Mining Equipment Services Market - Forecast(2021 - 2026)

Report Code: AIR 0263 Report Format: PDF + Excel (Delivery in 48 Hrs)

Mining Equipment Services Market Overview

Mining Equipment Services market is analysed to grow at a CAGR of 3.4% during the forecast period 2021-2026 to reach $160.9 billion by 2026. Mining equipment services market is developing rapidly due to rise in the mining exploration activities and the growing demand of raw materials due to the rising mining projects. Moreover, rapid industrialization and globalization for improving a well-functioning economy is further driving the mining equipment market. Furthermore, the deployment of innovative services and parts such as part replacement services, maintenance services, fleet services and so on further rise the market’s growth. The third-party service providers also offer predictive maintenance contracts that enables loss of production, reducing in downtime, also leading to reduce the cost in the research and development of equipment maintenance services and inventors. These key drivers further propel the shift of companies towards third party vendors, and further boosting the growth of the mining equipment services market.

Mining Equipment Services Market Report Coverage

The report: “Mining Equipment Services Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Mining Equipment Services industry. 
By Equipment: Underground Mining Equipment (Low Profile Dump Trucks, Load Haul and Dump, Roof Bolters, Rock Dusters & Others); Surface Mining Equipment (Drilling Equipment, Electric Shovels, High Wall Miners, Excavators, Dumpers, Motor Graders, Wheel Dozers & Others); Material Handling Equipment (Forklifts, Conveyor Belts, Trucks & Others); Crushing, Pulverizing & Screening Equipment, Drills & Beakers
By Services: Part Replacement Services, Maintenance Services, Field Service Engineer Services, Fleet Services, and Others
By Component: Replacement Parts (Engines, Turbochargers, Final Drives, Radiators, Hydraulic Pumps, Others); Spare Parts (Shafts and Beams, Chassis, Rotors, Frames, Bearings, Others); Wear Parts (Idlers, Pulleys, Plates, Mantles, Liners, Others)
By Application: Metal Mining, Non-Metal Mining, Coal Mining
By Geography: Americas (U.S., Canada, Mexico, Brazil, Argentina, Chile, Peru, Rest of Americas); Asia-Pacific (Australia, China, Japan, South Korea, India, Rest of APAC), Europe (Germany, France, UK, Italy, Spain and Others), ROW (Middle East, Africa)

Key Takeaways

  • Adoption of advanced equipment is set to drive the mining equipment services market.
  • Surface mining sector is poised to provide opportunities to the Mining Equipment Services market during the forecast period 2021-2026 owing to increase in investments in surface mining.
  • Presence of high number of players and high adoption of mining services in countries such as China, India and Japan boost the Asia-Pacific mining equipment services market. 
Global Mining Equipment Services Market, By Region, 2020

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Mining Equipment Services Market Segment Analysis- By Equipment

Surface mining equipment held the major share 36.2% of mining equipment services market in 2020. In Surface mining, the equipment deployed are drilling equipment, electric shovels, high wall miners, excavators, dumpers, motor graders, wheel dozers, and others. As stated by Environmental Impact Assessment (EIA), in 2019, about 756 million short tons of coal is produced in U.S. The surface mines accounted for 63% of total coal production, also the surface mines accounted for 63% of total number of mines in US. Wyoming region consists six of top ten U.S. coal-producing mines and all these mines are surface mines. Moreover, the surface mines in the west coal region produce 92% of total coal. Therefore, the significant presence of surface mines in major countries such as U.S., China, India and so on are set to boost the demand for the deployment of mining equipment services thereby impacting on the growth of the market during the forecast period 2021-2026.

Mining Equipment Services Market Segment Analysis- By Application

Metal mining is the fastest growing segment in Mining Equipment Services System market and estimated to grow at a CAGR of 4.3% during forecast period 2021-2026 owing to increase in demand for services such as metallurgy and process design, analytical services and so on. In addition, growth of residential and non-residential construction sectors in Southeast Asia and other developing countries is projected to drive the demand for aluminium and copper products and is set to drive the market. Moreover, U.S. metal mine production in 2019 was estimated to be $28.1 billion with almost $500 million higher than in 2018 and anticipated to row in the forecast period. The principal contributors to the total value of metal mine production in 2019 were gold (32%), copper (28%), iron ore (19%) and zinc (7%). According to World Steel Association, India’s steel mining, is estimated 97.5 million tonnes in 2019. With increase in demand for metals in various countries, it is expected to propel the market growth during forecast period.

