Market Research Report
Global Mining Equipment Market Outlook, 2027
|Global Mining Equipment Market Outlook, 2027|
Published: May 4, 2022
Bonafide Research & Marketing Pvt. Ltd.
Content info: 172 Pages
Delivery time: 1-2 business days
The way the mining industry operates has developed significantly in recent years, and further improvements are afoot as technology advances and are adopted globally. There are various major trends that are fundamentally transforming the industry into Smart Mining. Such as, the shift from diesel to electrification, there is digitalization, which is resulting in increased productivity and more sustainable use of resources while lowering input cost. Another one is automation, which will also increase productivity and change the way we work. How things develop in the next upcoming years has uncertainties. However, the future is shaped by the technological advancements and innovations of the present. Mining functioning depend significantly on machinery and technology to do everything from creating the mine itself to reliably and safely extracting the raw material within. Whether it's gold mining equipment, tools for rock excavation or various other types of heavy machinery, they fill key roles when mining. According to the report, based on category market is segmented into crushing, pulverizing and screening machinery, mineral processing machinery, surface mining machinery and underground mining machinery. The underground mining machinery segment is leading the market with more than 35% of value market share, followed by the surface mining machinery.
According to the report title "Global Mining Equipment Market Outlook, 2027", published by Bonafide Research, the mining equipment market is expected to reach more than USD 40 Billion by the year 2027. It is expected to expand at a compound annual growth rate (CAGR) of more than 4.9% from 2022 to 2027.
Mining is one of the most indispensable integrants of modern society due to the use of mined minerals in almost every consumer product. Minerals, ore, metals, or other goods located deep underground require various techniques for their extraction. Mining may involve hard or soft rock, each of which requires specific tools to extract the materials. For instance, the mechanism used to dig soft materials might not provide enough power for cutting through hard rock. According to the report, based on application, market is segmented into mineral mining, metal mining and coal mining. The mineral mining segment is leading the market with more than 40% of value market share, followed by the metal mining segment which is the fastest growing segment among the other two. Based on propulsion type, market is segmented into diesel and CNG or LNG segments. The diesel segment is leading the market with more than 80% of value market share. Based on power output, market is segmented into below 500 HP, 500 to 2000 HP and above 2000 HP. The below 500 HP segment is leading the market with more than 40% of value market share.
Region-wise, Asia Pacific contributed the highest market share approx. 47% shares of the global market. Constant investments and increasing infrastructure projects is the key factors for driving the mining equipment market in the Asia-Pacific region. India offers a number of opportunities for the mining firms as there is consequential scope for exploration of iron ore, coal and bauxite. Furthermore, booming real estate sector in the country is anticipated to augment the demand for metal mining equipment, thereby contributing to regional growth. China is dominating the market with more than 25% of value market share and is expected to capture higher market share in the forecast periods.
Impact of Covid-19 on Mining Equipment Market:
The COVID-19 pandemic has affected the commodity markets in a variety of ways. Firm operations have been pretentious through isolated outbreaks and government dictated shutdowns and the demand for many commodities remain low with a lower near term stipulation on the horizon. The growth of mining equipment market also affected in pandemic situation. The stipulation for metallurgical coal and thermal coal has diminished, while the demand for gold and iron ore has increased. However, the market of miming equipments is expected to witness significant growth during the forecast period, as the increasing use of electric machinery in underground mining and increasing stipulation for metals and commodities occupy a major share in the market of mining equipment.
Major Companies present in the market:
Sandvik AB, Caterpillar Inc., Komastu Limited, Volvo Group, Liebherr Group, Hitachi Construction Machinery Co., Limited, EpirocAb, Sany Heavy Equipment International Holdings Company Limited, Doosan Infracore Co. Limited, Guangxi Liugong Machinery Co., Ltd., Kobelco Construction Machinery Co., Ltd., Sumitomo Heavy Industries, Xuzhou Construction Machinery Group (XCMG), Bharat Earth Movers Limited, J C Bamford Excavators Limited, Wirtgen Group, Mine Master Ltd, FIORI GROUP S.p.A., JSC, WackerNeuson Group, Equipment North Inc., RTM Equipment, Astec Industries, Inc., BELL Equipment, AARD Mining Equipment
Considered in this report
Aspects covered in this report
Regions & Countries covered in the report
By Category of Mining Equipment in the report:
By Application in the report:
By Propulsion in the report:
By Power Output in the report:
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry manufactures, consultants, Key vendors related to mining equipment industry. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Table 8:Europe Mining Equipment Market Share By Country (2016, 2021&2027F)