Mining Equipment Market Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Global Mining Equipment Market is projected to be valued $168 Billion by 2024; with a CAGR of 7% from 2017 to 2025. Mining is the process of extraction of minerals and metals from earth such as manganese, tantalum, cassiterite, copper, tin, nickel, bauxite (aluminum ore), iron ore, gold, silver, diamonds and many more. The market for mining equipments is being propelled by the prospect of an increase in the demand and production of metals, such as iron ore and copper, which is being paced up by new expansions and projects. Some of the vital mining equipments generally used during the digging process include excavators, loaders, dozers, earthmovers, drills, dump trucks, graders, and scrapers among others.
Rising demand for metal and mineral commodities, and increase in consumption of natural resources such as petroleum, diamonds, and gold, are the major factors driving the global mining equipment market. Moreover, increased demand for fertilizers in cultivation of crops has also fueled the market growth. However, high maintenance cost and strict government regulations would hamper the market growth. Increasing construction of road and railway tracks and fueling demand for coal in generating electricity would generate new business opportunities for the market in near future.
The mining equipment market is segmented by type, application and geography. By type, the market is bifurcated into mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing, & screening equipment, and others. In terms of application, the market is categorized into metal mining, mineral mining, and coal mining.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers Western Europe, and Eastern Europe. Asia-Pacific covers China, India, and others. RoW covers Central and South America, and Middle East & Africa.
Major companies operating in the global Mining Equipmentmarket are Hitachi Co. Ltd., Komatsu Ltd., Caterpillar Inc., Doosan Group, Joy Global, Atlas Copco, AB Volvo, Liebherr Group, Sandvik, and Metso, among others.
The key takeaways from the report
Scope of Mining Equipment Market