The global mining equipment market size is expected to reach USD 142.93 billion by 2029 according to a new study by Polaris Market Research. The report “Mining Equipment Market Share, Size, Trends & Industry Analysis Report, By Type (Surface; Underground); By Product (Mining Drills & Breakers; Mineral Processing Machinery; Crushing, Pulverizing & Screening Equipment; Others); By Application; By Region; Segment Forecast, 2021 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
During the next several years, the move from subsurface to creative and cost-effective mineral extraction is likely to drive demand for the machinery. To extract and safeguard supplies, the mining sector uses a lot of energy, which includes a lot of refining and extraction operations. Reduced median copper ore quality has resulted in higher power consumption and overall material output, driving up the need for high-performance machinery.
Due to the COVID-19 situation, the machinery companies have witnessed significant changes in their economic procedures. Komatsu Ltd., a marketplace leader, focused on worldwide cross-sourcing and purchasing of completed vehicles and components to mitigate the effects of fluctuating demand and currency exchange rates.
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During the coming periods, Asia, including Africa, is likely to experience rapid expansion. The worldwide market size is predicted to grow as demand from countries such as China, India, and Indonesia grows. In most countries, coal is the primary end-use industry. The Asia Pacific region is anticipated to develop significantly within the following years due to increasing commodity prices and increased mineral production in the region’s nations.
The industry players operating in the global market are Astec Industries Incorporated, AB Volvo, Atlas Copco AB, Bradken Limited, Bell Equipment Limited, Caterpillar Inc., CNH Industrial NV, China Coal Energy Company Limited, and several others.
Several machinery rival companies used acquisition and company growth to expand their geographical footprint and promote their goods technologies as their primary development strategy. Epiroc grabbed a contract from Codelco for subsurface loaders, rock bolting rigs, face drill rigs, and vehicles worth greater than USD 20 million in May 2020.
Polaris Market Research has segmented the mining equipment market report on the basis of type, product, application, and region:
Mining Equipment, Type Outlook (Revenue – USD Billion, 2017 – 2029)
- Surface Machinery
- Underground Machinery
Mining Equipment, Product Outlook (Revenue – USD Billion, 2017 – 2029)
- Drills and Breakers
- Mineral Processing Machinery
- Crushing, Pulverizing, and Screening Equipment
Mining Equipment, Application Outlook (Revenue – USD Billion, 2017 – 2029)
Mining Equipment, Regional Outlook (Revenue – USD Billion, 2017 – 2029)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa