The steadily progressing mining equipment market was estimated to exceed the revenue of US$125 Bn in the year 2020. This Fairfield Market Research study would provide an assessment of how the growth of market will unfold over the period of projection.
Advancements in Mining Technology to Complement Growth of the Mining Equipment Market
With automation and digitisation gaining momentum, technology has become a critical differentiator for mining companies and manufacturers of mining equipment. Proliferation of technologies such as Internet of Things, machine learning, 3D imaging, smart sensors, automation and plasma technology has been revolutionising the mining industry. Use of telematics in the mining sector has been a game changer. For instance, IoT sensors provide prompt feedback to fleet manager thus ensuring reduced downtime occurring due to machine malfunctions. This also helps in maintenance activity planning further improving machine health and offering a better ROI. That said, technological developments in the mining sector backed by growing inclination towards sustainability are likely to generate momentous growth opportunities for the mining equipment market in the forthcoming years.
Moreover, growing concerns regarding environmental health have urged mining equipment manufacturers to develop low emission machinery. Shift towards adoption of low emission and hybrid models have transformed the mining equipment space significantly. With growing technological developments, companies are now able to manufacture mining equipment that has low carbon footprint, minimised fuel consumption and better output. For instance, Komatsu has integrated advanced control technologies in its autonomous haulage system (AHS) that significantly reduces consumption of fuel, decreases tire wear, and reduces emissions alongside improving productivity. Such advancements in the mining space are expected to bode well for the growth of the mining equipment market on the global front.
Electric Machinery to Gain Stronger Ground in Mining Equipment Market
Adoption of electric mining equipment is on the rise. Diesel operated mining equipment generates noise, pollution and heat creating an unpleasant work environment. This also has embossed a significant impact on the environment owing to increasing carbon emissions. Electric mining equipment facilitate a safe working condition, overcomes ventilation problems, ensures clean air, less heat and less noise and are zero emissions. This has pushed the adoption of battery operated or electrical machinery in the mining space, which is expected to generate ample growth opportunities in the mining equipment market.
Asia Pacific to Emerge as a Potential Hub of Opportunities in Mining Equipment Market
Developing economies in Asia Pacific are expected to showcase high growth potential in the mining equipment market. This is mainly owing to increasing coal mining activities coupled with rising demand for various precious metals including platinum, gold, diamond, and silver that has led to increasing mining drilling activities, thereby pushing demand for mining drilling services. This has triggered the need for low-cost, low-emission, and energy-efficient mining equipment in the region. Moreover, abundant deposits in Asia Pacific have provided potential avenues for mining companies. Growing need for coal production on the back of increasing demand for power and energy across countries such China, and India are further driving the sales of mining equipment. According to Energy Information Administration (EIA), emerging economies in the Asia Pacific region have showcased high dependency on coal for generation of electric power. In 2020, approximately two-thirds of the overall electricity generated in India was by using coal. On the global front, the consumption of coal is significant in countries such as China, and India, thus making Asia the largest consumer of coal geographically.
Furthermore, another factor driving growth of the mining equipment market is the unprecedented rise in development of infrastructure and cement industry. This aspect coupled with rising inclination towards mechanisation of mines in India, and China has given an impetus to the cost efficient and technology integrated mining equipment. This has resulted in an increase in mining activities, thus prompting the demand for efficient mining equipment, consequently fuelling the growth of the market in the region.
Mining Equipment Market: Competition Landscape
A few of the major players in the mining equipment market include Caterpillar Inc., AB Volvo, Atlas Copco AB, Wirtgen Group Holding GmbH, Komatsu Ltd., Sandvik AB, Hitachi Construction Machinery Co. Ltd., CNH Industrial NV, Liebherr Group, Terex Corporation and Doosan Corporation. Some of the key players in global mining equipment market are focused on launching new products apart from other strategies such as acquisitions, and partnerships.
Recent Notable Developments
The Global Mining Equipment Market Is Segmented As Below:
By Equipment Type
By Powertrain Type
Key Elements Included In The Study: Global Mining Equipment Market
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