Mining Equipment Market Estimated To Witness Rapid Growth Due To Decreasing Ore Grades Till 2025: Grand View Research Inc.

Mining Equipment Market Estimated To Witness Rapid Growth Due To Decreasing Ore Grades Till 2025: Grand View Research Inc.

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According to report published by Grand View Research, Growing drilling and exploration activities across the globe are projected to drive the Mining Equipment market over the coming years. Increased adoption of automation technologies in the field has led to the augmented use of smart and connected solutions.

According to a report,“Mining Equipment Market Size, Share & Trends Analysis Report By Equipment (Surface, Underground Mining), By Application (Metal, Non-Metal, Coal Mining), By Region (MEA, APAC), And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc.,  the global mining equipment market size is anticipated to reach USD 284.93 billion by 2025. The market is projected to witness a CAGR of 11.7% over the forecast period. Introduction of new equipment based on automation technologies is expected to open new avenues for growth in the mining sector. High risk associated with mining operations has resulted in technological innovations in equipment manufacturing.

Companies including Rio Tinto and BHP Billiton have deployed a fleet of driverless trucks and drills with GPS technology at their mining sites. Additionally, OEMs such as Caterpillar Inc. and Komatsu Ltd. are retrofitting their existing fleet of trucks and drills with automation technology and are anticipated to introduce an additional line of products over the coming years. Key companies are digitizing their technical equipment to improve the mining operations productivity and safety.

Key Takeaways from the report:

  • Underground mining equipment is expected to be the fastest-growing segment over the forecast period due to increased investments for the development of underground mines

  • Metal mining application is projected to witness the highest CAGR over the forecast period due to rising demand for base metals including silver, gold, and copper

  • Coal mining segment is expected to witness considerable growth owing to greater coal exploration activities in countries, such as India, Russia, U.S., and China

  • Some of the key companies in the mining equipment market include Caterpillar, Inc.; Komatsu Ltd.; and Sandvik AB

  • Introduction of an autonomous fleet of equipment and increasing number of M&A are the major growth strategies adopted by these companies

U.S. mining equipment market size, by equipment, 2014 - 2025 (USD Billion)

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Global mining equipment market share, by application, 2017 (%)

For instance, Anglo American Plc, a U.K.-based miner, is using digital twins, a virtual model of a technical process, to optimize its haulage fleet to track exploration and drilling activities at its Los Bronces site in Chile. As the digital mine is inching towards practicality, the subsequent nature of work is anticipated to witness a significant change at both, the mining site and back office. This change can be attributed to the growing adoption of technologies, such as Robotic Process Automation (RPA) and Artificial Intelligence (AI).

These technological advances are projected to redesign the job roles of employees instead of eliminating jobs, thus allowing people to use technology while working. The mining equipment market is witnessing challenges in the exploration of metals and minerals due to depleting natural resources with the need for better production output. In these circumstances, equipment providers and mining companies have an added responsibility of improving production efficiency and reducing water and energy consumption per unit of production.

Despite the substantial contribution of the mining sector to the global economy, the industry’s growth remains somewhat skeptical in many countries due to the perception that the sector contributes to environmental damage. To rebuild this trust, key companies are taking efforts, such as complying with sustainability standards, complete environmental disclosure, and taking significant steps toward corporate social responsibility.

Grand View Research has segmented the global mining equipment market on the basis of equipment, application, and region:

Mining Equipment Outlook (Revenue, USD Billion, 2014 – 2025)

  • Underground Mining Equipment

    • Low Profile Dump Trucks (LPDT)

    • Load Haul and Dump (LHD) Loaders

  • Surface Mining Equipment

    • Electric Shovels

    • Excavators

    • Dumpers

    • Others

  • Crushing, Pulverizing, & Screening Equipment

  • Drills & Breakers

  • Others

Mining Equipment Application Outlook (Revenue, USD Billion, 2014 – 2025)

  • Metal Mining

  • Non-Metal Mining

  • Coal Mining

Mining Equipment Regional Outlook (Revenue, USD Billion, 2014 – 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • Spain

    • France

    • Finland

    • Sweden

    • Poland

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • Indonesia

    • South Korea

    • Philippines

    • New Zealand

  • Latin America

    • Chile

    • Peru

  • Middle East & Africa

    • Saudi Arabia

    • South Africa

    • Iran

    • Egypt

    • Ghana

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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