Mining equipment is defined as all present & after-acquired equipment or machinery, used for use in connection with mining properties, including mineral processing facility. It is used for extraction of geological materials, for instance copper, nickel, gold, silver, cobalt, lead, zinc, iron, platinum, diamond, and others, from the surface or under the earth. These metals are extracted with help of high-technology operations, computerized remote-control equipment, and complex machinery. Mining equipment perform drilling, digging, and loading activities in the mining industry.
According to study, “World Mining Equipment Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world mining equipment market are Atlas Copco AB, Joy Global Inc., Deere & Company, Sandvik AB, Furukawa, Bauer, Caterpillar Inc., Schramm, JH Fletcher, Mine Master, Epiroc AB, Thyenkrupp, Oldenburg, Boart Longyear Ltd., CNH Industrial NV, UNEX Group, Tenova TAKRAF, ZPMC, Kawasaki, Liebherr-International AG, J.C. Bamford Excavators Limited, DHHI, Doosan Corp., Changzhong Machinery, Huadian Heavy Industries, Harbin Heavy Industrial, Bell Equipment Limited, Junjin Group, Metso Corp., XCMG, TEISAKU, Komatsu Ltd., China Coal Energy Company Limited, Xuanhua Huatai, Kopex SA, SUNWARD, Hubei shoukai, RCR Tomlinson Limited, SITON, Hitachi, Ltd. (Hitachi Construction Machinery Co., Ltd.), Luoyang Penumatic, Jiangxi Topsen, YaZhou Heavy-Duty, TianShui, KEJALI, Lanhai, Bradken Limited, Hyundai Heavy Industries Company Limited, Corum Group, Hengte Heavy Industry, Techint Group, Wirtgen Group Holding GmbH, Terex Corporation, Jiangxi Run Mine, ZhongRui, Eastsun, AB Volvo (Volvo Construction Equipment). Key players are providing smart solutions to the customers for improving productivity & increasing the efficiency of industrial operations. These smart solutions offer many features for instance real-time control & monitoring, will improve production management, and augment the decision-making approach.
Based on type, mining equipment market is segmented into surface mining equipment, mineral processing equipment, mining drills & breakers, underground mining equipment, crushing, pulverizing & screening equipment and others. Surface mining equipment includes crawler dozer, articulated dump truck, rigid dump truck, motor grader and crawler excavator. Underground mining equipment includes hydraulic excavators, drills, mining trucks, electric shovels, mining dozers and wheeled loaders. Based on technology, market is segmented into automation, three dimensional (3D) imaging, Internet of Things (IoT) and plasma technology. Based on propulsion, market is segmented into gasoline, diesel and CNG/LNG. In addition, based on application, market is segmented into mineral mining, metal mining and coal mining.
The mining equipment market is driven by increase in mining activities, followed by rise in demand for metal & mineral commodities, increase in need for mineral fertilizers, rise in disposable income & improved living standards, increase in industrialization & urbanization trends in developing countries and growth in consumption of natural resources. However, rise in prices of raw materials and strict government regulations and tariffs may impact the market. Moreover, higher demand for coal utilized in heating & generating electricity, rise in demand for technologically advanced mining equipment and increase in construction of road & railway tracks through hilly areas are key opportunities for market.
Based on geography, India and China countries hold major share in mining equipment market owing to large investment in the manufacturing sector and presence of key manufacturing companies in the countries. USA and Europe are expected to witness higher growth rate due to increase in manufacturing facilities and technology advancements over the forecast period.
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Ankur Gupta, Head Marketing & Communications