Pune, India, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The global mining equipment market size was USD 112.23 billion in 2020. The market is projected to grow from USD 114.61 billion in 2021 to USD 151.25 billion in 2028 at a CAGR of 4.0% in the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Mining Equipment Market, 2021-2028.”
According to our expert researchers, the rising application of this equipment is to satisfy the augmenting demand from energy, power to infrastructure enhancement. For example, rise in the usage of this equipment in the building and structuring of railway tracks & roads are driving the demand for infrastructure development happenings. Additionally, a surge in coal for heating and electricity production is sufficing energy & power demands.
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List of Key Players Mentioned in the Mining Equipment Market Report:
- Caterpillar. (Deerfield, Illinois, U.S.)
- Komatsu Ltd. (Tokyo, Japan)
- CNH Industrial N.V (Amsterdam, Netherlands)
- AB Volvo (Gothenburg, Sweden)
- Terex Corporation (Connecticut, U.S.)
- Sandvik AB (Stockholm, Sweden)
- John Deere & Company (Illinois, U.S.)
- Liebherr-International AG (Bulle, Switzerland)
- Hitachi Ltd. (Tokyo, Japan)
- Doosan Corporation. (Seoul, South Korea)
- Metso Corporation (Helsinki, Finland)
- Atlas Copco AB (Nacka Municipality, Sweden)
- Zoomlion Heavy Industry Science & Technology Development Co. Ltd (Changsha, China)
- Xuzhou Construction Machinery Group Co., Ltd. (Xuzhou, China)
- Wirtgen Group Holding GmbH (Rheinland-Pfalz, Germany)
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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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 4.0% |
| 2028 Value Projection | USD 151.25 Billion |
| Base Year | 2020 |
| Mining Equipment Market Size in 2020 | USD 112.23 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 120 |
| Segments Covered | By Type, By Application, By Region |
| Mining Equipment Market Growth Drivers | Progressive Mining Technology to Spur Market Growth |
| Key Players Accentuate on Innovation of Products Fortified with Modern Technologies | |
| Advanced Mining Technology to Boost Market Growth. |
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.
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 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.
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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, 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.
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 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.
Industry Development
June 2020: Caterpillar Inc. procured listed possessions and employed workers from Marble Robot, Inc., which is a California-headquartered independent and robot technology solutions company.
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Detailed Table of Content
- 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)
- 6.1. Overview
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- Key Management
- Headquarters etc.
- Offerings/Business Segments
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- 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
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
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