Mining Equipment Market size worth around $95bn by 2024
Published Date: October 12, 2018 Authors: Preeti Wadhwani, Prasenjit Saha
Mining Equipment Market size is set to exceed USD 95 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are expected to grow at a CAGR of over 6% from 2018 to 2024.
Mining machinery market is expected to grow over the coming years owing to the rise in demand for remote monitoring and control technologies in mineral extraction processes. These processes involve several difficult and tough tasks that cannot be manually operated. The workers are exposed to the harsh underground temperatures and chemical radiations that adversely affect their health conditions. The machines allow the operators to control and monitor the process without entering these extraction sites. Manufacturers are targeting the demand of the operators by integrating several smart technologies such as advanced monitoring and control, data analytics, automated drilling, IoT sensing, GPS locating, and 3D imaging technology. The imaging technique helps in scanning and exploring large mines while the laser scanning technology is experiencing a high adoption in the market to develop geological maps combining the surface data.
The automated drilling and shaft & tunnel boring system is experiencing a high adoption owing to the growing demand for safe and efficient solutions in the mining equipment market. These drilling machines work on mobile platforms and provide wireless networking to the operators. The automated machines also provide real-time data and help monitor the extraction process through video communication that is displayed on a graphical screen. Applications of conventional boring systems in underground extraction process have proved to be expensive, sluggish, and technically challenging. Manufacturers are developing efficient solutions, which work at a greater speed and reduce the cost and time spent on constructing underground mines. Such technologically advanced products are driving market growth.
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The underground mining equipment market share is expected to grow at a CAGR of over 6% over the forecast timeline owing to the rise in demand for the metals and minerals in several industrial sectors. The demand and consumption of metals in the manufacturing sector for the development of tools, machines, and other accessories, which are utilized in the processing of industrial products are growing at a rapid pace. This demand is met by developing machines with advanced technologies to perform underground extraction operations, thereby driving the market demand. The adoption of plasma technology in underground equipment for yielding precious metals such as silver, gold, and platinum from their complex ores is expected to revolutionize the mining equipment industry. For instance, Toss Plasma Technology Limited developed RF plasma technology that can be used to heat the complex ores and extract the precious minerals from these ores.
Browse key industry insights spread across 180 pages with 240 market data tables & 37 figures & charts from the report, “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, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
The growing adoption of advanced machinery in the coal extraction process is expected to propel the market trends. Increasing demand for coal in power generation, steel production, and cement manufacturing is driving the adoption of modern extraction solutions. With a rise in the global population, the consumption of coal is increasing rapidly, providing an opportunity to the players to cater to the widespread demand in the mining machinery market. Countries that are primarily engaged in coal production include Ukraine, Colombia, South Africa, Indonesia, and Australia. These countries are the largest coal-producing economies with an abundant supply of natural resources. Factors such as improved geological knowledge and the adoption of smart technology are accelerating the mineral exploration process. The ease in availability and affordable prices of these machines are encouraging companies to replace their conventional models with advanced machines, thereby providing an impetus to the market growth.
In 2017, the Europe mining equipment market accounted for around 15% of the industry share. The rise in the demand for metals in the construction & manufacturing of industrial products is driving the market valuation. Germany and France are the leading countries in automobile manufacturing and production. Manufacturing of these products requires several metals such as steel, aluminum, and iron, generating a high demand for the metal extraction processes. Players in the market are engaged in providing machines to cater to such demands. The region is also active in coal production activities and is expected to generate a high demand for underground and surface equipment in the coal extraction process. In addition, with the regulatory mandates leading to a high usage of other energy sources, the consumption of coal and other associated mining activities is declining in many industrialized nations.
Key players participating in the mining machinery market share are Atlas Copco AB, Komatsu Ltd., Metso Corporation, Techint Group, Joy Global, Inc, Hitachi Co., Ltd., Doosan Group, Liebherr Group, AB Volvo, Astec Industries Incorporated, Sandvik AB, Bradken Limited, China Coal Energy Company Limited, Bell Equipment Limited, CNH Industrial NV, Hyundai Heavy Industries Company Limited, Corum Group, Kopex SA, Caterpillar, Inc., Terex Corporation, Wirtgen Group Holding GmbH, and RCR Tomlinson Limited, among others. The players in the market are focusing on the integration of smart solutions into their offerings, enhancing the performance, productivity, and efficiency of the extraction process. They are supplying products primarily to the government sector.
Mining equipment market research report includes an in-depth coverage of the industry with estimates & forecast in terms of shipments in units and revenue in USD from 2013 to 2024, for the following segments:
Mining Equipment Market, By Product
- Mining drills & breakers
- Crushing, pulverizing & screening equipment
- Mineral processing machinery
- Surface mining equipment
- Underground mining machinery
- Others (parts & attachments)
Mining Equipment Market, By Application
- Metal mining
- Mineral mining
- Coal mining
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa