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Mining Equipment Market size exceeded USD 70 billion in 2020 and is expected to grow at around 5% CAGR between 2021 and 2027. The global shipments are estimated to be over 1 million units by 2027. Increasing demand for natural resources in several application industries including automotive, manufacturing, and power generation is providing a positive outlook for the industry growth.
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The adoption of robotics and autonomous technology is creating opportunities for the market players. The robotic technology is witnessing high acceptance in the industry with increasing complexities in mining operations. The growing demand for several resources, such as iron, gold, silver, and aluminum, is speeding up extraction activities. Robotics solutions help extraction activities to be performed in comparatively less time and effort. Mining companies are utilizing the driverless truck that allows operators to control mining processes from remote locations.
High emphasis of automobile manufacturers on electrification of vehicles is propelling the demand for mining equipment. Mining industry participants are focusing on acquiring mineral mines, such as nickel, lithium, and cobalt, to support the manufacturing of batteries. For instance, in August 2021, Sibanye-Stillwater signed an agreement with French mining, Eramet SA, for the acquisition of Sandouville nickel mineral hydrometallurgical processing facility in Normandy, France.
The major factor challenging the mining equipment market growth is the high cost of mining equipment. The advancements in technology, higher fuel prices, modern parts, and new machinery have elevated the costs of these equipment. The rising costs of the modernized mining machines have posed a critical challenge in developing nations as they cannot afford such high initial investments, resulting in lower productivity and yield. The equipment manufacturers are offering flexible financing and loan facility to these companies to operate their businesses successfully.
|Market Size in 2020:||70 Billion (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||5%|
|2027 Value Projection:||90 Billion (USD)|
|Historical Data for:||2016 to 2020|
|No. of Pages:||290|
|Tables, Charts & Figures:||276|
|Segments covered:||Product, Application|
|Pitfalls & Challenges:|
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The growth of mining equipment was negatively impacted due to COVID-19 in the first quarter of 2020. The global lockdown and travel restrictions resulted in unavailability of labor, raw materials, and supply chain disruptions. This resulted in postponements of several mining and exploration activities, reducing the market revenue. To mitigate the impact of COVID-19, market players explicitly advertising their products through digital channels to persuade their customers to buy their products.
The usage of social media websites has increased among consumers owing to the imposition of a prolonged lockdown from the second quarter of 2020. Companies are utilizing social media channels to make major announcements regarding their products & investments. Similarly, several other participants invested in video conferencing communication tools to enable team members in virtually conducting business with customers.
The surface mining equipment market valued at about USD 30 billion in 2020 impelled by its ability to extract significant resources at an economical rate. Moreover, technological advancements and growing demand for gas & sand are anticipated to boost the industry statistics.
The equipment is also used in the removal of rock & soil over the ground deposits for mineral extraction. The rising need of skilled equipment operators is encouraging industry players to invent advanced training systems including simulators for effective training. For instance, in September 2021, Immersive Technologies presented mining simulator technology PRO5 at MINExpo 2021. PRO5 possesses various simulation tools such as stereoscopic 3D, RealView head tracking technology, and photo-realistic graphics.
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The metal mining application is projected to register more than 5% gain through 2027. Significant industrialization led by growing technological advancements is fueling the mining equipment market outlook. The high demand for industry metals, such as copper, aluminum, steel, and iron, for plant construction and product manufacturing will accelerate the mining equipment sale globally.
Shifting consumer focus toward buying gold as a future investment is creating a favorable market environment for the metal mining sector. Various gold mining companies are constructing plants on new locations to speed up their mining process. For instance, in October 2021, Equinox commenced Greenstone Gold Mines Project construction with the investment of USD 1.23 billion in Ontario, Canada.
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Asia Pacific mining equipment market crossed nearly USD 35 billion in 2020 and is forecast to observe 6% growth rate during 2021 to 2027. Growing investments in innovation and digitalization in China, India, Japan, and South Korea are augmenting the regional market demand.
In order to keep up with changing commercial contexts, countries in APAC are introducing technology and innovative methods to improve efficiency and sustainability. Local & foreign mining companies operating in India and China are continually seeking to improve their operations, safety, productivity, and project construction times. These requirements often drive their solutions toward using technological means that are more sophisticated than conventional mining equipment. This opens opportunities to use advanced modeling and simulation tools for new mining operations.
Several industry participants are planning to acquire smaller regional companies to increase their customer base and to deliver new technological advancements. For instance, in September 2021, Liebherr partnered with Hexagon Mining Division to deliver new advancements of mine automation. Through the agreement, the company will develop autonomous hauling solutions integrated with advanced safety features. Industry leaders are investing in R&D for sustainable product innovations in underground mining machinery to attract potential business clients.
The prominent mining equipment market players include Terex Corporation, SANY Group, CNH Industrial, AB Volvo, Caterpillar Inc., Hitachi Co. Ltd., Atlas Copco AB, Komatsu Ltd., Hyundai Heavy Industries Company Limited, Joy Global Inc., Metso Corporation, Sandvik AB, and Thyssenkrupp.
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