The global mining equipment market is expected to reach US$125.7 billion in 2025, growing at a CAGR of 5%, during 2021-2025. Factors such as increasing coal consumption in China, rising copper production from underground, growing sales of mineral fertilizers, rising demand for cobalt batteries and increasing use of electric machinery in underground mining would drive the growth of the market. However, the market growth would be challenged by export of used mining machinery to developing countries and stringent regulations on mining activities. A few notable trends may include Upsurge in the copper consumption in passenger vehicles, accelerating capital expenditure in mining industry, use of telematics in mining machinery and growing use of outsourcing equipment.
Mining equipment market is expanding speedily all across the world due to the development in new mining tools and machinery. Technology is becoming a critical differentiating factor for manufacturers and mining companies as digitization and automation are continuously gaining momentum. Key players are focusing on reducing the cost of extraction and equipment maintenance. Moreover, the industry is witnessing a large scale adoption of different clusters of technologies, such as robotics & automation, smart sensors, and 3D printing, to enhance operational efficiency, which is propelling the market growth considerably.
Regionally, the market is analyzed across Asia-Pacific, North America, Europe, and ROW. Asia-Pacific holds the largest market share for mining equipment with India, Australia, and China as the main revenue-generating countries in region. Further, the outbreak of the COVID-19 pandemic has slowed down the mining activities, due to the legal restrictions and lockdown measures, which impacted the mining equipment market in 2020.
Scope of the report:
The report provides a comprehensive analysis of the global mining equipment market.
The major regional markets (Asia-Pacific, North America, Europe, and ROW) have been analyzed in detail.
The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
The competitive landscape of the market, along with the company profiles of leading players (Hitachi Caterpillar Inc., Komatsu Limited, Liebherr, Atlas Copco and Sandvik) are also presented in detail.
Key Target Audience:
Mining Equipment Manufacturers
Supply Chain Partners
End Users (Underground Miners and Surface Miners)
Government Bodies & Regulating Authorities