Global Mining Equipment Market Anticipated to Garner a Revenue of $170,718.3 Million at a CAGR of 6.5% during the Forecast Period, 2021-2028 - Exclusive Report [245 Pages] By Research Dive

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27 Aug, 2021, 13:15 GMT

Global mining equipment market is expected to experience a significant growth during the forecast period. Surface and non-metal sub-segments are estimated to be the most profitable segments. Asia-pacific is expected to lead the market. 

NEW YORK, Aug. 27, 2021 /PRNewswire/ -- Research Dive has published a report titled "Mining Equipment Market by Mining Type (Surface, Underground, & Others), End Use (Metal, Non-metal, & Mineral), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028"

According to the report, the Global Mining Equipment Market is predicted to garner a revenue of $170,718.3 million at a CAGR of 6.5% during the forecast period, 2021-2028.

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Regional Analysis

As per the report, Asia-Pacific Mining Equipment Market is expected to garner the highest revenue of $58,607.6 million during the analysis period. The main attributor behind this growth is that the regional countries such as India, China, and Australia are known for some of the largest coal mine reserves around the world. Because of this geographical treasure, the industry is booming in these countries. This factor is enhancing the growth of the market.

Highlights of the Report

The report has divided the market based on mining type, end-use, and regional analysis.

  • The surface mining sub-segment is predicted to register a maximum revenue of $68,655.1 million during the analysis period. Surface mining has many benefits such as it needs lesser manual labor, it is low-cost, safe operation and higher productivity rate while compared to other mining types. These are the major factors behind the growth of the market segment.
  • The non-metal sub-segment is anticipated to generate a revenue of $71,764.8 million by the end of 2028. The non-metals are used for tableware, decorative items, sanitary ware, and construction materials. Other applications of non-metals include preparation of cement and lime products, and glass and ceramics manufacturing. These are factors driving the growth of the market during the forecast period.

Market Dynamics

Drivers: The growing world population has increased the need of greater crop yield and more yield requires more fertilizers. Phosphorus being the one of the primary nutrients of the fertilizers, and it is mined as phosphorus rock, the demand of mining equipment has also increased. This is one of the main reason behind the growth of the market.

Restraint: High-cost of new mining equipment is predicted to hinder the market growth during the upcoming years. Because of the expensiveness of new equipment, industries resume to rely on older equipment which provide same efficiency.

Opportunity: End-use industries are adopting innovative technologies trends such as automation and AI for better work quality and safety and security of the workers. This is going to create many opportunities for the market.

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Key Players of the Mining Equipment Market

The topmost players of the global mining equipment market are included in the report are-

1.  Deere & Company

2.  Epiroc AB

3.  Sandvik AB

4.  Caterpillar Inc.

5.  Terex Corporation

6.  Liebherr

7.  Hitachi, Ltd.

8.  Komatsu Ltd.

9.  Doosan Corporation

10.  Volvo Group

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These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.

For instance, in September 2020, a US-based machinery and equipment manufacturing company, Deere & Company announced about the completion of its procurement of Unimil, a leading Brazilian company. This acquisition been proved beneficial for Deere and Company as it helped in expanding its portfolio and offer cost-effective solutions to the customers.

Covid-19 Impact on Mining Equipment Market

The global mining equipment market witnessed a drastic downfall during the coronavirus outbreak. The governments around most of the countries imposed strict lockdowns in the early months of 2020. Supply chain came to a sudden halt severely impacting the global economy. In mining industry, projects were cancelled and many companies went bankrupt. These are the main factors behind the downfall of the market during the pandemic period. However, the market players are focusing on strategic development to recover the market from its loss.

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