Mining equipment such as excavators, loaders, dozers, drills, and trucks are used for excavation and transportation of ores and minerals. The demand for mining equipment has been increasing significantly owing to the rapid growth of infrastructure and construction activities across the globe.
The global Mining Equipment Market is estimated to be valued at Us$ 145.47 Bn in 2024 and is expected to exhibit a CAGR Of 3.3% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Introduction of autonomous hauling systems has been one the major trends witnessed in the global mining equipment market. Autonomous hauling system or AHS helps to increase productivity while reducing operating costs and maintain safety. With AHS, unmanned trucks are employed for transportation of materials within the mining site without the need for humans onboard. The trucks are operated and monitored remotely with the help of various technologies such as GPS, radar, and laser imaging detection and ranging systems (LiDAR). This significantly reduces risks related to hauling and improves efficiency of operations. Owing to such advantages, many mining companies are adopting AHS for their transportation needs, thereby propelling the demand for autonomous mining trucks.
Segment Analysis
Mining equipment market is dominated by surface mining equipment sub-segment. Surface mining accounts for over 70% of the total mineral production globally. Surface mining equipment such as excavators, loaders, dozers and trucks are used extensively in open pit mining operations for excavation, loading and hauling of materials. Surface mining provides easier access to mineral deposits close to the surface. It allows extraction of a greater tonnage of ore or minerals per day compared to underground mining techniques.
Key Takeaways
The Global Mining Equipment Market Demand is expected to witness high growth over the forecast period owing to rapid industrialization and urbanization in developing countries. The mining sector plays a vital role in economic development worldwide. The global mining equipment market is estimated to be valued at US$ 145.47 Bn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024-2031.
Regional analysis
Asia Pacific region holds the largest share in the global mining equipment market owing to large mining industry presence and booming construction sector in China, India and other developing nations. China accounts for over half of the Asia Pacific and global mining equipment demand. The country is witnessing increased infrastructure spending to support urbanization which is boosting demand for minerals and coal. India is another major market in the region supported by government initiatives for mineral production and mining sector growth.
Key players
Key players operating in the mining equipment market are Caterpillar Inc., Komatsu Ltd., Sandvik AB, Hitachi Construction Machinery Co., Ltd., and Liebherr Group. Caterpillar Inc. is one of the largest player globally, offering comprehensive range of heavy construction and mining equipment. Komatsu Ltd. specializes in manufacturing and sale of construction, mining and utility equipment.
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