Mining Equipment Market to Grow at 6.89% CAGR by 2026
Continuous demand for mechanisation in coal and metals mining
to drive the growth of the global mining equipment market through 2026.
According
to TechSci Research report, “Global Mining Equipment Market By Category (Crushing,
Pulverising, Screening, Mineral Processing, Surface & Underground), By Application
(Metal, Mineral, Coal, Others), By Propulsion (Diesel, CNG/LNG, Electric), By
Power Output (<500HP, 500HP-2000HP, >2000HP), By Vehicle Type (Articulate
Dump Trucks, Crawler Dozers, Crawler Excavators, Motor Graders, Rigid Dump
Trucks, Drills, Electric Shovels, Hydraulic Excavators, Mining Dozers, Mining
Trucks, Wheeled Loaders, Others), By Region, Competition, Forecast &
Opportunities, 2026”, global mining equipment market is anticipated to reach 46.79
thousand units by 2026 because of continuous demand of metal, mineral and coal
from all around the world. Coal is responsible for over 36% of global
electrical generation. Coal is also utilized in the manufacturing of metals,
cement, gasification and liquefaction, chemical manufacture, and other sectors.
Due to several applications and production requirements, the coal mines use
large number of mining machines in comparison to other categories. Global
mining equipment was impacted heavily by COVID-19 as the market fell by more
than 11% in 2020 compared to 2019. Also, the market in 2019 decreased by 2.35%
because of decrease in private equity which negatively impacted the mining
equipment’s sales. With over 37% share, Asia-Pacific dominates the global
mining equipment market. In Asia-Pacific, China itself has a share of more than
37% and approximately 14% globally. China is also the leading producer of coal
in the world having a share of 46.7% of global production. Due to these
factors, the consumption of mining equipment in China is more and expected to
dominate in forecast period. Asia-Pacific is followed by North America with
more than 20% share in the global mining equipment market. The United States
has the majority of share of more than 70% in North America. The United States
is the leading producer of Sulphur, soda ash and beryllium. Also, the United
States is the third largest producer of gold and copper in the world. In Europe
& CIS, Germany has the largest share of 23.09% mining equipment sales,
basically due to heavy production of lignite and potash. In Middle East &
Africa, Saudi Arabia has the largest share of 29.30% because of presence of
gold, copper, and potassium in the country. Based on region, North America was
followed by Europe & CIS, Middle East & Africa and South America with
19.75%,14.11% and 8.75%, respectively.
Browse more than 198 market data Figures spread through 110 Pages and an in-depth TOC on "Global Mining Equipment Market"
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Global mining equipment market can be segmented based on category,
application, propulsion, power output, vehicle type and region. Based on category type, surface & underground have
the majority of share because coal and minerals are extracted with the help of this
type of mining. Hence, the surface & underground segment has the majority
share in category type. In application type, the demand for mining equipment in
coal mining is more than 50% because of heavy dependency of world on coal for
electricity generation. In propulsion type, diesel-based equipment are leading
from more than 90% but the electric based mining equipment are forecast to
increase at a CAGR of 11.94% by 2026. In
power output segment, the vehicle with below 500HP power has the share of more
than 40% followed by vehicle of power output 500-2000HP. In vehicle type,
electric shovels have the share of above 10% because of use in coal mines for
loading and extraction processes followed by hydraulic excavators and mining
dozers. The share of vehicle is majorly dominated by the load carrying vehicles
like dozers, dump trucks, etc.
Caterpillar, Komatsu Ltd.,
Hitachi Ltd., Deere & Company, Liebherr, etc., are among some of the
leading players operating in the global mining equipment market. Apart from
these companies, XCMG Group, Doosan Corporation, Sany Group, AB Volvo and JC Bamford
Excavators Ltd. are the key
players developing advanced technologies and
launching new products to stay competitive in the market. Other competitive
strategies include mergers and acquisitions, new product developments and also increase their marketing activities and
enriching product portfolio globally to increase their customer outreach.
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“In 2020, Asia-Pacific accounted for the largest share i.e., 37.21% in global
mining equipment market and it is expected to dominate in the forecast period
also. Asia-pacific is leading the global mining equipment market because of
increase in mining activities in China. China itself has a share of
approximately 14% of global mining equipment sales.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Mining Equipment Market By Category (Crushing,
Pulverising, Screening, Mineral Processing, Surface & Underground), By
Application (Metal, Mineral, Coal, Others), By Propulsion (Diesel, CNG/LNG,
Electric), By Power Output (<500HP, 500HP-2000HP, >2000HP) By Vehicle
Type (Articulate Dump Trucks, Crawler Dozers, Crawler Excavators, Motor
Graders, Rigid Dump Trucks, Drills, Electric Shovels, Hydraulic Excavators,
Mining Dozers, Mining Trucks, Wheeled Loaders, Others), By Region Competition,
Forecast & Opportunities, 2026” has evaluated the future growth potential of global
mining equipment market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
mining equipment market.
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