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Mining equipment includes mining drills and tools, earthmovers, crushing equipment and machines, feeding & conveying equipment, etc. Metals, minerals, and coal are extracted from the ground with the help of computerized remote-control equipment, high-technology operations, and complex machinery. Mining activity may vary according to the type of metals and minerals to be extracted from the earth. There are two types of mining processes, that is, surface mining and underground mining; each mining process involves different types of machinery as per application. Apart from digging, there are different processes involved like smelting, milling, refining, and others.
Based on the type, the mining equipment market is segmented as surface mining equipment, underground mining equipment, mineral processing equipment, and others. Surface mining equipment leads the market owing to economic feasibility, and there are operational advantages in terms of electricity and water. Also, it is predominantly preferred in obtaining crushed stone, copper, iron, and aluminum on a large scale.
Based on the application part, the market is classified as metal mining, mineral mining, and coal mining. Metal mining is leading the market due to the reason being it has numerous applications in the industrial sector in the manufacturing of various products and equipment, which are mostly of steel, iron, and cobalt. Also, gold and silver are used in jewelry applications on a large scale.
The key market driver of this market is the increase in the demand for metals from the construction and manufacturing industry. Most of the products, equipment, and machines manufactured in the manufacturing industries are of different metals like steel and iron. Similarly, most metals in construction are used as alloys, like steel, aluminum, and copper, which have their particular qualities and ideal uses. The other factors which drive the market are increasing demand for mineral production and focus on smart mining solutions. Technological advancements and innovations to improve the efficiency of working equipment also drive investment for the market.
The key market restraint is the high manufacturing cost of the machines used for mining. Other factors that hinder the market are the rising price of raw materials like coal and iron-ore and stringent emission regulations to avoid the harmful effects of mining on the environment.
Key Market Driver -
Increase in the demand for metals from construction and manufacturing industry
Key Market Restraint -
High manufacturing cost of machines
Some of the major companies in the mining equipment market are Volvo Group, Astec Industries Inc., Atlas Copco, Bell Equipment, Boart Longyear, Bradken, Caterpillar Inc., CNH Industrial, Doosan, FLSmidth, Joy Global Inc., Komatsu Construction, Liebherr Mining, Metso, RCR Tomlinson, Sandvik, SANY Group, Techint Group, ThyssenKrupp, and WiIRTGEN GROUP.
The global mining equipment market covers different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is leading the market due to the presence of key companies. The increase in demand for raw materials due to several infrastructure projects in countries like China and India is fueling the mining equipment market. In North America, surface mining is practiced on a larger scale in countries like the United States and Canada, owing to increased demand for metal extraction and equipment. In Europe, the manufacturers are offering the products with GPS technology advancements and other electronic control modules and database tools to increase the demand for the equipment that enhances mining activities in countries like the United Kingdom and Germany. Lastly, in Latin America and Middle East Africa, the mining activities are performed majorly due to the presence of a large number of metals and minerals. Many countries in the Middle East and Africa have recently introduced or are working on new mining laws that will encourage investment in the mining sector and thereby are anticipated to lead the market.
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