Jersey City, NJ, April 17, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Mining Equipment Market Size, Share & Trends Analysis Report By Equipment Type (Underground Mining Equipment, Surface Mining Equipment, Crushing, Pulverizing & Screening Equipment, Drills & Breakers), By Application (Metal Mining, Non-Metal Mining, Coal Mining)- Market Outlook And Industry Analysis 2031"
The Global Mining Equipment Market is estimated to reach over USD 209.83 billion by 2031, exhibiting a CAGR of 5.70% during the forecast period.
Mining extracts natural resources from the surface, such as coal, metals, and other minerals. Mining equipment refers to the tools used in extraction. The material is mined underneath with sophisticated mining equipment such as trucks, loaders, diggers, and so on and is frequently hauled to the surface for further processing with skips or lifts. Automation and machine learning capabilities are increasing in the mining equipment market industry. This will allow mines to function more efficiently and with less human input, lowering labor costs.
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Furthermore, artificial intelligence (AI) developments will likely play a role in the Mining Equipment Market by assisting mine operators in making better choices about where and how to expend resources. The industry is volatile, and various factors could influence its development or collapse. This research provides a thorough sector overview, examining current trends and prospects. It also includes insights into the market's leading players and their growth plans. Ines. The mining mechanization business is anticipated to grow due to technological advancements and innovations.
Automation, the Internet of Things (IoT), 3D imaging, and plasma technology are among the technologies that are transforming the business. Additionally, telematics has proven to be a game changer in the mining sector. Internet of Things (IoT) sensors provide input to the fleet manager, reducing delays due to defects and assisting in maintenance planning. Businesses are constantly searching for process optimization in an ever-more-competitive setting across all sectors, which has increased the demand for automation in the mining industry.
Key Developments:
- In April 2023, the acquisition of AARD Mining Equipment, a South African producer of mining equipment, was completed by Epiroc. AARD, a South African company headquartered not far from Johannesburg, specializes in low-profile underground machinery for mines with low mining heights. AARD also develops, produces, maintains, and supports a wide range of mining equipment.
List of Prominent Players in the Mining Equipment Market:
- Epiroc
- Boart Long year Ltd
- Caterpillar Inc
- China Coal Energy Group Co. Ltd
- Vipeak Mining Machinery Co. Lt
- Guangdong Leimeng Intelligent Equipment Group Co. Lt
- Henan Baichy Machinery Equipment Co. Ltd
- Komatsu Ltd;
- Liebher
- MetsoQutotec
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Mining Equipment Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 129.36 Bn |
| Revenue forecast in 2031 | USD 209.83 Bn |
| Growth rate CAGR | CAGR of 5.70 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Product, Type, And End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
An increase in urban population increases the need for energy and natural resources, which is expected to raise demand for mining equipment and propel the mining market growth forward. The interdependence of population growth and natural resources influences the instability of climate adaptation capacity, particularly in developing countries with rapidly changing demography and sectors that rely largely on natural assets. The usage of natural resources, environmental pollution, and changes in land use, such as urbanization, will all increase as the population rises. Changes in global demographic trends will directly impact local environments via resource use and climate change.
Challenges:
The growth of uncontrolled miners has increased demand for used/pre-owned equipment, posing a threat to the mining equipment market. However, environmental and human issues are the primary restraints on the growth of the mining equipment market over the forecast period.
Regional Trends:
The Asia Pacific Mining Equipment market is expected to record the highest market share in revenue shortly. In the future years, market growth will be driven by the growing shift toward renewable energy resources and the adoption of electric vehicles in developing nations such as China and India. The region is projected to gain traction in the future years as significant expenditures increase mineral exploration activity. This advantageous mining legislation for foreign investors, particularly in Colombia, Peru, Brazil, and Chile, assists the regional market's growth.
On the other hand, the North America region is projected to hold the second-largest share of the market. Increasing mineral mining activity, more significant usage of cutting-edge mining equipment, and government initiatives in North America are the primary factors driving market expansion. Furthermore, during the forecast period, demand for these products is expected to be caused by the transition from traditional underground mining to cutting-edge, cost-effective open-pit mining.
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Segmentation of Mining Equipment Market-
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
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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