Mining Equipment Services Market Segment Analysis- By Geography 

Asia-Pacific had accounted for the largest share of $41.1% in 2020, analysed to grow with a CAGR of 2.3% for the Mining Equipment Services market during the forecast period 2021-2026, followed by Americas and Europe. China is the largest consumer of the lithium majorly attributed to the presence of the electronic manufacturing as well as electric vehicles manufacturing industries. The country is also third largest producer of Lithium. Therefore, the significant mining activities in the country is set escalate the mining equipment services market during the forecast period 2021-2026.

Mining Equipment Services Market Drivers 

Growing Outsourcing Equipment

The organizations are turning towards the use of outsourcing equipment in order to reduce expenses and to maintain productivity. The companies are widely taking decisions to adopt outsource equipment for increasing efficiency. Also, the downturn in the economy has enforced the companies to use outsourcing for decreasing expenses and further meeting the production targets. Furthermore, with the rising use of outsourcing equipment and maintenance services, the companies can fulfil the customer’s requirement. The outsourcing of equipment also results in removing outside vendors, a leading to reducing issues while managing the in-house maintenance team. Thus, the growing of outsourcing equipment for businesses to cut-down cost and increase production levels will surge the demand for the mining equipment services market.

Rising shift to third party service vendors driven by lower costs 

The need for effective machinery maintenance and heavy repair equipment services from third party vendors will highly fuel the growth of the mining equipment services market. As equipment repair and maintenance services are highly cost-effective, which led to the companies to shift towards third party for offering low cost services are reliable and leads to productivity by extending the lifetime of the equipment. Furthermore, the adoption of maintenance services such as predictive and preventive maintenance services will lead to maximize the systems uptime, optimization of the asset management and warranty of the equipment life which will further enhance the market’s growth. 

Mining Equipment Services Market Challenges

Environmental effect on the mining industry

One of the major challenges which hampers the growth of the mining industry is the effect on the environment. As mining comprises of erosion of the environment, formation of sinkholes, loss of biodiversity, and factors such as contamination of soil, groundwater, and surface water by chemicals from mining processes. Moreover, the mining industry also leads to the host to coal dust, noise and UV exposure which has adverse effects on miners such as musculoskeletal disorders and thermal stress. These key factors hinder the mining industry which further effects the growth of the mining equipment services market. Also, the depletion of earth resources due to extensive mining activities has led to pose a fragile impact on the environment leading to greenhouse emissions and other harmful gases in the environment which has formed a social concern. All this has led to slowdown of mining activities, particularly in Europe.

Mining Equipment Services Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Mining Equipment Services market. The key players in the Mining Equipment Services market include Komatsu, Caterpillar, Hitachi, Liebherr, Sandvik and among others.

Acquisitions/Technology Launches/Partnerships

In January 2021, Caterpillar had launched next generation three new large excavators along with two ultra-high definition demolition (UHD) machines. This kind of development activities drive the demand for the market.
In June 2019, Komatsu had acquired mining workforce optimization company in order to improve safety and productivity of mining customers. This kind of acquisition increase the market share of the companies.

