Global Mining Equipment Market Size to grow USD 208.9 Billion by 2030 | CAGR of 5.72%Category: Automotive & Transportation
Global Mining Equipment Market Worth USD 208.9 Billion by 2030
According to a research report published by Spherical Insights & Consulting, The Global Mining Equipment Market Size to grow from USD 132.4 billion in 2021 to USD 208.9 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.72% during the forecast period. A rise in the need for prototype solutions across a number of industrial sectors, including aerospace, automotive, healthcare, and military, is expected to drive the market.
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Browse key industry insights spread across 210 pages with 131 market data tables and figures & charts from the report “ Global Mining Equipment Market Size, Share, and COVID-19 Impact Analysis By Equipment Type (Underground Mining Equipment, Surface Mining Equipment, Crushing, Pulverizing & Screening Equipment, Drills & Breakers, and Others), By Application (Metal Mining, Non-Metal Mining, and Coal Mining), By Powertrain Type (IC Engine Vehicle and Electric Vehicle), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030. “in detail along with the table of contents. https://www.sphericalinsights.com/reports/mining-equipment-market
The Covid 19 epidemic has had a significant negative influence on the mining industry, which has led to a steep fall in the demand for mining equipment. Mining equipment production was suspended as a result of industries closing their doors due to the global lockdown.
This made its supply chain and distribution system even more difficult. Constant lockdowns not only halted technical progress in mining equipment but also hampered expansion. The pandemic's effects on global unemployment, financial crises, and other issues that have led people to lose more wealth than before have entirely dried up the market for pricey commodities including gold, diamonds, silver, and other stones. The continuous travel restrictions on the import-export of raw resources and the frequent abandonment of mining projects also had a negative influence on the market for mining equipment.
The surface mining equipment accounted for the highest revenue share
Underground mining equipment, mineral processing equipment, surface mining equipment, and other equipment make up the worldwide mining equipment market according to equipment. The type of surface mining equipment, which generated approx. 37.8% of global revenue in 2021, dominated the market. It is anticipated that rising demand for diamonds, coal, iron ore, and chromium in emerging nations would open up new market opportunities for surface mining equipment throughout the projected period. The increased use of this machinery has allowed certain mining companies to explore high-quality resources and construct embankments and solid surfaces.
The coal mining category held the largest share in the market
With 36.5% revenue share in 2021, the coal mining application led the mining equipment market. In the coal mining sector, applications for mining equipment are expected to grow dramatically. Its expansion is attributed to an increase in the need for electricity generation. The uses and application of coal mining equipment have grown along with the production of coal. As a consequence, it is anticipated that the coal mining industry will continue to dominate the market throughout the forecast period.
The metal mining category hold the largest share in the market
The Mining Equipment Market is divided into Metal Mining, Non-Metal Mining, and Coal Mining based on Application. The metal mining industry, is expected to grow at CAGR of 6.2% in the mining equipment market during the forecast period. The demand for precious metals is rising, government regulations are favorable, and there is a rise in the transport of metal resources, all of which assist the metal mining industry. However, the non-metal mining category is anticipated to grow at the quickest rate in the coming years due to the demand for the removal of rocks, stones, and sand.
The electric vehicle category will grow at significant CAGR during the forecast period
The electric vehicle category is predicted to grow at significant CAGR over the coming years. The concentration of manufacturers nowadays is on producing reliable machinery that don't harm the environment or mining equipment that is environmentally friendly. Several developing nations are using hybrid technology in the production of mining equipment in an effort to embrace sustainability. The growing demand for sustainable and eco-friendly mining products in highly developed countries is one factor driving the growth of the worldwide mining industry.
Asia-Pacific is leader in the market
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Asia-Pacific accounted for around 37.5% of total market share in 2021. The adoption of electric cars and the rising shift toward renewable energy sources are expected to drive market development in developing nations like India and China in the coming years. Depleting surface mineral deposits in the area due to increased global demand for these minerals is the main factor driving need for mining equipment in the Asia-Pacific region. Following the surface depletion of such minerals, deep mining operations are expanding in the area, increasing the need for mining equipment there.
Major vendors in the Global Mining Equipment Market include Liebherr Group, Caterpillar Inc., Komatsu Ltd, Epiroc, BelAZ, Hitachi Construction Machinery Co. Ltd, Deere & Company, Sandvik AB, AB Volvo, and Xuzhou Construction Machinery Group Co., Ltd.
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