Market Research Report
Middle East & Africa Mining Equipment Market Outlook, 2027
|Middle East & Africa Mining Equipment Market Outlook, 2027|
Published: May 4, 2022
Bonafide Research & Marketing Pvt. Ltd.
Content info: 81 Pages
Delivery time: 1-2 business days
In the Middle East and Africa region, the future of the mining industry is projected to be efficient and effective. Much of the land in the Middle East has not been explored with modern techniques and equipment. However, Africa is blessed with a rich bounty of natural resources. In Africa, over 30% of the world's global mineral reserves have been found. However, less than 5% of the total global mineral exploration and extraction budget is invested in the continent's economy. Thus, the potential for the expansion of the mining industry across the Middle East and Africa region is immense. Many developing countries across the region have recently introduced or are working on new mining laws that seek to encourage investments in various fields. For instance, the Gulf Cooperation Council countries are aiming to develop a unified regulatory system in a number of areas, including mining and mining equipment. According to the research, there are more than 1500 mineral facilities present in the Middle East and Africa region. These facilities include mines, plants, mils, and refineries for aluminum, cement, coal, copper, diamond, gold, iron, steel, nickel, platinum-group metals, salt, and silver, etc. In addition to that, petroleum and coal are among the most abundant materials across the region. Many governments and international exploration companies have continued to explore across the region for such valuable minerals.
According to the research report, "Middle East & Africa Mining Equipment Market Outlook, 2027," published by Bonafide Research, the mining equipment market is forecasted to grow at a compound annual growth rate of 5.60% during the forecast period. The opportunities for mining, resources, and infrastructure across the region are impressive. Gulf countries, in particular, are looking to diversify their economies in order to reduce their dependency on oil and gas and to create employment for a young and fast-growing population. The Middle East & Africa mining equipment market is segmented into three prominent countries, including the UAE, Saudi Arabia, and South Africa. Among these countries, Saudi Arabia is estimated to dominate the market with more than 35% market share by the end of the forecast period. Currently, over 48 minerals have been identified across Saudi Arabia, with at least 15 industrial minerals that can become commercially viable options. The Deputy Ministry for Mineral Resources (DMMR) has registered more than 1270 sites for precious metals and more than 1170 sites for non-precious metals. According to the research, more than 780 mining companies are listed as being present in Saudi Arabia. In addition to that, the Saudi Arabian government is aiming to increase investments in mining processes, the manufacture of mining equipment and the mineral production sectors.
According to the report, the Middle East and Africa mining equipment market is segmented into four equipment categories: crushing, pulverizing, and screening equipment; mineral processing equipment; surface mining equipment; and underground mining equipment. Among these categories, underground mining equipment is estimated to acquire nearly half of the market share during the forecast period. In this region, the production of underground mining machines is higher than that of surface mining equipment. In addition to that, rising demand for rare earth metals and valuable minerals has boosted the demand for underground mining equipment across the region. Furthermore, the market is segregated into three mining applications, including mineral mining, metal mining, and coal mining. Mineral mining equipment is expected to acquire the largest portion of the market share during the forecast period. This segment is expected to acquire more than 45% of the market share in the Middle East and Africa market. On the basis of power output, the 500-2000 HP output segment is forecasted to lead the market by 2027.
Impact of Covid-19 on Middle East & Africa Mining Equipment Market:
The COVID-19 pandemic has impeded the overall growth of the mining machinery and equipment market in the Middle East and Africa region. The mining industry in the Middle East and Africa region has struggled with economic problems, but the COVID-19 outbreak was highly unpredictable. The sudden breakdown of day-to-day activities and strict lockdowns across many developing countries affected the market growth for the mining sector. However, changes in consumer preference and rising demand for valuable minerals and metals for diverse industries have propelled the overall market growth for mining equipment across the Middle East and Africa 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.