Mining Equipment Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026
Augmentation of existing mining projects along with new mining projects in developing countries is generating the demand for new machinery and equipment. Factors such as these will continue to surge the demand for mining pumps. The mining equipment market is projected to value more than USD 120 Billion by 2026, at a CAGR of 5.3%.
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The increasing demand for minerals and metals are primarily driving the growth of the market. Expanding the petroleum industry, and substantial usage coal is further boosting the market growth. However, factors such as high-priced initial investment costs, and strict government regulations associated with mining equipment limit the growth of the market. Nonetheless, technological progressions and new emerging markets would present growth opportunities for the mining equipment market in the near future.
Key Market Trends that will Affect the Mining Equipment Industry
The rise of Autonomous and Driverless Equipment
An increasing number of companies switching to electric power and natural gas
Technological improvement to make mining equipment last longer
Surge in the use of iron ore and copper
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Surface Mining Equipment to Record Accelerated Growth
The prominent market players in the mining industry are modifying the equipment toward automation accompanying with the electrification trend. Market players such as Komatsu and Caterpillar in sites such as Gabriela Mistral and Solomon have tested the autonomous mining equipment since 2008. With exhaust emission limits, being reduced globally, the manufacturers operating in this market are facing issues to achieve an optimum equilibrium between the output received, the incurred cost, and profit margins by adhering to the government regulations. It is imperative to increase the efficiency of mining equipment, as the industry is in immediate effect by the demand and pricing of the mining products, the margins with the operators are quite low. This means if the efficient os improved, this will improve the profitability of the business. OEMs such as Caterpillar and Komatsu are giving retrofit alternative on the existing fleet. As the mining equipment performs 24X7, which is a higher number of working hours, there is a continuous demand and wear and tear for this equipment. The surface mining equipment is expected to register the fastest growth owing to its equipment offerings, extensive operation and ease of autonomous adoption in the equipment type.
Asia Pacific to Register Highest Market Growth
Asia- Pacific recorded the highest market share in 2018 and is estimated to continue this trend during the forecast period. Owing to factors such as metal and coal mining in this region. Prominent global players are extending their presence in developing nations such as Malaysia, India, Indonesia, to explore the growth opportunities. For example, Atlas Copco had invested $13.4 million for the expansion of the factory in Hyderabad, India, doubling its capacity.
Essential Questions Answered
How rapidly will the mining equipment market grow globally?
What are the key factors influencing or restraining the growth of the mining equipment market?
Key regions to focus on?
Investigating several aspects of the market with the help of Porter’s five forces analysis
Recognising the latest advancements, market shares, and strategies applied by the significant market players
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