The global mining equipment market was valued at USD 75.6 billion in 2017 and is anticipated to grow at a CAGR of 5.5% during the forecast period. Mining equipment is used for mining and extraction of materials such as metals, coal, and minerals from the earth. mining equipment includes mining drills and breakers, mineral processing machinery, crushing, pulverizing and screening equipment, surface mining equipment, and underground mining machinery among others. Some common products that require mining include coal, petroleum, natural gas, diamond, and uranium among others.
The major driving factors of the mining equipment market include significant growth in the demand for minerals and metals, and increasing use of resources such as coal and petroleum. The increasing demand for minerals in fertilizers is expected to accelerate the adoption of mining equipment during the forecast period. Other factors driving the growth of this market include reducing ore grades, and technological advancements in the mining machinery. However, high investment costs associated with mining equipment, stringent government regulations, and increasing prices of raw material would limit the growth of the market. Expansion of established companies into emerging economies, and introduction of mining equipment at affordable costs would provide numerous growth opportunities in the market.
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The global mining equipment market is segmented on the basis of type, product, application, and geography. Based on the type, the market is segmented into surface mining equipment, and underground mining equipment. The product segment is categorized into mining drills and breakers, mineral processing machinery, crushing, pulverizing and screening equipment, and others. On the basis of application, the market is segmented into metal mining, mineral mining, coal mining, and others.
This report comprises a detailed geographic distribution of the mining equipment market across North America, Europe, APAC, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global Mining Equipment Market in 2017.
The leading players in the global mining equipment market includes Komatsu Ltd., Caterpillar Inc., Hitachi Ltd., AB Volvo, Liebherr Group, Caterpillar Inc., Atlas Copco AB, China Coal Technology and Engineering Group Corp., Joy Global Inc., Metso Corporation, Sandvik AB, Northern Heavy Industries Group Co. Ltd. These vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base.