Market Research Report
North America Mining Equipment Market Outlook, 2027
|North America Mining Equipment Market Outlook, 2027|
Published: May 4, 2022
Bonafide Research & Marketing Pvt. Ltd.
Content info: 83 Pages
Delivery time: 1-2 business days
Mining is basically the process of extracting essential materials from the earth. It is done to obtain any resource that cannot be grown or fabricated through artificial processes. These mined materials are utilized to construct hospitals and roads, to build houses and automobiles, to even make satellites and computers, to generate electricity and to provide diverse other services. Mining operators depend on machinery and technology to acquire the desired output, from creating the mine itself to extracting the raw material within. Each type of mining equipment has its own set of mining activities. This equipment can vary depending on whether the mining is carried out above or below the surface. As for North America, rising consumption of base and precious (also rare) metals in several industries propels the demand for mining equipment, especially in developing countries. In addition to that, North America produces a larger portion of the world's coal, iron ore, copper, bauxite, natural gas, petroleum, mercury, nickel, silver, and potash. In 2020, there were more than 12700 active miles in the United States of America alone. The need for new equipment for various mining operations is increasing in North America. It is expected that there will be growth in mining for iron ore, nickel, and bauxite, followed by copper and gold. On the other hand, battery-electric mine trucks are being introduced by major market players in North America. This technology is in an emerging phase, which will boost the market growth for mining equipment across the region.
According to the research report, "North America Mining Equipment Market Outlook, 2027," published by Bonafide Research, the mining equipment market is anticipated to grow at a CAGR of 4.83% for 2022-2027. Due to the implementation of stringent emission regulations by many governments across the region, mining equipment manufacturers are aiming to invest more to develop fuel-efficient, low-emission, and eco-friendly equipment. For instance, in 2019, Caterpillar Inc. launched the R2900 underground loader that follows the government norms. These significant enhancements in efficiency, high investments by OEMs and demands for sustainable products will augment the market growth for mining equipment in North America. Further, the North American mining equipment market is segmented into three major countries, including the USA, Canada, and Mexico. Among these countries, the United States is expected to hold the largest market share during the forecast period. Technological advancements and rising demand for oil sands, coal, and gas are expected to drive the market in the USA. For instance, according to the Environmental Impact Assessment (EIA), the USA produced more than 755 million short tons of coal (majorly from surface mines). Also, in 2020, there were more than 1,000 active coal mines in the USA. However, the mining sector in Canada is one of the largest industries in the globe. Canada produces more than 60 metals and minerals.
According to the report, the North American mining equipment market is segmented into four major types of categories, including crushing, pulverizing & screening, mineral processing, surface mining, and underground mining. Among these types, the underground mining category is estimated to lead the market with more than 35% during the forecast period. Equipment used in this category includes mining loaders, mining locomotives, personal carriers, utility vehicles, ore transporters, and self-propelled or stationary vehicles. Underground mining has become a viable option for autonomous and electrified vehicles in the North American region. On the other hand, the mineral processing category is rising with a higher amount of CAGR during the forecast period. Based on the application, the North American market is segmented into three types: mineral mining, metal mining, and coal mining. Due to increasing demand for essential components by various industries, mineral mining and metal mining are anticipated to acquire more than 80% of the total market by 2027. The North American mining equipment market is segregated into three types of power output, which are: less than 500 HP, 500-2000 HP, and more than 2000 HP. Among these types, the 500-2000 HP segment is projected to lead the market, followed by the less than 500 HP power output.
Impact of Covid-19 on North America Mining Equipment Market:
The COVID-19 outbreak and the subsequent shutdowns have not affected the North America region to a greater extent as the daily operations in the mining sector were performed with a lower labor force. However, due to a temporary halt on production units, the supply chain was disrupted and market growth was impacted by that. In the initial phase of the pandemic, sales of mining equipment declined. Though, changes in consumer preference and increasing consumption of valuable minerals across the region are some of the responsible factors for the higher momentum of this industry. Also, the penetration of advanced and automated technologies in this industry will propel the market growth across the region.
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
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.