09-Mar-2021 | Market Research Store

As per the report published by Market Research Store, global demand for Mining Equipment market was valued at approximately USD 75.7 Billion in 2019, and is expected to generate revenue of around USD 109.4 Billion by end of 2026, growing at a CAGR of around 5.4% between 2020 and 2026.

Mining machinery is used to remove geological metals and minerals from the earth's surface or underneath it. In the mining industry, this device or machinery is used for drilling, digging, and loading. From above or below the earth's crust in the mining industry, this device or machinery is used for excavation, mining, and loading. Automated remote-controlled machines, high-tech procedures, and sophisticated machinery are used to remove metals and minerals from the earth. Depending on the metals to be found in the underneath, mining activity can vary. Surface mining and underground mining are the two main forms of mining operations. Each mining process uses different equipment depending on the process. Other mining operations include milling, smelting, and processing, in addition to digging.

Due to increased mining activities for exploitation of metals and minerals from the ground to meet rising demand for metals and mineral resources, the mining equipment market is growing. Furthermore, the emergence of advanced technologies such as automation and the Internet of Things (IoT) is lowering labor costs and reducing operating time associated with mining operations, which is expected to increase demand for innovative mining equipment. Furthermore, the market for mineral fertilizers to boost agricultural yields, as well as increased consumption of natural resources such as coal, diamonds, and uranium, are expected to drive up demand for global mining equipment. Regulations such as environmental issues, safety standards, pollution standards, and import regulations, on the other hand, are expected to stifle market development.

Major players in the market are AB Volvo, Doosan Corporation, Deere & Company, Caterpillar Inc., Hitachi, Ltd., Epiroc AB, Komatsu Ltd., Bradken Limited, Liebherr-International AG, Metso Corporation,  Sandvik AB, CNH Industrial NV, Wirtgen Group Holding GmbH, RCR Tomlinson Limited, and Astec Industries Incorporated, among others.

Underground Mining Is Increasingly Employing Electric Machinery.

The implementation of diesel engines in entire underground mining equipment produces noise, heat, and fumes, which can exacerbate already unpleasant working conditions. When using diesel-powered mining equipment, proper ventilation is also needed. Since there is no exhaust and low operating costs, using battery-operated or electric mining equipment means better working conditions. It solves the issue of ventilation in underground mines. The use of battery-powered underground loaders, for example, results in cleaner air, less noise pollution, and less heat. To ensure continuous underground mining, other batteries can be replaced with high-energy capacity batteries. In difficult underground conditions, the operator can operate in a secure, ergonomically built cabin with simple and safe access to all service points, ensuring that his or her health is not jeopardized. Reduced cooling costs are therefore ensured by zero emissions. Changing prices and demand of mining goods and raw materials have a significant impact on the mining industry. Operators and miners suffer as a result of this, with poor profit margins. Government-imposed pollution controls and import-export restrictions exacerbate the issue. Profit margins have been discovered to be improved by increasing efficiency. As a result, companies are installing sensors and analyzing the data produced by mining equipment to automate and electrify it. Machines use drill and sample data to predict equipment failure, as well as the availability of materials in the ground and their quantity. Face inspection and core logging would be reduced, if not eliminated, as a result of this procedure.

Asia Pacific Region Projected To Dominate Global Mining Equipment Market Growth

The mineral processing equipment implementation in the mining equipment industry has grown due to a growth in the figure of mineral exploration sites and the surging penetration for advanced processing machinery that has resulted. Surface crushers, mineral refining machines, and heavy earthmoving equipment such as dumper trucks, excavators, and bulldozers, are among the most common pieces of equipment used throughout mineral mining. China's government is working to reduce the country's reliance on fossil fuels. Coal mining in the country has increased as a result of this. Gas pipelines have been installed in households in eastern China, but gas has not been delivered on a consistent basis. People are using more coal for heating as a result of this. Shanxi, China's leading coal-producing region, has relaxed government policies and aims to increase coke production capacity by more than 10 million tons to meet that demand. Coal demand will be bolstered by strong growth in significant Asian markets. China, which produces and consumes half of the world's coal, will have a major impact on global trends. Asia Pacific offers an opportunity for the mining machinery industry to expand, due to significant development in China and India during the forecast period.

Browse the full Mining Equipment Market, By Product (Mineral Processing Equipment, Surface Mining Equipment, Mining Drills & Breakers, Underground Mining Equipment, Crushing, Pulverizing, & Screening Equipment, and Others), By Application (Metal, Mineral, and Coal): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/mining-equipment-market-828545

The global Mining Equipment market is segmented as follows:

By Product:

  • Mining Drills & Breakers
  • Surface Mining Equipment
  • Mineral Processing Equipment
  • Crushing, Pulverizing, & Screening Equipment
  • Underground Mining Equipment
  • Others

By Application

  • Metal
  • Mineral
  • Coal

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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