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1. Mining Equipment Services Market - Market Overview
    1.1 Definitions and Scope
2. Mining Equipment Services Market   - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by type 
    2.3 Key trends segmented by Geography
3. Mining Equipment Services Machine Market
    3.1 Comparative Analysis
        3.1.1 Product/Service Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis
4. Mining Equipment Services Market – Startup Companies Scenario Premium    
    4.1 Top 10 Startup Company Analysis by 
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Share
        4.1.4 Market S Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Mining Equipment Services Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Case Studies of Successful Ventures
    5.4 Customer Analysis – Top 10 Companies
6. Mining Equipment Services Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes 
7. Mining Equipment Services Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
    7.4 Suppliers and Distributors
8. Mining Equipment Services Market - By Equipment
    8.1 Underground Mining Equipment
        8.1.1 Low Profile Dump Trucks (LPDT)
        8.1.2 Load Haul and Dump (LHD)
        8.1.3 Roof Bolters
        8.1.4 Rock Dusters
        8.1.5 Others
    8.2 Surface Mining Equipment
        8.2.1 Drilling Equipment
        8.2.2 Electric Shovels
        8.2.3 High Wall Miners
        8.2.4 Excavators
        8.2.5 Dumpers
        8.2.6 Motor Graders
        8.2.7 Wheel Dozers
        8.2.8 Others
    8.3 Material Handling Equipment
        8.3.1 Forklifts
        8.3.2 Conveyor Belts
        8.3.3 Trucks
        8.3.4 Others
    8.4 Crushing, Pulverizing & Screening Equipment
    8.5 Drills & Beakers
9. Mining Equipment Services Market - By Services
    9.1 Part Replacement Services
    9.2 Maintenance Services
    9.3 Field Service Engineer Services
    9.4 Fleet Services
    9.5 Others
10. Mining Equipment Services Market - By Component
    10.1 Replacement Parts
        10.1.1 Engines
        10.1.2 Turbochargers
        10.1.3 Final Drives
        10.1.4 Radiators
        10.1.5 Hydraulic Pumps
        10.1.6 Others 
    10.2 Spare Parts
        10.2.1 Shafts and Beams
        10.2.2 Chassis
        10.2.3 Rotors
        10.2.4 Frames
        10.2.5 Bearings
        10.2.6 Others
    10.3 Wear Parts
        10.3.1 Idlers
        10.3.2 Pulleys
        10.3.3 Plates
        10.3.4 Mantles
        10.3.5 Liners 
        10.3.6 Others
11. Mining Equipment Services Market - By Application
    11.1 Metal Mining
    11.2 Non-Metal Mining
    11.3 Coal Mining
12. Mining Equipment Services Market - By Geography (Market Size -$Million)
    12.1 Americas
        12.1.1 U.S.
        12.1.2 Canada
        12.1.3 Mexico
        12.1.4 Brazil
        12.1.5 Argentina
        12.1.6 Chile
        12.1.7 Peru
        12.1.8 Rest of Americas
    12.2 Asia-Pacific
        12.2.1 Australia
        12.2.2 China
        12.2.3 Japan
        12.2.4 South Korea
        12.2.5 India
        12.2.6 Rest of APAC
13. Mining Equipment Services Market - Market Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Mining Equipment Services Market - Industry/Segment Competition Landscape Premium    
    14.1 Market Share Analysis
        14.1.1 Market Share by Country — Top 5 Companies
        14.1.2 Market Share by Region — Top 5 Companies
        14.1.3 Market Share by Type of Application – Top 5 Companies
        14.1.4 Market Share by Type of Equipment/Equipment Category – Top 5 Companies
        14.1.5 Market Share at Global Level — Top 10 Companies
        14.1.6 Best Practices for Companies
15. Mining Equipment Services Market – Key Company List by Country Premium Premium    
16. Mining Equipment Services Market - Company Analysis
    16.1 Komatsu Mining Corp
    16.2 Caterpillar Inc
    16.3 Hitachi
    16.4 Liebherr
    16.5 Sandvik
    16.6 SGS SA
    16.7 Ameco
    16.8 Voltas
    16.9 Epiroc Group
    16.10 Metso Corporation and more
"*Financials would be provided on a best efforts basis for private companies"
17. Mining Equipment Services Machine Market – Appendix
    17.1 Abbreviations
    17.2 Sources
18. Mining Equipment Services Machine Market – Methodology
    19.1. Research Methodology
        19.1.1. Company Expert Interviews
        19.1.2. Industry Databases
        19.1.3. Associations
        19.1.4. Company News
        19.1.5. Company Annual Reports
        19.1.6. Application Trends
        19.1.7. New Products and Product Database
        19.1.8. Company Transcripts
        19.1.9. R&D Trends
        19.1.10. Key Opinion Leaders Interviews
        19.1.11. Supply and Demand Trends