The global mining equipment market size is expected to reach USD 128.39 billion by 2025, according to a new report by Grand View Research Inc., registering a CAGR of 6.5% during the forecast period. Rising drilling and exploration activities globally are expected to provide an impetus to industry growth.
Increasing demand for resources in the mining sector has encouraged players in the sector to adopt technologies and procedures that streamline every step of the exploration process. This need has enabled mining companies to roll out automated equipment including drillers, excavators, and trucks to boost efficiency while reducing need for human intervention.
Increasing product launches and focus on automation is expected to offer new growth avenues in the mining sector. These new product launches and automation technologies have the potential to transform daily operations and optimize returns on mining assets. Furthermore, favorable government initiatives such as fiscal incentives and coal mining policies are further aiding industry growth.
Decreasing ore grades and exhaustion of minerals are imposing a threat to mining companies, which has led to shifting mining sites to more remote locations. These locations bring with them technical complexities related to labor, energy consumption, and infrastructure, which require efficient mining equipment, thereby driving market growth.
Increasing demand for iron ore, coal, diamonds, and chromium in emerging countries is expected to provide strong growth avenues for surface mining over the next few years. Burgeoning adoption of this equipment facilitates selective mining operations by producing high-quality materials and creating embankments and stable surfaces.
Additionally, there has been increasing demand for underground mining equipment from the coal industry. Many countries such as India, UAE, Brazil, and China have made substantial investments in coal activities and oil and gas production satiate their energy requirements. Surging infrastructure development activities are expected to supplement coal demand in the Asia Pacific region, as it is one of the most crucial raw materials required in the manufacturing of cement and steel.
Read the full report "Mining Equipment Market Size, Share & Trends Analysis Report By Product (Crushing Equipment, Drills & Breakers, Mineral Processing Machinery, Surface Equipment), By Application, And Segment Forecast, 2018 - 2025."
Further Key Findings From the Report Suggest:
- The mineral processing machinery segment is anticipated to gain substantial market share by 2025. It is a crucial process that most ores have to go through post-mining to ensure a more concentrated material
- The metal mining application segment is expected to expand at a CAGR of 6.7% over the forecast period. Increased gold exploration activities globally are expected to account for segment growth
- Revenue share of the North America market is expected to surpass 9.6% by 2025. This growth can be attributed to identification of new natural gas reserves in the U.S.
- Key players in the industry include Caterpillar Inc.; Komatsu Ltd.; Joy Global Inc.; Sandvik AB; Atlas Copco AB; and Metso Corporation.