Global Mining Equipment Market is estimated to reach $167.7 Billion by 2024; growing at a CAGR of 6.9% from 2016 to 2024. Mining is the process of extracting coal, metals, oil, minerals, and water from the earth. Other valuable products such as diamond, gold, uranium, and ruined geological deposits are also being mined from the earth using various mining equipment. Some of the major mining equipment mostly used during the digging process include dozers, excavators, loaders, earthmovers, drills, dump trucks, graders, and scrapers. Rise in construction and real estate has increased mining activities throughout the globe, supplementing the demand for technologically advanced mining equipment.
Global Mining Equipment Market Size and Forecast, 2015 - 2024 (US$ Billion)
Rising demand for metal and mineral commodities, and increase in consumption of natural resources such as petroleum, diamonds, and gold, are the major factors driving the global mining equipment market. Moreover, increased demand for fertilizers in cultivation of crops has also fueled the market growth. However, high maintenance cost and strict government regulations would hamper the market growth. Increasing construction of road and railway tracks and fueling demand for coal in generating electricity would generate new business opportunities for the market in near future.
The mining equipment market is segmented by type, application and geography. By type, the market is bifurcated into mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing, & screening equipment, and others. In terms of application, the market is categorized into metal mining, mineral mining, and coal mining.
Global Mining Equipment market share by region, 2024 (value%)
By geography, the market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers Western Europe, and Eastern Europe. Asia-Pacific covers China, India, and others. RoW covers Central and South America, and Middle East & Africa.
Major key players operating 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.
The key takeaways from the report
- The report will provide a detailed analysis of Global Mining Equipment Market with respect to major segments such as type, and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Mining Equipment Market from 2015 to 2024 has been included in the report
- Profile of the key players in the Global Mining Equipment Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Mining Equipment Market
- Mineral Processing Equipment
- Surface Mining Equipment
- Underground Mining Equipment
- Mining Drills & Breakers
- Crushing, Pulverizing, & Screening Equipment
- Metal Mining
- Mineral Mining
- Coal Mining
- North America
- Western Europe
- Eastern Europe
- South America
- Middle East & Africa