The global mining equipment market is expected to reach $165.8 billion by 2027, driven by infrastructure projects in Asia-Pacific and increased coal usage.
Rise in usage of coal for electricity generation and heating and increase in construction of railway tracks & roads through hilly areas across the developing economies such as China and India drive the growth global mining equipment market. Asia-Pacific contributed to the highest share in terms of revenue in 2019, contributing to more than three-fifths of the total market share. However, the outbreak of the COVID-19 pandemic led to halt production activities of several industries and caused disruptions in supply chain.
According to the report published by Allied Market Research, the global mining equipment market generated $121.6 billion in 2019, and is projected to reach $165.8 billion by 2027, witnessing a CAGR of 5.7% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Priyanka Khandelwal, a Industry Analyst, Construction and Manufacturing at Allied Market Research, stated, “Asia-Pacific serves as the most productive region as compared to others with diverse industry verticals significantly investing in mining equipment. Moreover, various domestic players are investing in the mining sector, which is anticipated to boost demand for mining equipment such as crushers, trucks, loaders, diggers, and others to complete operations with reduced labor cost and high precision of work within optimized time. Furthermore, the surface mining equipment market is expected to experience rapid growth in emerging economies during the forecast period, owing to deployments in construction and mining industries.”
COVID-19 scenario:
The report offers detailed segmentation of the global mining equipment market based on type, application and region.
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Based on type, the surface mining equipment segment held the highest market share in 2019, accounting for more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the mining drills & breakers segment is estimated to register the highest CAGR of 7.5% from 2020 to 2027.
Based on application, the full metal mining segment held the largest market share in 2019, accounting for more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 7.5% from 2020 to 2027.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2019, contributing to more than three-fifths of the total market share, and is estimated to continue its dominant share by 2027. However, the LAMEA region is projected to manifest the fastest CAGR of 6.6% during the forecast period.
Leading players of the global mining equipment market analyzed in the research include AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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The article discusses the growth and forecast of the global mining equipment market, projected to reach $165.8 billion by 2027.
COVID-19 led to production halts and supply chain disruptions, impacting the mining equipment market.
Asia-Pacific holds the largest market share, driven by infrastructure development and investments in mining equipment.
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