The global mining equipment market size is expected to grow at USD 368.99 Billion by 2027. Countries including India, Australia, and China are playing a significant role by meeting the growing demand for metals and minerals in order to increase their market share in the global minerals trade. Improvements and innovation in extraction technologies and equipment have contributed to the betterment of ore grades help in extending the life of older mines.
The need to provide environment-friendly equipment in response to the demand for a sustainable future is on the rise. There is a continuous shift to renewable energy, which has increased the demand for a variety of minerals. This situation has enabled companies to strengthen their business to offer equipment, which are more productive and have a smaller environmental impact. For instance, the advanced control technologies in the Autonomous Haulage System (AHS) of Komatsu Ltd. reduces fuel consumption, along with tire wear and emissions.
Mining Equipment Market Report Suggest:
• The global market is expected to witness noteworthy growth during the forecast period due to growing demand for the replacement of the mining equipment, which is attributed to increasing cases of aging, obsolescence, and risk of catastrophic failure.
• The underground mining equipment segment is anticipated to register the highest CAGR of over 15% from 2020 to 2027 owing to increasing demand for brownfield projects and replacement of equipment.
• Based on the application, metal mining is expected to expand at the highest CAGR over the forecast period due to increased demand for gold.
• Ongoing digital mine innovation is expected to transform the key aspects of mining over the next few years.
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Mining Equipment Market Segmentation
Grand View Research has segmented the global mining equipment market on the basis of equipment, application, and region:
Mining Equipment Outlook (Revenue, USD Billion, 2016 – 2027)
• Underground Mining
• Low Profile Dump Trucks (LPDT)
• Load Haul and Dump (LHD) Loaders
• Surface Mining
• Electric Shovels
• Crushing, Pulverizing, & Screening
• Drills & Breakers
Mining Equipment Application Outlook (Revenue, USD Billion, 2016 – 2027)
Mining Equipment Regional Outlook (Revenue, USD Billion, 2016 – 2027)
• North America
• The U.K.
• Asia Pacific
• South Korea
• New Zealand
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
List of Key Players of Mining Equipment Market
• Komatsu Ltd
• Caterpillar Inc
• Atlas Copco AB
• Sandvik AB
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