Mining Equipment Market Size By Product (Mining Drills & Breakers, Crushing, Pulverizing & Screening Equipment, Mineral Processing Machinery, Surface Mining Equipment, Underground Mining Machinery), By Application (Metal Mining, Mineral Mining, Coal Mining), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, Indonesia, Brazil, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: October 2016 | 125 Pages | Report ID: GMI793 Report Format: PDF
Mining Equipment Market size was valued at over USD 69 billion in 2015 and is expected to rise with 4.7% CAGR from 2016 to 2024.
China Mining Equipment Market size, by application, 2013-2024 (USD Billion)
Growing exploration around the globe will drive mining equipment market size over the forecast timeline. Real-time monitoring and detecting machinery failure are some of the major technological advancements fueling product demand.
Mining equipment market share may witness considerable growth on account of technological advancements for energy efficient alternatives. After sales service and maintenance activities are crucial for gaining competitive advantage in the ecosystem. The requirement to cope with lower ore grade and more remote locations is driving the need for innovation and automation.
High purchasing & maintenance costs associated with the machines would hamper the industry growth over the next few years. Lack of skilled personnel required for operating machineries along with improper training facilities may negatively impact demand. Increasing regulations from local as well as international regulatory bodies, mandates regarding the safety of workers and operators on site will challenge industry growth.
Surface Mining Equipment Market share accounted for over 35% of the overall revenue in 2015 and will grow at 3.4% from 2016 to 2024. Growing demand for technically advanced solutions and increasing activities mainly in developing countries will drive consumption. Increasing disposable income and living standards of consumers have fueled demand for copper, aluminum, gold and other commodities. Mining drills & breakers segment will benefit from rising demand for underground mining of metals, coal & minerals and evolution of effective solutions with the help of robust technological support.
Multi-function machineries are increasingly being adopted for their cost-saving versatility over single function equipment. These advancements enable operators to significantly reduce the time & labor required to complete the tasks with extended productivity and improved efficiency. Quick-change attachment couplers, cab designs and joystick controls have made machineries more feasible for operation simultaneously reducing operator fatigue.
Metal mining equipment market size was valued at over USD 29 billion in 2015 and will grow at 5% CAGR over the forecast timeline. Increasing demand of metals, particularly precious metals such as gold would fuel demand. The demand for gold has been supported by cultural, emotional and financial value of the customers. Increasing demand for coal in electricity generation, cement manufacturing and steel production will propel coal mining application growth.
Suppliers need to comply with regulatory mandates related to degradation of land in order to control emission and lessen pollution level. For instance, Federal Land Policy & Management Act prevents unnecessary and undue degradation of federal lands. Vendors are increasingly investing in R&D in order to improve machine operations. Manufacturers also offer products with GPS technology and other database tools and electronic control modules for enhancing product offering.
Asia Pacific mining equipment market size was valued at USD 40 billion in 2015. Rising demand for higher energy efficiency, low cost and lower emissions will offer potential growth opportunity in the Chinese industry from 2016 to 2024. Moreover, increasing availability of lease-based equipment will encourage end-users to use advanced material handling machinery.
U.S. mining equipment market share is set to grow at 3.2% CAGR. Industries emphasize on offering low-cost products over energy-efficient equipment, particularly in cost-sensitive regions. Manufacturers also focus on lowering production costs and meeting emission regulations set by various regulatory bodies. The industry has witnessed an economic slowdown in last few years owing to reduced demand from major geographies. The economic growth underwent swift deceleration in wake of global recession, adversely affecting both developed and emerging economies. This industry is expected to recover from 2017 as manufacturers are increasing their capital spending.
Competitive Market Share
Major industry participants include Sandvik, Atlas Copco, Caterpillar, Komatsu, and Joy Global. Acquisitions and new product development are the key competitive strategies adopted by the industry players to gain competitive edge. Other prominent players are Hitachi Construction Machinery, AB Volvo, Metso, Doosan Heavy Industries, and Liebherr Group.
Suppliers work closely with manufacturers for managing the sustainability issues along with improving the performance throughout the supply chain. Collaboration with raw material suppliers inspires innovation for developing further products for the end-users. In July 2016, Joy Global announced that it would be acquired by Komatsu for USD 3.7 billion.
Mining machinery is used in metallic and non-metallic mineral processing industries. It is required to obtain materials which cannot be grown through agricultural processes or creating artificially. Ores recovered by this process include coals, metals, gemstones, dimension stone, limestone, rock salt, gravel, potash and clay. The most common types of machineries vary for above or below ground activities such as for metals, gold, crude oil or coal. Major types are drills, blasting tools, earth movers, crushing machines, conveying, feeding, & on-line elemental analysis machines. These common tools are crucial for industry and assist in getting the job done cost effectively and efficiently.
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