DUBLIN--(BUSINESS WIRE)--The "Mining Equipment Market Size, Share & Trends Analysis Report By Equipment (Surface, Underground Mining), By Application (Metal, Non-Metal, Coal Mining), By Region (MEA, APAC), And Segment Forecasts, 2018 - 2025" report has been added to ResearchAndMarkets.com's offering.
The global mining equipment market size is anticipated to reach USD 284.93 billion by 2025.
The market is projected to witness a CAGR of 11.7% over the forecast period. Introduction of new equipment based on automation technologies is expected to open new avenues for growth in the mining sector. High risk associated with mining operations has resulted in technological innovations in equipment manufacturing.
Companies including Rio Tinto and BHP Billiton have deployed a fleet of driverless trucks and drills with GPS technology at their mining sites. Additionally, OEMs such as Caterpillar Inc. and Komatsu Ltd. are retrofitting their existing fleet of trucks and drills with automation technology and are anticipated to introduce an additional line of products over the coming years. Key companies are digitizing their technical equipment to improve the mining operations productivity and safety.
For instance, Anglo American Plc, a U.K. based miner, is using digital twins, a virtual model of a technical process, to optimize its haulage fleet to track exploration and drilling activities at its Los Bronces site in Chile. As the digital mine is inching towards practicality, the subsequent nature of work is anticipated to witness a significant change at both, the mining site and back office. This change can be attributed to the growing adoption of technologies, such as Robotic Process Automation (RPA) and Artificial Intelligence (AI).
These technological advances are projected to redesign the job roles of employees instead of eliminating jobs, thus allowing people to use technology while working. The mining equipment market is witnessing challenges in the exploration of metals and minerals due to depleting natural resources with the need for better production output. In these circumstances, equipment providers and mining companies have an added responsibility of improving production efficiency and reducing water and energy consumption per unit of production.
Despite the substantial contribution of the mining sector to the global economy, the industry's growth remains somewhat skeptical in many countries due to the perception that the sector contributes to environmental damage. To rebuild this trust, key companies are taking efforts, such as complying with sustainability standards, complete environmental disclosure, and taking significant steps toward corporate social responsibility.
Further key findings from the study suggest:
- Underground mining equipment is expected to be the fastest-growing segment over the forecast period due to increased investments for the development of underground mines
- Metal mining application is projected to witness the highest CAGR over the forecast period due to rising demand for base metals including silver, gold, and copper
- Coal mining segment is expected to witness considerable growth owing to greater coal exploration activities in countries, such as India, Russia, U.S., and China
- Some of the key companies in the mining equipment market include Caterpillar, Inc.; Komatsu Ltd.; and Sandvik AB
- Introduction of an autonomous fleet of equipment and increasing number of M&A are the major growth strategies adopted by these companies
Key Topics Covered:
Chapter 1 Report Scope
1.1 Segment Market Scope
1.2 Regional Scope
1.3 Estimates & Forecast Timeline
Chapter 2 Methodology
2.1 Research Methodology
2.2 List to Data Sources
2.2.1 Secondary sources
2.2.2 Primary sources
2.2.2.1 Primary interview breakup
2.2.2.2 Primary respondent details
Chapter 3 Objective
Chapter 4 Executive Summary
Chapter 5 Market Definitions
Chapter 6 Industry Outlook
6.1 Business Segment Trends
6.1.1 Equipment business analysis
6.1.2 Application business analysis
6.1.3 Regional business analysis
6.2 Mining Equipment Market - Value Chain Analysis
6.3 Market Variable Analysis
6.3.1 Market driver analysis
6.3.1.1 Decreasing ore grades
6.3.1.2 Technological innovation driving the demand for heavy equipment demand
6.3.1.2.1 Technological advancements in the mining industry
6.3.1.3 Mining automation to accelerate the industry growth
6.3.2 Market restraint analysis
6.3.2.1 High machinery and operating costs
6.4 Business Environment Analysis Tools
6.4.1 PEST analysis
6.4.2 Porter's five forces analysis
6.5 Penetration and Growth Prospect Mapping
Chapter 7 Regulatory and Political Forces
7.1 Mining Equipment Market - Regulatory and Political Landscape
7.1.1 North America
7.1.2 Europe
7.1.3 Asia Pacific
7.1.4 Latin America
7.1.5 MEA
Chapter 8 Mining Equipment Market - Competitive and Vendor Landscape
8.1 Mining Equipment Market - Participant Categorization
8.2 Mining Equipment Market - Strategic Initiatives and Outcome Analysis
8.2.1 Komatsu Ltd.
8.2.2 Caterpillar Inc.
8.2.3 Sandvik AB
8.2.4 Hitachi Construction Machinery Co. Ltd.
8.3 Mining Equipment Market - List of Key Companies by Region
8.4 Mining Equipment Market - List of Key Companies by Equipment
8.5 Mining Equipment Market - Company Market Share Analysis
8.6 Mining Equipment Market - Vendor Landscape
Chapter 9 Mining Equipment Market Equipment Outlook
9.1 Market Size Estimates & Forecasts and Trend Analysis, 2014 - 2025 (USD Billion)
9.2 Underground Mining Equipment
9.2.1 Low Profile Dump Trucks (LPDT) market, 2014 - 2025
9.2.2 Load Haul and Dump (LHD) loaders market, 2014 - 2025
9.3 Surface Mining Equipment
9.3.1 Electric shovels market, 2014 - 2025
9.3.2 Excavators market, 2014 - 2025
9.3.3 Dumpers market, 2014 - 2025
9.3.4 Others market, 2014 - 2025
9.4 Crushing, Pulverizing, & Screening Equipment
9.5 Drills & Breakers
9.6 Others
Chapter 10 Mining Equipment Market Application Outlook
10.1 Market Size Estimates & Forecasts and Trend Analysis, 2014 - 2025 (USD Billion)
10.2 Metal Mining
10.3 Non-Metal Mining
10.4 Coal Mining
Chapter 11 Mining Equipment Regional Outlook
11.1 Mining Equipment Market, By Region, 2017 & 2025
Chapter 12 Competitive Landscape
12.1 Atlas Copco AB
12.1.1 Company overview
12.1.2 Financial performance
12.1.3 Product benchmarking
12.1.4 Recent developments
12.2 Boart Longyear Ltd.
12.3 Caterpillar Inc.
12.4 Hitachi Construction Machinery Co. Ltd.
12.5 J.C. Bamford Excavators Limited
12.6 Komatsu Ltd.
12.7 LIEBHERR
12.8 Metso Corporation
12.9 Sandvik AB
12.10 Volvo
Chapter 13 KOL Commentary
Chapter 14 Recommendation
For more information about this report visit https://www.researchandmarkets.com/research/cm2cgl/global_mining?w=4
