Global Mining Equipment and Machinery Market Expected to Reach US$ 140 Billion by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Mining Equipment and Machinery Market by Product Category, Propulsion, Application, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at US$ 95 Billion in 2019 and is expected to grow at a healthy growth rate of 5.4 % by the year 2027. The global mining equipment and machinery market is anticipated to grow owing to rising demand for metals and commodities, and high adoption of innovative technologies are the factors expected to drive the growth of the global mining equipment and machinery market.

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The global mining equipment and machinery market is fragmented based on product category, propulsion, application, and region. In terms of product category, the market is segmented into crushing, pulverizing, and screening equipment, drills & breakers, mineral processing equipment, surface mining equipment, and underground mining equipment. Based on propulsion, the market is classified as Diesel, Gasoline, CNG/ LNG/ Others. On the basis of application the market is divided into coal, mineral, and metal. Based on region, the global mining equipment and machinery market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, and Rest of Asia Pacific. The Europe region is further categorized into Germany, France, Italy, U.K., Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.

In year 2020, the mining equipment and machinery market is witnessing downtrend owing to the negative impact of COVID 19 pandemic. The shutdown of production activities, slowdown in the production of mining equipment and machinery and its raw materials have given rise to supply chain disruption in the mining industry. Many countries have closed their national borders and have enforced lockdowns. which in turn, is hindering the market growth. Whereas, restriction, stringent rules and stoppage of international and domestic flights are some of the prime reasons responsible for this market decline. However, the market is expected to grow at a slow pace in future. The market growth pattern is hampered by fluctuations in demand and supply of mining equipment and machinery.

As per GMR industry analyst Rajat Verma, “The Global Mining Equipment and Machinery Market is anticipated to witness significant growth during forecast period 2021-2027. The market growth is driven due to rising adoption of automated solutions for mining. Moreover, the increasing innovations in mining processes and growing demand for metals and minerals, led to rise in mining activities. Which in turn is expected to propel the market growth. Key players in the market are actively focusing on R&D activities to develop innovative equipment and machinery used in mining.

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Key Takeaways from the Study:

• The players including Caterpillar Inc., and Komatsu Ltd., together hold approximately 28% of market share of global mining equipment and machinery market in year 2019.
• Asia pacific accounts for a major share of the market, followed by North America. The market in Asia Pacific is projected to expand at significant CAGR during the forecast period. Asia Pacific is the world’s leading producer of mineral raw materials, accounting for 35% of the world’s mining equipment industry in 2018.
•  The diesel segment accounts for a major share of the market and is anticipated to expand at a significant CAGR during the forecast period. Diesel is commonly used in mining equipment and machinery owing to its high density which make diesel a preferred propulsion for these equipment. However, harmful effects on the environment and high costs hinder the growth of the diesel segment.
• The Metal segment is leading segment of the market, due to high demand for metals from rapidly growing sectors such as automotive (with sales of 100 million cars per year) and construction (with most modern projects taking advantage of steel structures rather than traditional concrete).

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Report Scope:

Target Audience:

• Supply-side: Manufacturers, raw material suppliers, and distributors.
• Demand Side: Mining Industry.
• Regulatory Side: Concerned government authorities, and other regulatory bodies
• Associations and Industry Bodies: National Environmental Policy Act (NEPA), Clean Air Act (CAA), Resource Conservation and Recovery Act (RCRA), Toxic Substances Control Act (TSCA), and Comprehensive Environmental Response, and Compensation, and Liability Act (CERCLA), Indian Bureau of Mines (IBM), Mine Safe and Health Administration (MSHA).

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