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.
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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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