Mining Equipment Market Prediction by Leading Manufacturers, its Application and Types will Reach $182.1 bn 2030

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. In 2020, Asia-Pacific dominated the global market, in terms of revenue, accounting for about 58.9% share of the global market, followed by North America.

Mining equipment is used to dig and move heavy and bulky loads in mining industries. These include drill rigs, crawlers, crushing & processing equipment, dumpers, excavators, finishing equipment, graders, mixers, trucks, trenchers, loaders, and dozers. These are majorly used in surface and underground mining operations. Moreover, these are also used for lifting and shifting operations in the construction sector.

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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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Several manufacturers in the global mining equipment industry stopped their business activities due to lockdown implemented in developed and developing countries, owing to ban on construction activities. This halt in production activities impacted the revenue of the mining equipment manufacturing companies. For instance, net sales of Sandvuk AB dropped by 5.2% from January 2020 to December 2020. In addition, lack of man power and raw materials affected the supply chain of the global market. However, the market is projected to cover from the 1st quarter of 2021, due to the reduced restrictions and reopening of the global mining equipment industry. Moreover, in 2021 with the availability of vaccine against COVID-19, the global mining equipment is expected to gradually witness growth.

Key Players:
Atlas Copco AB (Epiroc AB), CATERPILLAR INC., SANDVIK AB, KOMATSU LTD, DOOSAN CORPORATION, HITACHI, LTD. (HITACHI CONSTRUCTION MACHINERY CO., LTD.), AB VOLVO (VOLVO CONSTRUCTION EQUIPMENT), DEERE & COMPANY, LIEBHERR-INTERNATIONAL AG, METSO CORPORATION

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