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Mining Equipment Market Future Trends and Forecast To 2024 By Key Vendors Volvo Group, Terex Corporation, CNH Industrial, Atlas Copco, FLSmidth, Hitachi, Metso.

Mining Equipment Market

Mining Equipment Market

Caterpillar’ collaboration with China Energy Investment Corp spans over five years, and outlines all the collaborations of the future with regards to mining equipment rentals and sales, product manufacturing support, and tech applications. The deal is also said to strengthen the Sino-US economic & trade relationship, as the mining equipment that would be supplied to China Energy for its upcoming project pipeline would be exported from the United States. With this alliance, Caterpillar is expected to considerably strengthen its position in mining equipment market, while simultaneously China Investment to gain ground in the international mining sector.

The underground mining equipment market is expected to grow at a CAGR of over 6% over the forecast timeline owing to the rise in demand for the metals and minerals in several industrial sectors. The demand and consumption of metals in the manufacturing sector for the development of tools, machines, and other accessories, which are utilized in the processing of industrial products are growing at a rapid pace.

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Mining Equipment Market size is set to exceed USD 95 billion by 2024. Mining equipment market is expected to grow over the coming years owing to the rise in demand for remote monitoring and control technologies in mineral extraction processes. These processes involve several difficult and tough tasks that cannot be manually operated. The workers are exposed to the harsh underground temperatures and chemical radiations that adversely affect their health conditions. The machines allow the operators to control and monitor the process without entering these extraction sites.

Manufacturers are targeting the demand of the operators by integrating several smart technologies such as advanced monitoring and control, data analytics, automated drilling, IoT sensing, GPS locating, and 3D imaging technology. The imaging technique helps in scanning and exploring large mines while the laser scanning technology is experiencing a high adoption in the mining machinery market to develop geological maps combining the surface data.

Mining Equipment Market, By Product

• Mining drills & breakers
• Crushing, pulverizing & screening equipment
• Mineral processing machinery
• Surface mining equipment
• Underground mining machinery
• Others (parts & attachments)

Mining Equipment Market, By Application

• Metal mining
• Mineral mining
• Coal mining

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The automated drilling and shaft & tunnel boring system is experiencing a high adoption owing to the growing demand for safe and efficient solutions in the mining equipment market. These drilling machines work on mobile platforms and provide wireless networking to the operators. The automated machines also provide real-time data and help monitor the extraction process through video communication that is displayed on a graphical screen. Applications of conventional boring systems in underground extraction process have proved to be expensive, sluggish, and technically challenging. Manufacturers are developing efficient solutions, which work at a greater speed and reduce the cost and time spent on constructing underground mines. Such technologically-advanced products are driving growth in the mining machinery market.

In 2017, the Europe mining machinery market accounted for around 15% of the industry share. The rise in the demand for metals in the construction & manufacturing of industrial products is driving the mining machinery market growth. Germany and France are the leading countries in automobile manufacturing and production. Manufacturing of these products requires several metals such as steel, aluminum, and iron, generating a high demand for the metal extraction processes. Players in the mining equipment market are engaged in providing machines to cater to such demands. The region is also active in coal production activities and is expected to generate a high demand for underground and surface equipment in the coal extraction process. In addition, with the regulatory mandates leading to a high usage of other energy sources, the consumption of coal and other associated mining activities is declining in many industrialized nations.

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Key players participating in the mining machinery market are Volvo Group, Atlas Copco AB, Komatsu Ltd., Metso Corporation, Techint Group, Joy Global, Inc, Hitachi Co., Ltd., Doosan Group, Liebherr Group, Astec Industries Incorporated, Sandvik AB, Bradken Limited, China Coal Energy Company Limited, Bell Equipment Limited, CNH Industrial NV, Hyundai Heavy Industries Company Limited, Corum Group, Kopex SA, Caterpillar, Inc., Terex Corporation, Wirtgen Group Holding GmbH, and RCR Tomlinson Limited, among others. The players in the mining equipment market are focusing on the integration of smart solutions into their offerings, enhancing the performance, productivity, and efficiency of the extraction process. They are supplying products primarily to the government sector.

Related News -

https://www.khl.com/international-construction/mining-equipment-market-to-hit-us95-billion-/135776.article

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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