- Growing efforts of enterprises to develop environmental-friendly mining tools and dependable machineries are favoring the growth of the global mining equipment market
- Rising population & urbanization and expansion of the mining industry in developing nations of Asia Pacific are creating prominent business opportunities in the market for mining equipment
ALBANY, N.Y., Feb. 24, 2022 /PRNewswire/ -- According to a research report by Transparency Market Research (TMR), the global mining equipment market is estimated to gain a valuation of US$ 345 Bn by 2031. The market is projected to register growth at a CAGR of 8.7% during the forecast period, 2021-2031.
Increasing industrialization and rising urban population globally are leading to a surge in the need for natural resources, including oil and minerals. As a result, the global mining industry is expanding, which, in turn, is driving the demand prospects in the mining equipment market.
Players operating in the global mining equipment market are increasing their production capabilities in order to fulfil rising demand for different equipment such as crushers, mining drills & breakers, screening equipment, surface mining tools, and mineral processing equipment.
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Due to rise in awareness pertaining to environmental issues, the demand for environmental-friendly mining tools has increased. Hence, manufacturers are focusing on catering to the current market demand. Moreover, players in the global mining equipment market are developing highly dependable machineries that are safe to the environment. Additionally, several companies from developing countries are utilizing the hybrid technology for manufacturing mining equipment in order to adopt sustainability, according to a TMR report on the global mining equipment market.
The mining equipment market in Asia Pacific is prognosticated to maintain leading position during the forecast period, owing to the expansion of the mining industry in the region. In addition, rise in demand for minerals and metal from regional end-use industries is resulting into increased mining activities, which, in turn, is fueling the sales of mining equipment in Asia Pacific. Moreover, the Asia Pacific mining equipment market is being driven by several factors, including rising construction activities, rapid urbanization in several emerging economies, and infrastructure development activities in the region.
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Mining Equipment Market: Key Findings
- Several mining equipment manufacturers are focusing on improving the safety of products in order to help in prevention and reduction of health hazards and accidents, owing to mining activities. The use of technological advancements in latest mining equipment is resulting into advanced safety of workforces at mining locations. The factor is boosting the sales growth in the global mining equipment market.
- Companies engaged in the mining activities are increasing the use of technological advancements such as machine learning (ML) and artificial intelligence (AI) in mining processes. This factor is resulting into increased opportunities for players in the mining equipment market. Moreover, the market is being driven by increased penetration of the Internet of Things (IoT) and rise in the acceptance of digitalization and automation in the mining industry.
- Smart and efficient mining equipment are being increasingly adopted by end users, owing to several advantages such as the ability of these equipment to offer safety to the workforce at distant locations. This factor is contributing to the growth of the global mining equipment market.
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Mining Equipment Market: Growth Boosters
- Surge in the number of mining activities globally is boosting the sales prospects in the global mining equipment market
- Increase in demand for metal and minerals from a wide range of end-use industries is fueling business avenues in the mining equipment market
Mining Equipment Market: Key Players
Some of the key players profiled in the report are:
- Liebherr Group
- Caterpillar Inc.
- Komatsu Ltd
- Atlas Copco
- BelAZ
- Hitachi Construction Machinery Co. Ltd
- Deere & Company
- Sandvik AB
- AB Volvo
- Xuzhou Construction Machinery Group Co., Ltd.
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Mining Equipment Market Segmentation
By Equipment Type
- Mineral Processing Equipment
- Mining Drills and Breakers
- Pulverizers
- Crushers
- Screening Equipment
- Surface Mining Equipment
- Underground Mining Equipment
- Others
By End-use
- Coal Mining
- Metal Mining
- Mineral Mining
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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