Mining Equipment Market to Reach $188.77 Billion, Globally, by 2025 at 7.2% CAGR: Allied Market Research
PORTLAND, Oregon, January 10, 2019 /PRNewswire/ --
Surge in demand for metal & mineral commodities coupled with increase in mining activities to cater to the growing need for mineral fertilizers would drive the growth of the global mining equipment market
Allied Market Research published a report, titled, "Mining Equipment Market by Type (Mineral Processing Equipment; Surface Mining Equipment; Underground Mining Equipment; Mining Drills and Breakers; Crushing, Pulverizing, & Screening Equipment; and Others) and Applications (Metal Mining, Mineral Mining, and Coal Mining): Global Opportunity Analysis and Industry Forecast, 2018-2025." The report offers detailed analyses of the key player positioning, drivers & opportunities, major market segments, top winning strategies, and competitive landscape. According to the report, the global mining equipment market is expected to reach $188.77 billion by 2025 from $106.85 billion in 2017, registering a CAGR of 7.2% from 2018 to 2025.
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Increasing consumption of metal & mineral commodities and rise in the demand for mineral fertilizers drive the growth of the market. However, skyrocketing prices of raw materials and stringent government rules for mining activities are expected to hinder the market growth. On the other hand, rise in demand for technologically advanced equipment and surge in construction activities for road and railway tracks in hilly areas would create new opportunities in the market.
Surface mining equipment segment to remain dominant throughout forecast period
Surface mining equipment segment accounted for nearly one-third share of the total market revenue in 2017 and is expected to maintain its lead throughout the forecast period. This is attributed to the significant increase in mining activities across developing countries. However, the mining drills and breakers segment is expected to grow at the highest CAGR of 9.1% from 2018 to 2025, owing to large metal reserves in the Asia-Pacific region, especially in Japan, India, and Australia. The research also analyzes segments such as mineral processing equipment, underground mining equipment, crushing, pulverizing, & screening equipment, and others.
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Metal mining segment to be lucrative through 2025
Metal mining segment held the major market share in 2017, contributing nearly two-fifths of the total revenue. Moreover, it is expected to retain its lion's share throughout the forecast period. This segment is expected to grow at the highest CAGR of 9.1% from 2018 to 2025 owing to rise in demand for premium metals including diamond, platinum, and titanium in developing countries. The research also analyzes mineral mining and coal mining segments.
Asia-Pacific to maintain its lion's share by 2025
Asia-Pacific contributed two-thirds share of the total revenue in 2017 and is expected to maintain its dominant position during the forecast period. This is on account of the rise in demand for minerals and metals including silver, gold, diamond, and platinum. On the other hand, Europe would grow at the highest CAGR of 10.00% from 2018 to 2025, owing to rise in investments in automated equipment coupled with availability of technologically enhanced infrastructure in the region.
Frontrunners of the industry
The key market players analyzed in the report include AB Volvo, Deere & Company, Caterpillar Inc., Epiroc AB, Doosan Corporation, Komatsu Ltd., Hitachi, Ltd., Metso Corporation, Liebherr-International AG, and Sandvik AB. These players have adopted various strategies including partnerships, expansions, mergers & acquisitions, joint ventures, collaborations, and others to gain a strong position in the industry.
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