Mining Equipment Market: Demand Analysis and Growth Forecast
In the United States, the total market capitalization of coal producing companies was valued to be $10.58 billion as of January 2019, according to the Institute of Energy Economics and Financial Analysis. The US mining industry is amongst the largest mining industries, dominating in the coal and minerals sector. Mining is more often than not decisively affected by the prices of volatile commodities. However, the mining process has been growing, even after the exceptional improved tools which facilitate speedier processing. Growing mining activities such as drilling and exploration are projected to bolster the growth of the mining equipment market in the future. As per the findings in the newly published market research report by IndustryARC titled “Mining Equipment Market: By Method, By Product, By Type, By Geography – Forecast (2019-2025),” there were opportunities worth $100 to $105 billion in 2018, and the demand is estimated to grow with a CAGR of 5% during the forecast period of 2019 to 2025.
Increase in infrastructure and automotive production is significantly driving the mining equipment market growth. The Shovels, crawler drilling machine, and dragline excavators are used often in the mining industry. However, there are a few equipment produce coal dust and firedamp which is hazardous to the workers if it is suspended in the air outside the controlled environment. The mining equipment market is no less in the technological advancement, and the companies have been investing in automation - autonomous trucks, underground excavators, electric vehicles, X-ray diffraction, and sensor based sorting.
Browse through 152 slides and an in-depth TOC “Mining Equipment Market (2019 - 2025)”
Mining Equipment Market: Leading Segment
India has become the 3rd largest steel producer by producing 83.01 million tonnes and was ranked 4th globally in iron ore production by producing 192 million tonnes in 2017, as per India Brand Equity Foundation. APAC holds the dominance in the market particularly due to emerging economies like China and India. Many international companies have recently increased their presence in these regions. APAC is leading the market with the mining equipment market share of around 35% majorly due to surface, coal, and iron mining. The application CAGR of the mining equipment market in the surface mining segment will be less than 4% during the forecast period of 2019-2025.
Mining Equipment Market: Market Trends
Scientists across the globe have started exploring seabed in the Indian Ocean to dig out precious minerals such as gold, platinum, and silver. Various global countries have transited to net importers of steel due to strong growth of steel production in countries like China and India.
One Belt and One Road initiative is Central Asia’s largest mining beneficiary, which targets to expand its influence in Eurasia that will accelerate Chinese mining investment. In terms of development, Asia is superlatively open for development projects funded by China for mining industries. This initiative has created demand for steel, aluminum, cement and coal in the mining equipment market.
The mining industry has to incur huge amount on purchasing or renting the mining equipment such as excavators, bulldozers, trucks, and crawlers. Technologies like IoT, Robotics, and plasma are drastically transforming the mining equipment market. There are companies like Bobcat, Kubota, Komatsu, and Yanmar that are investing heavily in adopting the technologically advanced machines. The robotic devices used are powered by artificial intelligence. IoT on the convergence of wireless technologies can maintain mining safety. These factors have let the mining equipment market growth. This growth attributes not only to the technological advancements but also investments from major companies.
Mining Equipment Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global mining equipment market are Caterpillar, Komatsu, Sandvik, Liebherr, Atlas Copco, Hyundai Heavy Industries, Kobelco, Metso, Volvo, Doosan, Hitachi, Sany, and BEML.
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