Mining Equipment Market to Surpass USD 4545.54 Million by 2026
Increasing investment in infrastructural development
& automobile production and surging mining activities across the world to
drive global Mining Equipment market.
According to
TechSci Research report “Mining Equipment Market - Global Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2016-2026”, the
global mining equipment market is expected to grow at a CAGR of 8.50% in value
terms in the next five years to reach USD4545.54 million by 2026. High demand
for the extraction of coal, mineral and metals for use in end-user industries
is elevating the demand for mining activities and driving the mining equipment
market through 2026.
A majority of the
mining industry’s output is utilized by the automotive industry, whether it is
steel for frame & body, lithium for batteries, copper and aluminum for
wires, etc. The rising demand for automobiles from consumer’s end is expected
to aid the growth in consumption of the mining equipment. A key raw material in
demand for the automobile industry is steel, as one car uses about 700 kg of steel.
The US produced around 8.82 million vehicles in 2020, including passenger
vehicles, commercial vehicles, three-wheelers, two-wheelers and quadricycles.
Similarly, China produced around 20 million passenger cars and 5 million
commercial vehicles in 2020. Such massive consumption is expected to increase
the mechanization and productivity of mining industry, further boosting the
sales of mining equipment.
The latest trend
in the mining equipment market is the automation of mining machinery and
equipment. The world is arriving at the age of automation and robotics, where
industrial robots have been in function in the manufacturing sector for
decades, and the mining industry is projected to be the next industry to
witness a transformation to automation. Mining activities are usually
repetitive, physical and do not require any out-of-the-box thinking. The
introduction of automation in such activities will aid in overcoming the
shortcomings in the mining activities by speeding up the mining process.
Browse more than 243 market data Figures and spread through 287
Pages and an in-depth TOC on “Global Mining Equipment Market."
https://www.techsciresearch.com/report/mining-equipment-market/7716.html
Global mining
equipment market can be segmented based on category, application, propulsion,
power output, vehicle type, company and region. In terms of application, the
market is segmented into metal, mineral, coal and others. In 2020, the global
production of coal was recorded to be around 7,438 metric tons, according to
the International Energy Agency (IEA). The major use of coal is primarily
driven by electric power generation. Over the years, the electricity
consumption across the world is increasing at a rampant rate. Increasing demand
for coal is bolstering the demand for coal mining and driving the segmental growth
through 2026.
In terms
of propulsion, diesel segment dominated the market in 2020 and the trend is
likely to continue through 2026. However, electric powered mining equipment is
expected to grow at CAGR of 10.83% through 2026. Electrification in mining
equipment has been gaining much momentum in recent years owing to its ability
to provide economic and environmental efficiency. Besides, electrically driven
mining equipment does not emit much tail-pipe pollutants and also generates
about 87% lesser heat, thus providing the best solution for increasing the
mining efficiency across the world.
Some of
the major players operating in the global mining equipment market are:
·
Caterpillar Inc.
·
Komatsu Ltd.
·
Liebherr International AG
·
Hitachi Ltd.
·
Deere & Company
·
Xuzhou Construction Machinery Group Co.,
Ltd. (XCMG)
·
Doosan Heavy Industries &
Construction Co., Ltd.
·
SANY Group
·
Volvo Construction Equipment AB
·
JC Bamford Excavators Ltd.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=7716
Customers
can also request for 10% free customization on this report
“Asia-Pacific
region holds the major share in the global mining equipment market with 37.21%
market share in terms of volume, in 2020, led by China, as the country holds
the largest share in the Asia-Pacific region with 41.10% volume share, in 2020.
The Asia-Pacific region comprises countries with high natural resources and
minerals, which makes the region lucrative for mining industry globally,
thereby creating greater demand for mining equipment.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Mining
Equipment Market - Global Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026, Segmented By Category (Crushing, Pulverizing, 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 (Articulated 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”,
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.
Contact
Mr. Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York – 10017
Tel:
+1-646-360-1656
Email:
[email protected]