Mining Equipment Market to Reach $165.82 Bn, Globally, by 2027 at 5.7% CAGR: Allied Market Research
- Surge in usage of coal for electricity generation and heating and increase in construction of railway tracks & roads through hilly areas across the developing economies such as China and India drive the growth global mining equipment market
PORTLAND, Ore., July 22, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Mining Equipment Market Analysis by Type (Mineral Processing Equipment; Surface Mining Equipment; Underground Mining Equipment; Mining Drills & Breakers; Crushing, Pulverizing, & Screening Equipment; and Others) and Application (Metal Mining, Mineral Mining, and Coal Mining): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global mining equipment industry garnered $121.69 billion in 2019, and is estimated to reach $165.82 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027.
Drivers, restraints, and opportunities
Surge in usage of coal for electricity generation and heating and increase in construction of railway tracks & roads through hilly areas across the developing economies such as China and India drive the growth global mining equipment market. However, high cost associated with mining equipment and stringent government regulations on import of mining equipments restrain the growth of the market. Furthermore, growing adoption of digital mining technology by miners across the globe is expected to create new growth opportunities during the forecast period 2020-2027.
Covid-19 Scenario:
- Several major mining equipment manufacturers across the globe have halted their production activities due to disrupted supply of components amid lockdown due to Covid-19 pandemic.
- The demand for mining equipment from developing nations such as India and China is likely to surge owing to increased infrastructure activities in hilly terrains along the border area amid ongoing military tension between these countries.
- In addition, initiative such as "Vocal for Local" lauched by Government of India that includes development of machines and equipments within the country is expected to decline the import of mining equipment from foreign countries during the Covid-19 pandemic.
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The surface mining equipment segment to dominate throughout the forecast period
Based on type, the surface mining equipment segment accounted for more than one-fourth of the global mining equipment market in 2019, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to surge in infrastructure development activities across the developing economies such as China and India. However, the mining drills & breakers segment is estimated to portray the fastest CAGR of 7.5% from 2020 to 2027. This is attributed to growing number of construction projects for roadways, railways, and tunnels across the developing nations such Brazil, India, China, and Indonesia.
The metal mining segment held the lion's share during the forecast period
Based on application, the full metal mining segment contributed to the highest market share, accounting for more than two-fifths of the global mining equipment market share in 2019, and is estimated to maintain its leadership position during the forecast period. In addition, it is estimated to generate the fastest CAGR of 7.5% from 2020 to 2027. This is attributed to the surge in demand for metals such as steel, titanium, iron, copper, silver, and platinum as raw materials for the manufacturing of batteries, and electrical & pharmaceutical equipment.
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Asia-Pacific to maintain its dominant by 2027
Based on region, Asia-Pacific accounted for the highest share, holding for more than three-fifths of the global mining equipment market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to the growing demand for minerals and precious metals such as gold, silver, diamond, and platinum for the making of jewellary. In addition, increase in need for coal is expected to be the major factor that fuels the market growth in the region. However, LAMEA is estimated to portray the fastest CAGR of 6.6% from 2020 to 2027, owing to tremendous underground mining of coal required to generate electricity to meet the growing energy demands of the region.
Leading market players
- Caterpillar inc.
- AB Volvo (Volvo Construction Equipment)
- Doosan Corporation
- Deere & Company
- Hitachi, Ltd. (Hitachi Construction Machinery Co., Ltd.)
- Epiroc AB
- Liebherr-International AG
- Komatsu Ltd
- Sandvik AB
- Metso Corporation
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