Mining equipment are used for extraction of geological materials, such as copper, nickel, cobalt, gold, silver, lead, zinc, iron, diamond, platinum, and others, from the surface or under the earth. While these equipment or machines perform digging, drilling, and loading activities in the mining industry. Also the Mining equipment include mining drills and tools, earth movers, crushing equipment and machines, feeding & conveying equipment, and others. Despite this, the Metals and minerals are extracted from the ground with help of computerized remote-control equipment, high-technology operations, and complex machinery. Apart from this, Mining activity may vary according to the type of metals and minerals to be extracted from the earth. There are basically two types of mining processes, that is, surface mining and underground mining, each mining process involves different machineries as per applications. Apart from digging, there are other activities such as milling, smelting, refining, and others.
Mining Equipment Market: Key Players
The research study includes profiles of leading companies operating in the global mining equipment market. Key players profiled in the report include: AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Komatsu Ltd., Liebherr-International AG, Metso Corporation and Sandvik AB.
Drivers for the Global Mining Equipment Market:
Rapid evolution in mining processes and a rise in the adoption of automated solutions are driving the mining equipment market. Several players are providing smart solutions to their customers for improving productivity and enhancing the efficiency of industrial operations. These smart solutions offer features such as real-time control & monitoring, will optimize production management, and enhance the decision-making approach. This has led to players integrating these advanced solutions into their products to enhance the productivity and reliability in mineral extraction processes. These factors are responsible for the growth of the mining equipment market.
Opportunities for the Global Mining Equipment Market:
The mining equipment market size is increasing rapidly due to increase in mining activities for extraction of metals and minerals from the ground, to deal with growing demand for metals and mineral commodities. Furthermore, adoption of various technologies such as automation and IoT is reducing labor cost and operational time associated with mining activities, this in turn is expected to increase the demand for innovative mining equipment in coming years. In addition, growing consumption of natural resources, such as coal, diamond, and uranium, and increasing need for mineral fertilizers to improve agricultural yield supplements are major factors expected to increase the demand for the global mining equipment market during forecasted times.
Restrains for the Global Mining Equipment Market:
The stringent government regulations such as environmental concerns, safety standards, emission norms, and import regulations are expected to hinder the growth of the global market. While the High cost of machines is the major restraint for the growth of the market. Additionally, the Rising prices of raw materials is the another drawback hindering the growth of the market. These factors can hamper the growth of the mining equipment market.
Region Wise, Global Mining Equipment Market Analysis:
Report covers the region wise analysis, global Mining equipment market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global mining equipment market share followed by North America & Europe. While the Asia Pacific leads the global Mining equipment market due to the Lack of mechanization rates in Asia Pacific countries is anticipated to drive the sales. Many developing countries in the region have sizable coal producing areas and significant coal and metal mining industries that need a substantial level of capital investment. Increasing demand for lower emissions, low cost, and high energy-efficiency machines is being witnessed in the region. Growing availability of lease-based model will encourage end users to use advanced machinery. A rapid increase in the construction activity and manufacturing output in China, coupled with government efforts to boost the mechanization of mines, have led to a rapid growth of the mining machinery market in the country.
Global Mining Equipment Market: Product analysis
- Underground Mining
- Surface Mining
- Crushing, Pulverizing, & Screening
- Drills & Breakers
Global Mining Equipment Market: Application analysis
Global Mining Equipment Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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