Mining Equipment Market 2022: Joy Global Inc., Komatsu Ltd., Atlas Copco, Caterpillar Inc., Metso Corporation, and Sandvik AB

Industry Trend Analysis
In 2012, the global mining equipment market was evaluated around USD 79.35 billion and is expected to reach approximately USD 173.21 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 8.12% over the forecast period. Technological advancements like data transmission via real-time monitoring of activities and cloud networks have ensued in the growing utilization of smart mining solutions extending significant benefits across traditional mechanical products. The conversion from subversive to economical and innovative open pit mining is estimated to drive the demand for the next few years. Also, the expansion of high-performance tools has made it feasible without increasing the costs to a remove ores of declining grades. This drift is gradually noticeable in numerous steel manufacturing enterprises engaging to penetrate the mineral exploration segment for ensuring their sources of iron ore and coking coal at an affordable cost. The decreasing capital spending has affected the products demand negatively over the recent years. Though, the tough demand for drilling and exploration operations and the rising growths in this segment are anticipated to contribute to the market growth positively. Moreover, market players are concentrating on enhancing productivity, efficiency, and cost decline in their processes to defend their revenue margins. The growing inclination towards spreading novel technologies and funding the renewable installations is boosting the expansion of automated exploration processes and equipment for improving energy consumption. Various new technologies like machine learning and genomic solutions for declining the collecting data, labor costs, and sharing via cloud-based networks, are generating a high prospective for a positive change in the implementation of this equipment. The demands of the drilling & exploration and oil & gas industries are overlapping for alleviating the required support operations. Despite the uncertain safety issues and small commodity costing struggles in the market, the developing exploration drifts are anticipated to present sufficient opportunities for growth and improvement of the global market.

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Product Outlook and Trend Analysis
In 2015, drills & breakers reported for around 10.5% of the market share. The promoting demand for the secretive exploration of coal, minerals, and metal is anticipated to affect the market positively during the forecast years. The robust technology-based effective drilling solutions development is also projected to fuel the market growth. In 2015, the surface mining equipment ruled the market. This can be assigned to the lifting demand from the substitute market due to consumption of energy and safety policies together with strict emission measures. The rising domestic demand from the developing nations like India, China, South Africa, and Brazil, due to the quick escalating automation across the metal exploration industry, is anticipated to actuate the growth of the global market.

Application Outlook and Trend Analysis
In 2015, the metal mining application seized the leading revenue of around USD 27 billion, which can be assigned to the rising exploration and resource activities. Furthermore, the growing requirement for base metals, like copper, gold, silver, platinum, and others, is anticipated to bestow to the growth of market revenue. The requirement for gold has supported owing to its financial, emotional, and cultural value and is anticipated to increase further in the emerging countries.

Regional Outlook and Trend Analysis
In 2015, the Asia Pacific mining equipment industry reported for around 60% of the market share, due to the existence of robust countries such as India, China, and Australia. Organizations in India are outsourcing ventures to mining service organizations with the segments becoming more prepared in the nation. The unexplored drilling and exploration potential in the country is projected to supply large market growth opportunities over the projected period. Furthermore, the opportunities for mineral exploration, infrastructure, and resources are escalating in the Middle East Asia region with the advent of fresh laws looking for funds.

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Competitive Outlook and Trend Analysis
Few of the major market players are Joy Global Inc., Komatsu Ltd., Atlas Copco, Caterpillar Inc., Metso Corporation, and Sandvik AB. The amplified concentration on the different business aspects combined with cost-cutting in services and products are the strategies integrated by market players till the market gains its earlier impulse. Market players are also concentrating on present products with GPS technology, electronic control modules, and database instruments for improving product offering.

The global mining equipment market is segmented as follows –
By Product
Mining drills & breakers
Crushing, pulverizing & screening equipment
Mineral processing machinery
Surface mining equipment
Underground mining machinery
Others

By Application
Metal mining
Mineral mining
Coal mining

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This release was published on openPR.