1. Caterpillar Private Limited
2. Doosan Infracore
4. J C Bamford Excavators Ltd
The mining industry's operation has developed significantly in recent years, and further improvements are afoot as technology advances and is adopted globally. Various major trends are fundamentally transforming the industry into Smart Mining. Such as, the shift from diesel to electrification, there is digitalization, which is resulting in increased productivity and more sustainable use of resources while lowering input cost. Another one is automation, which will also increase productivity and change the way we work. How things develop in the next upcoming years has uncertainties. However, the future is shaped by the technological advancements and innovations of the present. Mining functioning depends significantly on machinery and technology, from creating the mine to reliably and safely extracting the raw material within. Whether it's gold mining equipment, rock excavation tools, or other heavy machinery, they fill vital roles when mining. According to the report, the category market is segmented into crushing, pulverizing, and screening machinery, mineral processing machinery, surface mining machinery, and underground mining machinery. The underground mining machinery segment leads the market with more than 35% value market share, followed by the surface mining machinery.
According to the report titled “Global Mining Equipment Market Outlook, 2027”, published by Actual Market Research, the mining equipment market is expected to reach more than USD 40 Billion by the year 2027. It is expected to expand at a compound annual growth rate (CAGR) of more than 4.9% from 2022 to 2027.
Mining is one of the most indispensable integrants of modern society due to the use of mined minerals in almost every consumer product. Minerals, ore, metals, or other goods located deep underground require various techniques for their extraction. Mining may involve rigid or soft rock, requiring specific tools to extract the materials. For instance, the mechanism used to dig soft materials might not provide enough power for cutting through hard rock. According to the report, based on application, the market is segmented into mineral, metal, and coal mining. The mineral mining segment is leading the market with more than 40% of the value market share, followed by the metal mining segment, the fastest growing segment among the other two. Based on propulsion type, the market is segmented into diesel and CNG or LNG segments. The diesel segment is leading the market with more than 80% of the value market share. Based on power output, the market is segmented into below 500 HP, 500 to 2000 HP and above 2000 HP. The below 500 HP segment is leading the market with more than 40% of value market share.
Region-wise, Asia Pacific mining equipment market contributed the highest market share approx. 47% shares of the global market. Constant investments and increasing infrastructure projects are the key factors driving the Asia-Pacific region's mining equipment market. India offers several opportunities for the mining firms as there is consequential scope for exploration of iron ore, coal, and bauxite. Furthermore, the booming real estate sector in the country is anticipated to augment the demand for metal mining equipment, thereby contributing to regional growth. China dominates the market with more than 25% of the value market share and is expected to capture higher market share in the forecast periods.
In the latest trends introduction of Virtual Reality (VR) technology is anticipated to generate excellent growth opportunities. This technology helps miners witness the inside mining or site experience without being out in the field. Furthermore, the Geographic Information Systems (GIS) help the miners in mineral exploration and report generation. Additionally, it helps generate geochemical and hydrology data and adheres to sustainability, regulatory compliance, and facility & tailings management. Hence, these advanced technologies are acting as an aid & making mining operations a smooth & productive process.
Factors restricting the market growth are exporting used mining machinery to developing countries. The usage of new mining machinery is based on investments in the mining industry, which, in turn, depends on the global economic scenario. Developing countries generally opt for used mining machinery since they have a reliable life cycle if appropriately maintained. Such machinery is sold to Latin America, the Middle East & Africa, and Asian countries from developed economies in North America and Europe for a cheaper cost than new mining machinery. This is expected to restrain the sales of new mining machinery.
Trends and opportunities such as using telematics and other technological innovations in mining machinery will boost the market. Several technologies revolutionizing the industry include automation, the Internet of Things (IoT), 3D imaging, and plasma technology. Internet of things (IoT) sensors provides feedback to the fleet manager, which confirms lower downtime due to malfunctions and benefits plan maintenance activities. With increasingly competitive conditions across all industries, companies are continuously looking for process optimization, which, in turn, has increased the need for automation in the mining industry. Drones are used for the surveillance of mines. Drones confirm that areas are clear before blasts, track post-blast fumes, and enhance the overall safety of sites. Automation and teleoperation systems in the mining industry significantly enhance productivity and safety. Thus, sales of new mining machinery synced with telematics solutions are expected to propel the mining machinery market.
Impact of Covid-19 on Mining Equipment Market:
The COVID-19 pandemic has affected the commodity markets in a variety of ways. Firm operations have been pretentious through isolated outbreaks and government-dictated shutdowns, and the demand for many commodities remains low with a lower near-term stipulation on the horizon. The growth of the mining equipment market was also affected by the pandemic. The stipulation for metallurgical and thermal coal has diminished, while the demand for gold and iron ore has increased. However, the market for mining equipment is expected to witness significant growth during the forecast period, as the increasing use of electric machinery in underground mining and increasing stipulation for metals and commodities occupy a significant share in the mining equipment market.
Major Companies present in the market:
Sandvik AB, Caterpillar Inc., Komastu Limited, Volvo Group, Liebherr Group, Hitachi Construction Machinery Co., Limited, EpirocAb, Sany Heavy Equipment International Holdings Company Limited, Doosan Infracore Co. Limited, Guangxi Liugong Machinery Co., Ltd., Kobelco Construction Machinery Co., Ltd., Sumitomo Heavy Industries, Xuzhou Construction Machinery Group (XCMG), Bharat Earth Movers Limited, J C Bamford Excavators Limited, Wirtgen Group, Mine Master Ltd, FIORI GROUP S.p.A., JSC, WackerNeuson Group, Equipment North Inc., RTM Equipment, Astec Industries, Inc., BELL Equipment, AARD Mining Equipment
Considered in this report
• Geography: Global
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027
Aspects covered in this report
• Global Mining Equipment market with its value and forecast along with its segments
• Region & country wise market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
Regions & Countries covered in the report
• North America – United States, Canada, Mexico
• Europe- Germany, United Kingdom, France, Italy, Spain, Russia
• Asia-Pacific – China, Japan, South Korea, India, Australia
• Latin America- Brazil, Argentina, Columbia
• Middle-East & Africa- UAE, Saudi Arabia, South Africa
By Category of Mining Equipment in the report:
• Crushing, pulverizing, screening machinery
• Mineral processing machinery
• Surface mining machinery
• Underground mining machinery
By Application in the report:
• Mineral Mining
• Metal Mining
• Coal Mining
By Propulsion in the report:
By Power Output in the report:
• Below 500 HP
• 500 to 2,000 HP
• Above 2,000 HP
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry manufactures, consultants, Key vendors related to mining equipment industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.