Mining Equipment Market to exceed $95 Bn by 2024 | Profiled Players: Terex Corporation, Liebherr Group, WIRTGEN GROUP, CNH Industrial, Bell Equipment
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Mining Equipment Market is expected to be around USD 95 billion by 2024. Several players are engaged in developing IoT-based equipment for remote monitoring and control. It was estimated that around 40% of the manufacturers in the industry are planning to implement IoT-connected technologies for performing extraction activities.
The manufacturers in the mining machinery market are providing several safety features and functions in these machines including gas detection system, wireless personnel tracking, conveyor belt monitoring and ground control, and strata management systems. Increasing investments in developing innovative and smart solutions will drive the mining equipment market.
Major companies participating in the mining machinery market are: Atlas Copco AB, Caterpillar Inc., Metso Corporation, Komatsu Ltd., Joy Global, Inc, Hitachi Co., Ltd., Sandvik AB, AB Volvo, Doosan Group, Astec Industries Incorporated, Wirtgen Group Holding GmbH, Bell Equipment Limited, Liebherr Group, Bradken Limited, CNH Industrial N.V., China Coal Energy Company Limited, Hyundai Heavy Industries Company Limited, Corum Group , RCR Tomlinson Limited, Kopex SA, Terex Corporation, and Techint Group. Among others.
The players in the mining equipment market are offering their solutions to several regions where a high availability of mineral resources is being witnessed. Companies are adopting several strategies to capture a widespread customer base in the mining machinery market. For instance, in June 2011, Caterpillar, Inc. announced the acquisition of Bucyrus International, Inc. to expand its business operations.
Asia Pacific region is witnessing a high adoption of these solutions owing to the favorable policies regarding the export of metals and minerals. Countries including India, China, and Australia are among the largest coal producing economies of the world. Rising demand for advanced extraction solutions is encouraging the players to increase their R&D activities to cater to the requirement of the customers. Mining equipment market is witnessing a growing demand for connected technologies for monitoring the industrial processes.
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Mining Equipment Market, By Product: -
1. Mining drills & breakers
2. Crushing, pulverizing & screening equipment
3. Mineral processing machinery
4. Surface mining equipment
5. Underground mining machinery
Others (parts & attachments) Drills & breakers are experiencing a high adoption in the Mining Equipment Market with an increase in surface and underground extraction activities. The application of rotary blasthole drills for coal and metal mining processes is growing rapidly. Manufacturers in the mining machinery market are developing customized solutions based on the specifications of the companies.
Mining Equipment Market, By Application: -
1. Metal mining
2. Mineral mining
3. Coal mining
The applications of these machines for mineral extraction are expected to grow owing to the rising demand for fossil fuels in several application areas. Growing demand for crude oil, natural gas, and coal for energy generation is expected to drive the extraction process. Countries including China, Ukraine, Colombia, Australia, and Russia are the largest producers of fossil fuels. These countries are witnessing a high adoption of mineral processing machinery thereby driving the mining equipment market. The global production and consumption of these minerals are increasing rapidly. Crude oil is the largest energy source that accounts for around 39% of fossil energy.
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