WILMINGTON, DE / ACCESSWIRE / January 20, 2023 / Transparency Market Research Inc. - The global mining equipment market is likely to register a CAGR of 8.7% between 2021 and 2031. The mining equipment market is estimated to witness promising growth opportunities on account of rapid industrialization and an increase in mining activities. Rise in number of buildings and infrastructure expansion plans is a key factor augmenting market growth for mining equipment. Additionally, rapid urbanization is further projected to boost industry growth during the forecast period.
Rise in financial support for mining and exploration activities by governments of various nations is likely to increase the global mining equipment market size during the forecast period. However, high costs of mining equipment and stringent legislation on mining operations in several emerging nations can pose challenges to the overall market development. Nevertheless, the rise in efforts by manufacturing firms to overcome challenges related to mineral extraction and mining activities is anticipated to create new business opportunities for the overall market during the forecast period.
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According to TMR report, the global mining equipment market was valued at US$ 92.0 Bn in 2021 and is estimated to reach US$ 212.3 Bn by the end of 2031. Rise in demand for advanced tools for manufacturers while undertaking mining activities is expected to boost the global market for mining equipment during the forecast period.
Key Findings of Study
- Rise in Infrastructural Development Activities: Rapid expansion of construction projects as well as infrastructural development activities are expected to provide significant business opportunities for players operating in the mining equipment industry. Manufacturers are concentrating on the development of advanced mining machinery and tools. Rapid industrialization and urbanization are anticipated to create potential growth opportunities in emerging countries such as China and India. Furthermore, rise in demand for surface mining equipment is likely to serve as a significant market trend.
- Increase in Adoption of Advanced Mining Equipment to Bolster Growth: Safety is critical in order to minimize injuries and health hazards resulting from different mining activities. Market stakeholders ensure worker safety and security by employing advanced methods in mining processes. Mining tools and machines that are technologically advanced, environmentally friendly, and safe are in high demand. This can be ascribed to the growth in demand for minerals and metals from multiple end-use industries. The increase in adoption and utilization of machine learning (ML) and artificial intelligence (AI) in the extraction of minerals is projected to create new market opportunities in the future.
Key Drivers
- Increase in penetration of automation and Internet of Things (IoT) in the mining sector is expected to fuel the global mining equipment market
- Rise in demand for smart screening equipment is anticipated to boost the overall mining equipment market size in the next few years
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Regional Growth Dynamics
- Asia Pacific is likely to earn largest market share during the forecast period owing to the presence of abundant mine deposits in emerging economies
- Increase in infrastructural development is anticipated to augment the demand for mining equipment in countries such as India and China, thereby contributing to regional market development
Key Players
Some notable players operating in the global mining equipment market include AB Volvo, Caterpillar Inc., Xuzhou Construction Machinery Group Co., Ltd., Liebherr Group, Deere & Company, Epiroc, Sandvik AB, Komatsu Ltd., BelAZ, and Hitachi Construction Machinery Co., Ltd.
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Mining Equipment Market Segmentation
Equipment Type
- Mineral Processing Equipment
- Mining Drills and Breakers
- Pulverizers
- Crushers
- Screening Equipment
- Surface Mining Equipment
- Underground Mining Equipment
- Others
End-use
- Coal Mining
- Metal Mining
- Mineral Mining
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries/Sub-regions
- U.S.
- Canada
- Germany
- France
- U.K.
- Russia & CIS
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Brazil
- Mexico
- GCC
- South Africa
- Rest of Middle East & Africa
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