Toyo Seikan Co. Ltd.
- Guangdong Sihai Iron-Printing
- Tin-Making Co. Ltd.
Top Trends in Global Mining Equipment Market
- One trend that Vantage Market Research (VMR) expects to see in the Mining Equipment Market industry is an increase in automation and machine learning capabilities. This will allow mines to be operated more efficiently and with less human input, which in turn will reduce labor costs. Additionally, advances in artificial intelligence (AI) are expected to play a role in Mining Equipment Market by helping mine operators make better decisions about where and how resources should be expended.
- Another trend that VMR predicts will continue in the Mining Equipment Market industry is an increased focus on sustainability initiatives. This includes minimizing environmental impact while continuing to produce products that meet customer requirements. In addition, we expect manufacturers of Mining Equipment Market to increasingly focus on developing technologies that can be used in other industries such as oil and gas extraction or water treatment.
Top Report Findings
- Global Mining Equipment Market is forecasted to grow at CAGR of 10.8% and exceed market valuation of $272.9 billion by 2028. Demand for diesel and electric locomotives, drills, and other Mining Equipment Market will be the driving force behind this growth.
- Increasing demand for coal, iron ore, copper, and other minerals is contributing to the growth of the Mining Equipment Market. Coal production is projected to increase by 2% annually through 2028 due to rising demand from Asia Pacific, Latin America, and Africa.
- Iron ore production is also expected to grow at a rate of 5% annually over the same period due to increasing demand from China and Southeast Asia. Copper production will see a growth of 4% annually due to increased demand from automotive manufacturers.
- The increasing popularity of green energy sources is also boosting the demand for Mining Equipment Market such as solar power generators and wind turbines. This growing trend is expected to drive the adoption of more efficient mining technologies that are powered by renewable energy resources.
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Global Mining Equipment Market Segmentation
By Solution
- Products
- Services
By Propulsion
- Diesel
- CNG/LNG/RNG
By Application
- Mineral
- Metal
- Coal
By Powertrain Type
- IC Engine Vehicle
- Electric Vehicle
By Category
- Crushing
- Pulverizing
- Screening Machinery
- Mineral Processing Backhoe Loader
- Surface Mining Machinery
- Crawler Excavators
- Crawler Dozers
- Motor Graders
- Rigid Dump Trucks
- Articulated Dump Trucks
- Underground Mining Machinery
- Electric Shovels
- Hydraulic Excavators
- Wheeled Loaders
- Mining Dozers
- Mining Trucks, & Drills
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Top 10 Players Generate More Than 45% of the Global Mining Equipment Market Revenue
The report also found that the largest players in the Mining Equipment Market are technology providers such as ABB Ltd., Emerson Electric Co., and Siemens AG. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new mines. Other major players include CNM Inc. (a subsidiary of China National Coal Corporation), Daewoo Shipbuilding & Marine Engineering Co., Ltd., and General Electric Company. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Caterpillar Inc. is one of the largest manufacturers in the Global Mining Equipment Market in the world. The company operates today as a leading supplier to the mining industry. Caterpillar manufactures a wide range of Mining Equipment Market, from heavy-duty bulldozers and earthmoving machines to high-intensity milling machines and hydraulic shovels. The company also offers a full line of services, including engineering support, warranty service, and parts sales.
In addition to manufacturing thermal power equipment, Caterpillar also manufactures construction and demolition (C&D) Equipment, which is used extensively in development projects around the globe. The company's products are often customized to meet specific customer requirements, which makes it an important player in the global marketplaces where it operates.
Several companies are already benefiting from rapid growth in the mining activities across China, with some seeing their profits double or even triple over the past year. These companies in the Mining Equipment Market include Caterpillar Inc., Deere & Company, and Goldcorp Inc. However, while this sector clearly has a lot of potential, it is also susceptible to shifts in market conditions and competitors may emerge unexpectedly. so, investors should be very cautious when making bets on individual players in this highly competitive space.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Mining Equipment Market Forecast Report (2022-2028).
Used Mining Equipment Market to Generate Over 30% Revenue
Mining Equipment Market is an expensive investment. Vantage Market Research has analyzed the market for Mining Equipment Market to understand its current state and potential future growth factors. For better understanding, mining hardware is divided into two main types: open pit and underground mining. Open pit mining involves extracting minerals from the earth's surface. Underground mining involves extracting minerals from beneath the ground.
The used Mining Equipment Market is segmented by type of mining (open pit or underground). The global used Mining Equipment Market was valued at $44 billion in 2021 and is expected to grow at a CAGR of 8.3% between 2022 and 2028. Use cases for this equipment include coal, lead, zinc, iron ore, copper, gold, silver, molybdenum, manganese, and other minerals.
One of the key drivers behind this growth is the increase in new mines being developed across the globe. New projects are coming online at a faster pace than those being decommissioned or retired, which will create more demand for used Mining Equipment Market over the next few years.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 147.5 Billion |
| Revenue Forecast by 2028 | USD 272.9 Billion |
| CAGR | 10.8% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Akzo Nobel N.V., Arkema Inc., Linde PLC, The Chemours Company, Shell PLC, Henkel AG & Co., CPMC Holdings Ltd., Ball Corporation, Toyo Seikan Co. Ltd., Guangdong Sihai Iron-Printing, Tin-Making Co. Ltd. |
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