Pune, India, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The global mining equipment market size is expected to grow from USD 114.61 billion in 2021 and is projected to reach USD 151.25 billion by 2028, exhibiting a CAGR of 4% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Mining Equipment Market, 2021-2028.”
According to our analysts, the rising application of these equipment is to satisfy the augmenting demand from energy, power to infrastructure enhancement. For example, rise in the usage of these equipment in building and structuring of railway tracks & roads are driving the demand for infrastructure development happenings. Additionally, surge in coal for heating and electricity production is sufficing energy & power demands.
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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 | Progressive Mining Technology to Spur Market Growth |
| Key Players Accentuate on Innovation of Products Fortified with Modern Technologies |
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.
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.
List of Key Players Mentioned in the Report:
- Caterpillar
- Komatsu Ltd.
- CNH Industrial N.V
- AB Volvo
- Terex Corporation
- Sandvik AB
- John Deere & Company
- Liebherr-International AG
- Hitachi Ltd.
- Doosan Corporation
- Metso Corporation
- Atlas Copco AB
- Zoomlion Heavy Industry Science & Technology Development Co. Ltd
- Xuzhou Construction Machinery Group Co., Ltd.
- Wirtgen Group Holding GmbH
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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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Global Mining Equipment Market Size Segmentation:
By Type
- Excavators
- Loaders
- Dozers
- Motor Graders
- Dump Trucks
By Application
- Coal Mining
- Gas & Oil Extraction
- Metal Ore Mining
- Non-metal Mining
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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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