Press release
Mining Equipment Market Demand, Analysis & Forecast to 2030 Expected to Reach $200.9 bn
Mining Equipment Market
The prominent driving force behind the growth of the mining equipment market is the escalating demand for metals and minerals, leading to increased mining activities. Furthermore, Europe has witnessed a significant economic contraction in recent years compared to other global regions, impacting the mining industry.
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Asia-Pacific serves as the most productive region as compared to others with diverse industry verticals significantly investing in mining equipment. Moreover, various domestic players are investing in the mining sector, which is anticipated to boost demand for mining equipment such as crushers, trucks, loaders, diggers, and others to complete operations with reduced labor cost and high precision of work within optimized time.
Furthermore, the surface mining equipment market is expected to experience rapid growth in emerging economies during the forecast period, owing to deployments in construction and mining industries.
Rise in thermal power corporations, mainly in Asia-Pacific is expected to increase the demand for coal, acting as driver for the industry. For instance, in 20202, the Coal India planned to expand 193 existing coal mines and develop 55 new coal mines with capacity of 92 MTPA in the upcoming 5 years to boost its coal production. Such expansions of coal mines globally are anticipated to cater to growth of the market. Further, coal continues to be a major fuel in worldwide energy systems, accounting for nearly two-fifths share of electricity generation and over two-fifths share of energy-related carbon dioxide releases. Hence, rise in demand for coal is expected to stimulate the coal mining industry, and boosts the global mining equipment industry growth.
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Top Players:
CATERPILLAR INC., SANDVIK AB, KOMATSU LTD, DOOSAN CORPORATION, Atlas Copco AB (Epiroc AB), LIEBHERR-INTERNATIONAL AG, HITACHI, LTD. (HITACHI CONSTRUCTION MACHINERY CO., LTD.), DEERE & COMPANY, METSO CORPORATION, AB VOLVO (VOLVO CONSTRUCTION EQUIPMENT)
Key Findings Of The Study
• The report provides an extensive analysis of the current and emerging global mining equipment market trends and dynamics.
• By type, underground mining equipment segment dominated the market, in terms of revenue in 2020.
• By application, the metal mining segment registered highest growth in the global market in 2020.
• By construction, the products segment is projected to register the highest growth rate in the coming years.
• The report provides an extensive analysis of the trends and emerging opportunities of the market.
• In depth, the global mining equipment market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.
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