Mining Equipment Market Size is Set to Grow at a Remarkable Pace in the Coming Years

The metal mining segment occupied a major share of around 39%, followed by mineral mining in 2015. The metal mining segment is anticipated to witness the fastest CAGR of 10.3% during the forecast period, owing to increasing demand of base metals such as copper, nickel, lead, zinc and others. Moreover, coal mining is anticipated to witness impressive growth in developing economies such as China and India in the coming years.

Mining drills and breakers is the fastest growing segment, followed by crushing, pulverizing, and screening equipment. By application, the mining equipment market is segmented as metal mining, mineral mining, and coal mining. Geographically, the mining equipment market is classified into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the largest market of mining equipment during the forecast period. India, China, Australia, and Indonesia are likely to be the main revenue-generating countries in Asia-Pacific. The report also provides a country-wise analysis of the key geographic regions. Developing countries such as India, China and Indonesia have witnessed an increasing demand in the mining equipment market.

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Companies profiled in the report are Caterpillar Inc., Komatsu Ltd., Sandvik, Joy Global, Hitachi Co. Ltd., Atlas Copco, AB Volvo, Doosan Group, Metso and Liebherr Group.

Mining Equipment Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $156 billion by 2022, registering a CAGR of 7.9% during the period 2016 - 2022. Asia-Pacific accounted for the highest revenue of over $50 billion in 2015, followed by LAMEA. The market growth is likely to be driven by increasing demand for coal in electricity generating applications, increasing demand for technologically advanced mining equipment, and rising construction of roads and railways through hilly areas.

The segmentations by type include mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing & screening equipment, and other mining equipment. Surface mining equipment accounted for the maximum market share of around 31% in 2015, as they are extensively being used in application areas such as coal mining. From a growth perspective, mining drills and breakers is projected to be the fastest growing segment due to increasing application in metal mining.

In 2015, LAMEA was the second largest market followed by North America. Asia-Pacific would continue to dominate the overall market throughout the forecast period owing to increasing demand of mining equipment from countries such as China, India, Indonesia and others.

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Key Findings of Mining Equipment Market

• Asia-Pacific would continue to be the dominant market for mining equipment throughout the forecast period.

• Metal mining application segment is forecast to witness fastest CAGR during 2016-2020.

• Surface mining equipment accounted for the largest share of the overall market in 2015.

• Mining drills and breakers segment is expected to exhibit the fastest growth during the forecast period.

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