Mining Equipment Market Report

Mining Equipment Market Analysis By Product (Mining Drills & Breakers, Crushing, Pulverizing & Screening Equipment, Mineral Processing Machinery, Surface Mining Equipment), By Application, And Segment Forecasts, 2014 - 2025

Published: November 2016  |  144 Pages  |  Format: PDF  |  Report ID: 978-1-68038-017-0

Industry Insights

The global mining equipment market size was valued at USD 72.39 billion in 2015. Technological developments, such as data transmission through cloud networks and real-time monitoring of activities, have resulted in the increasing use of smart mining solutions offering considerable benefits over conventional mechanical products.

The transition from underground to innovative and economical open pit mining is expected to propel the demand over the next nine years. Additionally, the development of high-performance equipment has made it possible to extract ores of declining grades without increasing the costs. This trend is increasingly perceptible in several steel manufacturing companies pursuing to enter the mineral exploration sector for securing their supplies of coking coal and iron ore at a reasonable cost.

The U.S. mining equipment market by product, 2014 - 2025 (USD Billion)

U.S. mining equipment market

The declining capital expenditure has negatively impacted the demand for these products in the recent years. However, the robust demand for exploration and drilling operations and the increasing developments in this sector are expected to contribute positively to the industry growth. Additionally, manufacturers are focusing on improving efficiency, productivity, and cost reduction in their operations to protect their profit margins. For instance, for sharing its common resources, Caterpillar, Inc. is consolidating its operations and plants.

The increasing trend of investing in renewable installations and deploying innovative technologies is driving the growth of automated exploration equipment and processes for optimizing energy consumption. Several new technologies, such as genomic solutions and machine learning for reducing labor costs, collecting data, and sharing through cloud-based networks, are creating a high potential for a positive shift in the adoption of this equipment.

The requirements of the oil & gas and drilling & exploration industries are overlapping for facilitating the desired support operations. In spite of the unsolved safety challenges and low commodity pricing struggles in the industry, the emerging exploration trends are expected to offer adequate opportunities for improvement and market growth.

Product Insights

Drills & breakers accounted for over 10.5% of the revenue share in 2015. The elevating demand for the underground exploration of metal, coal, and minerals is expected to impact the industry positively over the forecast period. The development of robust technology-based effective drilling solutions is also expected to boost the industry growth.

The surface mining equipment dominated the industry in 2015. This can be attributed to the elevating demand from the replacement market owing to energy consumption and safety regulations along with stringent emission standards. The growing domestic demand from the emerging countries of South Africa, China, Brazil, and India, owing to the rapid increasing automation in the metal exploration industry, is expected to accelerate the segment growth.

Application Insights

The metal mining application held the largest revenue of over USD 27 billion in 2015, which can be attributed to the increasing resource and exploration activities. Moreover, the rising demand for base metals, such as silver, gold, platinum, copper, and so on, is expected to contribute to the revenue growth.

The demand for gold has always been supported due to its emotional, cultural, and financial value and is expected to rise further in the developing economies. China has emerged as one of the largest markets for gold and is expected to drive gold exploration activities in the coming years.

Global mining equipment application market by application, 2015

Global mining equipment application market

Regional Insights

The Asia Pacific mining equipment market accounted for over 60% of the industry share in 2015, owing to the presence of robust economies such as Australia, China, and India. Companies in India are outsourcing projects to mining service companies with the sector becoming more structured in the country. The untapped exploration and drilling potential in the country is expected to provide sizeable industry opportunities for growth over the forecast period.

Moreover, the opportunities for resources, mineral exploration, and infrastructure are increasing in the MEA region with the introduction of new laws seeking to encourage investment. Institutions including International Finance Corporation and the World Bank are developing investor-focused and transparent laws in Africa, thereby boosting the revenue growth.

Competitive Insights

Some of the key industry players include Komatsu Ltd, Joy Global Inc., Sandvik AB, Metso Corporation, Caterpillar Inc., and Atlas Copco AB.The increased focus on the diverse aspects of business along with cost cutting in products and services are the strategies incorporated by industry players until the industry gains its prior momentum. Manufacturers are also focusing on offering products with electronic control modules, GPS technology, and database tools for enhancing product offering.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2014 - 2015

Forecast period

2016 - 2024

Market representation

Revenue in USD Billion & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, Rest of the World (RoW)

Country scope

U.S., Canada, UK, Germany, Japan, China

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the mining equipment market on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Billion; 2014 - 2025)

    • Mining drills & breakers

    • Crushing, pulverizing & screening equipment

    • Mineral processing machinery

    • Surface mining equipment

    • Underground mining machinery

    • Others

  • Application Outlook (Revenue, USD Billion; 2014 - 2025)

    • Metal mining

    • Mineral mining

    • Coal mining

  • Regional Outlook (Revenue, USD Billion; 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • India

    • RoW

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