Global Mining Equipment Market Report, published by Variant Market Research, forecast that the global market is expected to reach $167.7 Billion by 2024 from $98 Billion in 2016, growing at a CAGR of 6.9% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 7.6% and 6.9%, respectively, during the forecast period.
"Mining Equipment Market (By Type: Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment, Mining Drills & Breakers, Crushing, Pulverizing, & Screening Equipment, and Others; By Application: Metal Mining, Mineral Mining, And Coal Mining; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors driving the growth of the global mining equipment market include growing demand for metal and mineral commodities, growing consumption of petroleum, gold, and diamond, and elevated demand from agriculture sector for making fertilizers. However, high maintenance costs and strict government regulations would limit the growth of the market. Additionally, rising construction of roads and railways and surge in demand for coal in generating electricity could provide market opportunities in the forecast period.
Type, application, and geography are the major segments considered in the global mining equipment market. Type segment is bifurcated into mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing, & screening equipment, and others. Among which, surface mining equipment held the largest market share in 2016, followed by underground mining. Mining drills and breakers segment is likely to attain the fastest CAGR during the forecast period 2016 – 2024. Application is further categorized into metal mining, mineral mining, and coal mining. Metal mining would dominate the segment with largest market share and fastest CAGR due to a huge demand for precious metals such as gold, silver, aluminum and platinum.
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific held the majority of the market share in 2016 with 64.8% and will continue to attain fastest CAGR during the forecast period, driven by presence of large volume of untapped resources, improving technologies and legislatives, and rising investments on several mining projects. Increasing demand for coal in countries such as India and China is also supplementing market growth in the region. RoW held the second largest market share with 13.5% in 2016.
Major key players in the market are Metso, Komatsu Ltd., Caterpillar Inc., Sandvik, Joy Global, Atlas Copco, Hitachi Co. Ltd., AB Volvo, Liebherr Group, and Doosan Group, among others.