Mining Equipment Market Outlook 2031
- The global mining equipment market was valued at US$ 138 Bn in 2020
- It is estimated to expand at a CAGR of 7%from 2021 to 2031
- The global mining equipment market is expected to reach the value of US$ 345 Bn by the end of 2031
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Rapid Industrialization and Infrastructure Development Activities Drive Market Growth
The global mining equipment market is harshly affected by the coronavirus pandemic, impacting various businesses and manufacturing activities. Disruptions in value chain have led to huge losses for manufacturers operating in the global mining equipment market. However, market players are increasing their efforts to recover from losses caused due to the COVID-19 outbreak and exploring different opportunities to overcome challenges in the mining equipment market.
Rapidly growing construction & development projects and infrastructure development activities in developing nations are expected to create value-grab opportunities for manufacturers in the upcoming years. Manufacturers are focusing on the production of advanced tools and equipment used in the mining process. Countries such as India and China are witnessing potential growth opportunities due to rapid industrialization and urbanization. Moreover, increasing demand for surface mining equipment boosts the global market growth.
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Adoption of Advanced Mining Equipment Creates Lucrative Benefits for Market Players
In order to reduce accidents and health hazards caused due to various mining activities, safety plays a major role. By utilizing advanced techniques in mining processes, market players are ensuring the safety and security of workers. Due to the increasing demand for metals and minerals from various end-use industries, there is a need of technologically advanced, environment-friendly, and safe mining tools & machineries. The growing adoption and implementation of artificial intelligence (AI) and machine learning (ML) in mining processes is creating growth opportunities for market players.
In addition, the increasing adoption of digitalization, penetration of Internet of Things (IoT), and automation in the mining industry is expected to boost market growth during the forecast period. The technological advanced mining equipment ensure safety of workers at remote locations. Manufacturers operating in the mining equipment market are focusing on the production of smart screening equipment to create growth opportunities in the global market. There is an increasing demand for these smart and efficient mining equipment across the globe.
Increasing Demand for Environment-friendly Equipment
Due to the rising demand for mining equipment from all over the world, there is an increasing production of equipment such as mining drills & breakers, crushers, surface mining tools, screening equipment, mineral processing equipment, etc. Manufacturers are focusing on the production of environment-friendly mining tools and highly reliable machineries that do not cause any harm to the environment. Many developing nations are adopting the hybrid technology in the production of mining equipment to embrace sustainability.
Increasing awareness in well-developed countries about environment-friendly and sustainable mining products is a factor driving the global market growth. Market players operating in the global mining equipment market are focusing on staying ahead of the competition. The lucrative presence of top market players producing energy-efficient and environment-friendly mining tools is also contributing to the global mining equipment market growth.
Suring Demand for Mining Tools in Asia Pacific Countries
Asia Pacific is expected to dominate the mining equipment market in the upcoming years due to rapidly increasing mining activities in the region. There is a surging demand for metal and minerals from various end-use industries. This factor is boosting the production of mining equipment in Asia Pacific.
Factors responsible for major market share of the region are rapid urbanization, increasing construction, infrastructure development activities in the region, and lucrative presence of mining equipment manufacturers. Market players operating in China and India are expected to witness potential revenue opportunities due to growing demand and production of coal, metals, and various minerals. Top market contributors are increasing their product portfolio by using smart technological equipment to cater the increasing demand from different end-use industries.
Mining Equipment Market: Overview
- Mining is the extraction of valuable minerals or other geological materials from the land of a deposit. For the extraction to be done efficiently, specialized machinery are required for specific mining activities. Common types of mining equipment vary depending whether the work is being carried out above or below ground or mining for gold, metals, coal, or minerals.
- Common types of mining equipment include crushers, pulverizing machines, earth movers, and screening machines
- The global mining equipment market is primarily driven by factors such as increase in mining activities and rise in demand for metal and mineral commodities
- Rise in urban population and industrialization, which, in turn, increases the demand for natural resources such as mineral and oil, is expected to boost the demand for mining equipment
- Enhanced demand for technically advanced solutions, especially in developing countries, is also bolstering the global mining equipment market growth
- Asia Pacific dominates the global mining equipment market, owing to tremendous growth of mining activities in China and India
Improved Mining Techniques to Contribute Significantly to Market Growth
- New improvements in the mining technology in recent times and increasing concerns toward sustainability are projected to produce substantial growth potential in mining, thereby boosting the mining equipment market
- Adoption of digital technologies, artificial intelligence, and analytics in the mining industry is expected to have a positive impact on the growth of the mining industry by potentially transforming operational efficiency and production. This, in turn, is likely to propel the mining equipment market.
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Operational Challenges and High Cost to Restrain Market
- Increasing environmental concerns leading to strict government regulations on mining activities is anticipated to restrain the growth of the global mining equipment market
- High cost associated with mining equipment and stringent government regulations on import of mining equipment are other factors that are estimated to hamper the mining equipment market growth
Mining Equipment Market Players
- Caterpillar Inc., Liebherr Group, Epiroc, Komatsu Ltd, Hitachi Construction Machinery Co. Ltd, BelAZ, Sandvik AB, Deere & Company, Xuzhou Construction Machinery Group Co., Ltd., and AB Volvo are some of the leading players operating in the global mining equipment market
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