According to a new research report by Global Market Insights, Inc. the mining equipment market will exceed US$95 billion by 2024.
The shipments are expected to grow at a compound annual growth rate (CAGR) of over 6% from 2018 to 2024.
Mining equipment market is expected to grow over the coming years owing to the rise in demand for remote monitoring and control technologies in mineral extraction processes.
These processes involve several difficult and tough tasks that cannot be manually operated.
The workers are exposed to the harsh underground temperatures and chemical radiations that adversely affect their health conditions.
The machines allow the operators to control and monitor the process without entering these extraction sites.
Manufacturers are targeting the demand of the operators by integrating several smart technologies such as advanced monitoring and control, data analytics, automated drilling, IoT sensing, GPS locating, and 3D imaging technology.
The imaging technique helps in scanning and exploring large mines while the laser scanning technology is experiencing a high adoption in the mining machinery market to develop geological maps combining the surface data.
Mining equipment market, by product
- Mining drills & breakers
- Crushing, pulverizing & screening equipment
- Mineral processing machinery
- Surface mining equipment
- Underground mining machinery
- Others (parts & attachments)
Mining equipment market, by application
- Metal mining
- Mineral mining
- Coal mining
The underground mining equipment market is expected to grow at a CAGR of over 6% over the forecast timeline owing to the rise in demand for the metals and minerals in several industrial sectors.
The demand and consumption of metals in the manufacturing sector for the development of tools, machines, and other accessories, which are utilized in the processing of industrial products are growing at a rapid pace.
This demand is met by developing machines with advanced technologies to perform underground extraction operations, thereby driving the mining machinery market.
The adoption of plasma technology in underground equipment for yielding precious metals such as silver, gold, and platinum from their complex ores is expected to revolutionize the mining equipment market.
For instance, Toss Plasma Technology Limited developed RF plasma technology that can be used to heat the complex ores and extract the precious minerals from these ores.
The growing adoption of advanced machinery in the coal extraction process is expected to propel the mining equipment market. Increasing demand for coal in power generation, steel production, and cement manufacturing is driving the adoption of modern extraction solutions.
With a rise in the global population, the consumption of coal is increasing rapidly, providing an opportunity to the players to cater to the widespread demand in the mining machinery market.
Countries that are primarily engaged in coal production include Ukraine, Colombia, South Africa, Indonesia, and Australia. These countries are the largest coal-producing economies with an abundant supply of natural resources.
Factors such as improved geological knowledge and the adoption of smart technology are accelerating the mineral exploration process.
The ease in availability and affordable prices of these machines are encouraging companies to replace their conventional models with advanced machines, thereby providing an impetus to the mining equipment market growth.
In 2017, the European mining machinery market accounted for around 15% of the industry share. The rise in the demand for metals in the construction & manufacturing of industrial products is driving the mining machinery market growth.
Germany and France are the leading countries in automobile manufacturing and production.
Manufacturing of these products requires several metals such as steel, aluminum, and iron, generating a high demand for the metal extraction processes.
Players in the mining equipment market are engaged in providing machines to cater to such demands.
The region is also active in coal production activities and is expected to generate a high demand for underground and surface equipment in the coal extraction process.
In addition, with the regulatory mandates leading to a high usage of other energy sources, the consumption of coal and other associated mining activities is declining in many industrialized nations.