The worldwide market is likely to cross USD 95 billion by 2022. It would experience a CAGR of about 4% from 2015 to 2022. With a slowly growing population, the demand for food has decreased, necessitating the need for mineral fertilizers to augment agricultural output. Safety and security concerns related to heavy equipments are likely to hamper the market.
Due to mineral extraction activities in Australia, India and China, the market is noticing prominent growth globally. Additionally, the regions of Africa, Brazil and Russia have planned the execution of iron ore projects in the future. This would positively impact the mining equipments market.
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The mishandling of equipments such as loaders, crushers, drillers and earth movers may lead to serious losses. Moreover, mining procedures can also lead to unwanted ecological issues including contamination and soil erosion, formation of skin holes and loss of biodiversity. The mining equipments market comprises tier 2 and tier 1 suppliers. These suppliers are accountable for creating components to be given to original equipment manufacturers (OEMs).
The key product segments in the worldwide market include surface machinery; drills & breakers; mineral processing machinery; crushing, pulverizing and screening; and underground mining machinery. In 2014, underground mining machinery accounted for the largest share. These machineries comprise hydraulic shovels, cable shovels and long wall mining and continuous equipments.
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They reduce the quantity of undesirable materials during the extraction of expensive materials and also help in digging. Drills and breakers are used in settings wherein breaking through the ground is necessary. The sector of crushing, pulverizing & screening is likely to reach more than USD 17 billion by 2022. It would rise at a CAGR of around 4.5% during the forecast period.
In 2014, surface machinery contributed more than 30% of the global revenue. It is likely to dominate the market in the years ahead.
The major application segments include coal, metals and minerals. Enhanced demand for mining equipments across these sectors is predicted to increase the demand for the mining equipments market. The biggest segment is metals. It is likely to dominate the market over the forecast period. This is due to increasing resource explorations and rising demand for precious metals such as platinum, gold and silver.
Metals require significant investments due to the involvement of massive operations and complications. Coal is expected to be a rapidly growing segment too. Boosting economic activities and burgeoning population have fuelled the demand for coal. The minerals sector is likely to go through stable development in the future. This is due to governmental restrictions on mineral extraction in numerous regions.
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Security concerns, rising differences in tariff restrictions and import duties are some of the factors that can adversely affect the sector of minerals.
With key product sources such as iron ore and bauxite, China is likely to dominate the mining equipments market. The market has grown due to requirements from the domestic sector. Enhanced demand for natural resources in China has also significantly driven the region. Due to governmental restrictions on coal fired power plants and coal extraction in the U.S. and European metal mines, the North American and European market is anticipated to lose shares in the next few years.
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The key players in the mining equipment market are Sandvik AB, Komatsu Limited, Hitachi Construction Machinery, Caterpillar Inc., and Atlas Copco AB. Atlas Copco AB dominated the global market. Huge investments in R&D activities and augmented focus on technological advancements are also some of the other factors that propel the sales of the mining equipments market.
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