New York, NY, March 23, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Mining Equipment Market Share, Size, Trends, Industry Analysis Report, By Type (Surface Mining Equipment and Underground Mining Equipment); By Product; By Application; By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research analysis, the global mining equipment market size/share is anticipated to be valued at approximately USD 134.80 billion in 2022 and is projected to hit a revenue of around USD 223.68 Billion By 2032, at a CAGR of around 5.2% between 2023 and 2032.”
How Much is the Mining Equipment Market Worth? What is the Expected Market Size of the Mining Equipment Industry?
- Report Overview
Specialized mining equipment, like trucks, loaders, and diggers, are utilized to excavate underground materials. These materials are then transported to the surface using lifts or skips, where they undergo further processing. The mining equipment market is transforming critical aspects of mining operations.
As demand for mining equipment market sales continues to rise, particularly in regions like Asia-Pacific and Europe, the market is set to expand for metal, coal, and mineral mining. Urbanization is also driving up demand for natural resources, such as oil, which is expected further to fuel the growth of the mining equipment market. By 2030, an estimated 590 million people worldwide will have migrated to urban areas, with developing economies in Asia and Africa accounting for more than half of global urban expansion.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key Market Factors Covered in the Report
- The study covers industry drivers, restraints, and opportunities.
- Offers a neutral perspective on market performance.
- Highlights recent industry trends and developments.
- Provides insight into the competitive landscape and strategies of key players.
- Identifies potential and niche segments and regions with promising growth.
Some of the Top Manufacturers in the Global Market Are:
- AB Volvo
- Astec Industries Incorporated
- Atlas Copco AB
- Bell Equipment Limited
- Bradken Limited
- Caterpillar Inc.
- China Coal Energy Company Limited
- CNH Industrial NV
- Corum Group
- Deere & Company
- Doosan Corporation
- Epiroc AB
- Hitachi Co. Ltd.
- Hyundai Heavy Industries Company Limited
- Komatsu Ltd.
- Kopex SA
- Liebherr Group
- Metso Corporation
- RCR Tomlinson Limited
- Sandvik AB
- Techint Group
- Terex Corporation
For Additional Information on Key Players, Download a PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/mining-equipment-market/request-for-sample
Prominent drivers of the market
- Agriculture, renovation of infrastructure, excavations, etc., have led to the massive growth of the industry
The two major factors that drive the increasing mining equipment market demand are metallic mineral products and the widespread use of coal, diamonds, and uranium. Another driving factor is the growing demand for mineral supplements to enhance agricultural productivity.
The mining equipment market size is expected to grow globally due to the rising demand for technologically advanced equipment, the increased use of coal for power generation, and the renovation of rail and road infrastructure through mountainous regions. The growth of excavation activity in emerging markets like India and China, thanks to the need for mineral supplements and the construction of highways and railways, is also expected to fuel industry growth.
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Recent trends influencing the market
To maximize output cost-effectively, there is a drive to develop new exploitation techniques.
- There is an increasing popularity in mining for rare earth metals due to the continuous development of technologies. As major metal mining operations require high levels of investment in new technologies, there is an emphasis on long-term value.
Segmentation Assessment
- In 2022, the surface mining equipment segment hit pay dirt with the highest revenue share
The future looks bright for surface mining equipment, which is projected to remain the top revenue generator in the coming years. Emerging nations' increasing demand for coal, chromium, iron ore and diamonds is expected to provide mining equipment market growth opportunities for surface mining technology. With the increased use of this technology, mining operations can now be more precise, allowing for the extraction of high-quality minerals and the construction of stable platforms and embankments.
- Coal mining accounted for the largest market share in 2022
In 2022, the coal mining application reigned supreme, taking over the mining equipment market share revenue. And it's only going to get bigger - the demand for mining equipment in coal mining is expected to soar due to the rising need for power production in many countries. Meanwhile, the metal mining market is set to become a major player, driven by increased resource exploration and the high demand for precious metals like silver, gold, copper, and iron.
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Mining Equipment (Machinery) Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 223.68 Billion |
| Market size value in 2023 | USD 141.50 Billion |
| Expected CAGR Growth | 5.2% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | AB Volvo, Astec Industries Incorporated, Atlas Copco AB, Bell Equipment Limited, Bradken Limited, Caterpillar Inc., China Coal Energy Company Limited, CNH Industrial NV, Corum Group, Deere & Company, Doosan Corporation, Epiroc AB, Hitachi Co., Ltd., Hyundai Heavy Industries Company Limited, Komatsu Ltd., Kopex SA, Liebherr Group, Metso Corporation, RCR Tomlinson Limited, Sandvik AB, Techint Group, and Terex Corporation. |
| Segments Covered | By Type, By Product, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- In 2022, Asia Pacific was seen to be leading the market share
Mining equipment market demand in the Asia Pacific region is expected to maintain a significant market share during the forecast period. In the upcoming period, Asia Pacific will dominate the region’s emerging countries with large coal and metal extraction industries.
The Latin American market is predicted to experience substantial growth due to the presence of various metal fuel exploration and metal deposits. This factor positively impacts the market growth in the forecasted period.
Browse the Detail Report “Mining Equipment Market Share, Size, Trends, Industry Analysis Report, By Type (Surface Mining Equipment and Underground Mining Equipment); By Product; By Application; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/mining-equipment-market
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Recent Development
- The Brand new R 9150 G7 mining digger was unveiled in September 2021 by Liebherr, International AG. It is a 130-ton/143-ton digger with a well-known engine of 565 kW/75 HP
The Report Responds to The Following Key Questions
- What will be the market size and growth rate by the conclusion of the forecast period?
- What are the major trends in the market that are influencing its growth?
- Who are the key players in this market?
- Which are the key areas of applications and product types that may expect a huge demand during the forecast period?
- What are the main findings of Porter’s five forces analysis and the SWOT analysis of the major companies in the market?
- What are the key strategies adopted by companies in the impact market?
Polaris Market Research has segmented the Mining Equipment market report based on type, product, application, and region:
By Type Outlook
- Surface Mining Equipment
- Underground Mining Equipment
By Product Outlook
- Mining Drills and Breakers
- Mineral Processing Machinery
- Crushing, Pulverizing, and Screening Equipment
- Others
By Application Outlook
- Metal Mining
- Mineral Mining
- Coal Mining
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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