Press release
Mining Equipment Market Expected to Reach $182.1 Billion by 2030
Mining Equipment Market
Moreover, these are also used for lifting and shifting operations in the construction sector.
The global mining equipment market size was $125.2 billion in 2020, and is expected to reach $182.1 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
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Top Players:
The major players, such as AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB, focused on developing new products to strengthen their presence in the market.
Moreover, these companies expand their business by acquiring small businesses to sustain intense competition. For instance, Epiroc acquired Mining Products (Proprietary) Limited, a South African manufacturer of rock reinforcement products for underground mining. Through this acquisition, Epiroc expanded its presence in South Africa.
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The key factor that drives the mining equipment market growth includes rise in mining activities to meet the demand for metal and minerals. Moreover, as compared to other regions across the world, the economy of Europe has drastically declined over the past couple of years, which has affected the mining industry.
The surface mining equipment segment accounted for the highest share of about one third of global mining equipment in 2020, and is expected to grow at a CAGR of 4.5% during the forecast period. In terms of application, the metal mining sector is expected to contribute for the highest mining equipment market share in the coming years. Moreover, increase in emphasis on the mineral mining sector is expected to provide wide growth opportunities to small players in developing economies.
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