NEW YORK, April 6, 2020 /PRNewswire/ -- Mining Equipment
Market Size, Share & Trends Analysis Report By Equipment
(Surface, Underground), By Application (Metal, Non-metal, Coal), By
Region, And Segment Forecasts, 2020 - 2027
Read the full report:
The global mining equipment market size is anticipated to reach
USD 368.99 billion by 2027,
exhibiting a CAGR of 12.7% over the forecast period, according to a
new report. Growing trend of investment in renewable energy
installations and deployment of innovative technologies are some of
the key factors driving the market. Countries including
India, Australia, and China are playing a significant role by
meeting the growing demand for metals and minerals in order to
increase their market share in the global minerals trade.
Adoption of automated solutions & robotics to reduce human
intervention at the excavation sites for workforce safety is
expected to drive the market over the forecast period.Furthermore,
demand for base metals is expected to elevate due to growing trend
of decarbonization and technological advancements, thereby fueling
the market growth.
Significant improvements in equipment efficiency, investments in
the sector by Original Equipment Manufacturers (OEMs), coupled with
the need for sustainable products, are expected to positively
augment the market growth over the next few years. For instance, in
May 2019, Rio Tinto entered into a
partnership with Caterpillar, Inc., wherein Caterpillar supplied 20
autonomous 793F trucks, along with four autonomous blast drills,
for the Koodaideri iron ore operation.
Remanufacturing has emerged as a vital aspect of increasing the
competitiveness of major players.This can be attributed to strong
demand for products during the commodity supercycle, thus allowing
manufacturers to increase the overall annual shipments.
In order to fit into this trend, several manufacturers have started
providing remanufacturing services. For instance, Liebherr Group
established a mining remanufacturing program that allows consumers
to reduce the entire lifecycle cost of the machinery.
The evolution of the mining equipment market is linked to the
changes in the mining sector, expansion of the existing mines,
coupled with the commissioning of new projects.Manufacturers and
companies are taking effective measures to ensure labor safety by
digitizing the existing equipment.
Despite the unsolved safety challenges and commodity price
struggles in the industry, the emerging mining trends are expected
to offer plenty of growth opportunities for this market. However,
stringent emission norms and safety standards to address
environmental concerns are the significant factors challenging the
mining equipment industry growth.
Further key findings from the study suggest:
• The global market is expected to witness noteworthy growth over
the forecast period due to growing demand for the replacement of
the mining equipment, which is attributed to increasing cases of
aging, obsolescence, and risk of catastrophic failure
• The underground mining equipment segment is anticipated to
register the highest CAGR of over 15% from 2020 to 2027 owing to
increasing demand for brownfield projects and replacement of
• Based on the application, metal mining is expected to expand at
the highest CAGR over the forecast period due to increased demand
• The mining equipment market is highly competitive due to presence
of few players capturing a major share. Notable players include
Komatsu Ltd.; Caterpillar, Inc.; Atlas Copco AB; and Sandvik AB
Read the full report:
ReportLinker is an award-winning market research solution.
Reportlinker finds and organizes the latest industry data so you
get all the market research you need - instantly, in one place.
Contact Clare: email@example.com
Intl: +1 339-368-6001