Mining Equipment Market Major industry participants include Sandvik, Atlas Copco, Caterpillar, Komatsu, and Joy Global. Acquisitions and new product development are the key competitive strategies adopted by the industry players to gain competitive edge. O

Surface Mining Market is expected to grow at over 3% CAGR and will be valued more than USD 28 billion by 2022. Increasing demand for minerals and metal commodities is driving the surface mining equipment market share during the forecast period. Advanced machineries and increasing quarrying activities are anticipated to boost the industry growth.

Technological advancements of the machineries such as remote control, fully autonomous, and real-time machine tracking make the work process easier and faster that enhances the industry growth. These machineries offer less vibrations, low amount of dust and noise, enabling effective digging in residential areas. It enables maximum exploitation of rocks and mines, which eliminates the need to invest in other machinery for crushing or further processing purpose.

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Equipment facilitates in minimizing the need for excavators and loaders owing to its dumping ability into trucks through a conveyor belt. Single machinery performs multiple tasks thereby reducing the need for extra labor and machinery. Use of digging machinery avoids the blasting work and provides precision while cutting rocks. It helps in providing proper planning and coordination of the process coupled with better maintenance and operation. These beneficial factors may drive the industry growth rate in the coming years.

Labor shortage and health concerns act as restraining factors for the industry growth during the forecast time frame. In addition, this machinery involves high maintenance and operation costs. Increasing digging activities in India and China may provide growth opportunities for the industry. Rising demand for coal, chromium, iron ore, and diamond is anticipated to propel the surface mining equipment market during the forecast period.

Mine service firms may increasingly target IoT for data analytics and processing to deliver products that streamline the operations and improve productivity. Firms that provide natural resources such as ores, coal, and mineral oil will focus on these innovations as low commodity costs prompt to increase efficiency of the machinery.

A surge in the mountain top removal mining machinery industry is due to the requirement of lesser number of workers and assures coal recovery as compared to the other available methods. Strip digging is expected to grow at more than 3% CAGR from 2015 – 2022 and may surpass USD 12 billion by 2022.

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Metallic ore industry is expected to be valued at USD 13 billion by 2022 owing to the increasing demand for metal commodities such as silver, zinc, gold, and copper. Non-metallic ore is predicted to hold over 30% industry share and will be valued at more than USD 9 billion in 2022 owing to the increasing usage of lime, salt, and phosphate.

Open pit surface mining equipment industry is expected to cross USD 9 billion with more than 3% CAGR over the projected time line. This type of machine is used for digging palabora copper ore, diamond, and sishen iron ore.

The U.S. surface mining equipment industry is driven by the Appalachian region as it consists of coal reserves that are over 50 billion tons and is estimated to reach USD 7 billion by 2022. Asia Pacific is predicted to be the fastest growing region and may cross USD 11 billion by 2022. China is likely to witness a considerable growth rate during the forecast period due to the rapid increase in coal and metal exploration activities for electricity generation and large-scale infrastructure development.

Industry players that hold the largest share in the surface mining equipment market are Vale S.A, BHP Billiton, Caterpillar, and Rio Tinto. Other prominent industry players are Barrick Gold, Atlas Copco, Sandvik, Freeport-McMoran, Anglo American, Komatsu, Teck, and Goldcorp. Industry participants follow mergers and acquisitions as strategic initiatives to maintain their footprint.

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