The mining equipment market is estimated to be USD 77.7 billion in 2018 and is projected to reach USD 112.3 billion by 2025, at a CAGR of 5.40%
NEW YORK, Dec. 18, 2018 /PRNewswire/ -- The increasing mining activities and stringency in emission norms will drive the mining equipment market.
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The mining equipment market is estimated to be USD 77.7 billion in 2018 and is projected to reach USD 112.3 billion by 2025, at a CAGR of 5.40%. Increase in demand for metals and minerals, upcoming emission regulations, increase in development of electric and autonomous mining are the major reasons for the market growth.
CNG/LNG/Others is estimated to be the fastest growing mining equipment market, by prolusion
According to the California Resource Board, RNG from landfill-diverted food and green waste can provide a reduction of 125% in the greenhouse gas emissions and RNG from dairy manure can result in a reduction of 400% in greenhouse gas emissions on replacing traditional vehicle fuels.It produces 70% lesser greenhouse gases than diesel or gasoline, making it the most environment-friendly fuel.
It is also economical compared to diesel and gasoline.Other propulsion types that have been considered are hybrid fuel and battery powered equipment.
Hybrid mining equipment uses diesel and electrical energy to power the mining equipment.As alternative fuels are the most promising fuels for mining equipment, the natural gas segment is projected to be the fastest growing.
Asia Oceania is the fastest growing market for mining equipment because of the increasing commodity prices and demand for minerals.
The mining equipment market for the mineral industry is estimated to have the largest share during the forecast period
Metals considered in the study are iron, copper, and gold as they have the largest deposits.According to the National Bureau of Statistics, Australia, Brazil, China, and India account for the largest iron production.
China, Peru, and the US accounted for the largest copper production, whereas China, Russia, and the US accounted for the largest gold production, as of 2017.Asia Oceania is projected to be the fastest growing market for mining equipment because of huge deposits and increasing commodity prices.
China, South Africa, and Russia account for the largest mineral deposits. According to key industry experts, the demand for mining equipment for mining minerals is expected to be more than that for metals and coals.
Asia Oceania is estimated to be the largest and fastest in the mining equipment market during the forecast period.
The mining equipment industry has witnessed substantial growth, particularly in emerging economies such as China and India.Asia Oceania is expected to witness an annual growth of 6-7%, whereas the overall global growth rate is expected to be 5-6% during the next 8 years.
The region has witnessed growth in mining operations due to increasing demand for raw materials.Also, many international companies have increased their presence in this region.
For instance, Vale, the world's largest iron ore mining company, has been increasing its presence in China. Hence, due to increased demand and the presence of key players, the Asia Oceania market is estimated to be the largest and fastest during the forecast period.
• By Company Type: Tier I - 30%, Tier II - 40%, and OEMs - 30%
• By Designation: C level - 57%, D level - 43%
• By Region: North America - 20%, Europe - 30%, Asia Oceania - 40%, RoW- 10%
Note:*Tier I are system suppliers to OEM, Tier II are component suppliers to Tier I, and OEMs are mining equipment manufacturers.
The mining equipment market is consolidated and dominated by a few global players.The key players in the market are Caterpillar (US), Volvo Construction Equipment (Sweden), Komatsu (Japan), Sandvik (Sweden), Liebherr (Switzerland), Hitachi Construction Machinery (Japan), Terex (US), Atlas Copco (Sweden), Sany (China), and Doosan Infracore (South Korea).
The study includes an in-depth competitive analysis of these key players in the mining equipment market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
Research Coverage
The mining equipment market has been segmented on the basis of equipment category (drill & breaker, crushing, pulverizing, screening, mineral processing, surface mining, and underground mining), propulsion (diesel, gasoline, CNG/LNG/RNG), industry (mineral, metal, and coal), electric mining equipment [mine trucks and Load Haul Dump (LHD)], autonomous mining equipment based on application (surface and underground), and region [Asia Oceania (China, Japan, India), Europe (UK, Germany, France, Spain, Italy, and Rest of Europe), and North America (US, Canada, and Mexico), and Rest of the world (Brazil, Russia, South Africa and Rest of RoW).
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
• OE Market Size, by equipment category: The report offers in-depth market sizing and forecast up to 2025 in terms of value, by equipment category (drill & breaker, crushing, pulverizing, screening, mineral processing, surface mining, and underground mining)
• OE Market Size, by equipment: The report offers in-depth market sizing (volume & value) and forecast up to 2025, by equipmnet & country such as surface equipment (crawler excavator, crawler dozer, motor grader, rigid dump truck, articulated dump truck) and underground equipment (electric shovels, hydraulic excavators, wheel loaders, mining dozers, mining trucks, and drills)
• The report provides "market share" of the leading players in the mining equipment market.
• Market Development: The report provides comprehensive information about lucrative emerging markets for mining equipment across regions.
• Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the mining equipment market.
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