Global Mining Equipment Market is Estimated to Reach $168 Billion by 2024
Global mining equipment market report published by Accurize Market Research forecast that the global market is expected to reach $168 billion by 2024; growing at a CAGR of 7% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Increasing demand for metal and mineral supplies to drive the growth of the market
Increasing demand for metal and mineral supplies, and an increase in consumption of natural resources such as petroleum, coal &diamonds, and gold fuels the demand for the global mining equipment market. Moreover, increasing the demand for fertilizers in the cultivation of crops also boosts the growth of the market.
The global mining equipment market has been bifurcated on the basis of type, application, and geography. By type, the market is bifurcated into mineral processing equipment, surface mining equipment, underground mining equipment, mining drills & breakers, crushing, pulverizing, & screening equipment, and others. By application, the market is categorized into metal mining, mineral mining, and coal mining.
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers Western Europe and Eastern Europe. Asia-Pacific covers China, India, and others. RoW covers Central and South America, and Middle East & Africa.
“Surface mining equipment accounted for the largest market share in the type segment", says Accurize
By type segment, surface mining equipment accounted for the largest market share in 2017, followed by underground mining. Mining drills and breakers segment is likely to achieve the fastest CAGR during the forecast period 2017 – 2025.
By application, metal mining would dominate the segment with major market share and fastest CAGR due to a huge demand for valuable metals such as gold, silver, aluminum, and platinum.
“Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia-Pacific held the majority of the market share with 64.8% and will continue to get the fastest CAGR during the forecast period, driven by the existence of a large volume of untapped resources, improving technologies and legislative, and increasing investments in several mining projects. Increasing demand for coal in some countries such as India and China are also supplementing market growth in the region. RoW held the second largest market share with 13.5% in 2017.
Top players in the market
The key market players include Komatsu Ltd., Caterpillar Inc., Doosan Group, Joy Global, Atlas Copco, AB Volvo, Hitachi Co. Ltd., Liebherr Group, Sandvik, and Metso, among others.