The global mining equipment market will reach USD 251.61 Billion in 2032, at a CAGR rate of 11.3%. This is compared to USD 178.21 million in 2022.
In the future, government support for digital mining innovation will increase investment and boost demand for mining equipment. Due to improvements and developments in extraction techniques and machinery that have produced higher ore grades, older mines can now operate longer.
Driving Factors :
Market Growth Driven by Rising Use of Electric Machinery Underground Mining
Underground mining equipment that uses diesel engines creates heat, noise, and pollutants that can lead to unsafe working conditions. Proper ventilation will also be required when installing diesel engine-powered equipment. There is no exhaust, which means that there are safer working conditions. It eliminates underground mine ventilation problems.
The use of battery-powered underground loading machines can lead to cleaner air, less noise, and less heat. In order to keep underground mining going, density batteries of high energy are being replaced by other options. A cabin designed for comfort and safety is ideal for underground operations. You can also access all service points easily and safely. It ensures safety for miners. Zero emissions assure that ventilation costs are reduced and there is no need for additional ventilation.
Restraining Factors:
To Impact Market Growth, Trade Obsolete Mining Equipment
The ability to apply modern mining machinery depends on investment in the mining sector. These investments are dependent on the economic conditions worldwide. South Africa (and Argentina) and Peru (to name a few) prefer refurbished equipment as it has a longer lifespan if it is well maintained. Furthermore, these machines are sold cheaper in developed economies in North America. Europe, Latin America. and Latin America. Because of the export of old equipment, it is likely that sales of new mining equipment will be limited.
Market Trends:
Market Growth Boosted By Advanced Mining Technology
The forecast period should see significant growth potential due to new developments in mining technology. These technological advances help confirm the modern, safe, and efficient mining process. For instance, spatial data visualization can be used to create visible and depth perceptions and three-dimensional (3D), 3D models. This allows mining redesigning which would have huge potential for development.
In addition, the technology introduction is expected to generate excellent growth possibilities. This technology allows miners the opportunity to observe the inside of the mine or on-site experience, even though they aren’t actually in the field. Geographic Information Systems are also used by miners for mineral exploration, report generation, and other related tasks. It is able to produce geochemical and hydraulic data. Furthermore, it adheres to sustainability and regulatory compliance. These advanced technologies aid in making mining operations efficient and productive.
Recent Developments:
- March 2020: Sandvik AB has launched the new Leopard DI650i. It is smarter and more intuitive than DTH surface drilling.
- November 2020: AB Volvo has launched a China-focused, all-around compactor 14 Ton DD145. This compactor features a large drum size and a powerful vibration function.
Market Key Players:
Leading manufacturers such as Caterpillar Inc., AB Volvo, CNH Industrial N.V., Liebherr-International AG, John Deere, and Sandvik AB have a commanding market share of 58% – 64%. These firms focus on setting up factories in emerging and developing countries to reduce costs and increase output. The top players in the sector are focused on providing models with cutting-edge technology.
Market Segmentation:
The market worldwide is split into three segments, product, application, and region.
Market segments are based on their products and include crushing, vibrating, screening and drills & breakers, drills & jackets, surface mining (dumpers electric shoves excavators, and others), underground Mining (low profile dump truck (LPDT), and load haul & dump (LHD), loaders), among others.
Frequently Asked Questions:
What will the CAGR of the global mining equipment industry be?
The global market for mining equipment is projected to grow at a CAGR of 11.03% between 2022-2032.
Which factors are driving the market for mining machinery?
The global market is being driven by the rising adoption of electric equipment in the mining market.
Which region is expected to lead the global market for mining equipment?
The Asia Pacific region is expected to lead the global market for mining equipment in the forecast period of 2022-2032.
Who are the major players in the mining market?
The major players operating in the mining equipment market are Caterpillar Inc., Komatsu Ltd. (Japan), Sandvik AB, Epiroc AB, Doosan Corporation, Deere & Company, Atlas Copco Ab, Epiroc Ab), Hitachi, Ltd. (Hitachi Construction Machinery Co., Ltd.), Liebherr-International Ag, Metso Corporation
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