Market Research Report
Mining Equipment Market by Equipment Type (Mineral Processing, Surface Mining, Underground Mining, Mining Drills & Breakers, Crushing, Pulverizing, Screening) and Application - Global Opportunity Analysis and Industry Forecast, 2015-2022
|Published by||Allied Market Research||Product code||379854|
|Published||Content info||140 Pages
Delivery time: 1-2 business days
|Mining Equipment Market by Equipment Type (Mineral Processing, Surface Mining, Underground Mining, Mining Drills & Breakers, Crushing, Pulverizing, Screening) and Application - Global Opportunity Analysis and Industry Forecast, 2015-2022|
|Published: June 30, 2016||Content info: 140 Pages||
The global mining equipment market is forecasted to grow at a CAGR of 7.9% during 2016 2022, to reach over $150 billion by 2022. Mining is an extraction process of obtaining coal, minerals, metals and other such materials from the earth. Mining is an important sector of the world economy, which generates employment and provides innumerable resources to other industries. Petroleum, coal, natural gas, and water are the main products extracted during mining, in addition to various substances comprising uranium, diamond, stone, rock, various chemicals, and geologically deposited substances.
Major factors that boost the demand of mining equipment are rising demand for metal and mineral commodities and increasing consumption of natural resources, such as coal, diamond, and uranium. Moreover, increasing need for mineral fertilizers to improve agricultural yield supplements the global mining equipment market. Major challenges for the players operating in the market are increasing cost of raw materials and strict government regulations. However, the rising demand for technologically advanced mining equipment, increasing usage of coal for heating and electricity generation and increasing construction of roads and railway tracks through hilly areas present various opportunities for the market growth.
The world mining equipment market is segmented on the basis of equipment type, application, and geography. By equipment type, the market is further categorized into six segments: mineral processing equipment; surface mining equipment; underground mining equipment; mining drills & breakers; crushing, pulverizing, & screening equipment and others. By application, the market is segmented as metal mining, mineral mining, and coal mining. Geographically, the market is classified into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the largest market of mining equipment during the forecast period. India, China, Australia, and Indonesia are likely to be the main revenue-generating countries in Asia-Pacific. The report also provides a country-wise analysis of the key geographic regions.
Companies profiled in the report are Caterpillar Inc., Komatsu Ltd., Sandvik, Joy Global, Hitachi Co. Ltd., Atlas Copco, AB Volvo, Doosan Group, Metso and Liebherr Group.
Asia-Pacific has emerged as the largest market for mining equipment. The region is anticipated to continue growing at a notable pace, owing to factors such as increasing demand for coal for the purpose of electricity generation, rising construction of road and railways through hilly areas and others. The demand for technologically advanced mining equipment is relatively lower in developing countries, compared to developed markets, owing to price sensitivity. Mining drills and breakers are anticipated to witness impressive growth in coming years due to their increasing application in metal mining.
In order to comply with strict government regulations regarding environmental sustenance, manufacturers are developing innovative products which produce lower level of sound and noise pollution. Moreover, players have adopted product launch and acquisition as their growth strategies to strengthen their foothold in market. For instance, in 2011, leading U.S. based manufacturer named Caterpillar Inc. acquired Bucyrus International, Inc. The acquisition enabled the company to strengthen its foothold in material handling and material removal mining equipment market.