Mining Equipment Market 2020 - 2024 | Future Growth Prospects and Regional Outlook by Leading Players
Category: #headlines  By Rahul Varpe  Date: 2020-06-08
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Mining Equipment Market 2020 - 2024 | Future Growth Prospects and Regional Outlook by Leading Players

Drills & breakers are experiencing a high adoption in the mining equipment market with an increase in surface and underground extraction activities. The application of rotary blasthole drills for coal and metal mining processes is growing rapidly. Manufacturers in the mining machinery market are developing customized solutions based on the specifications of the companies. For instance, Sandvik AB is providing 1190E Rotary Blasthole Drill Rig, which is an electric-powered equipment designed specifically for coal extraction processes. The Asia Pacific region is witnessing a high adoption of these solutions owing to the favorable policies regarding the export of metals and minerals. Countries including India, China, and Australia are among the largest coal producing economies of the world.

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Mining Equipment Market is expected to be around USD 95 billion by 2024. Increasing investments in developing innovative and smart solutions will drive the mining machinery market. Rising demand for advanced extraction solutions is encouraging the players to increase their R&D activities to cater to the requirement of the customers.

Increasing health & safety concerns about the workers are propelling the adoption of automated solutions in the mining equipment market. Several countries including the U.S., Germany, and France are developing machine safety regulations for the safety of the industrial laborers. For instance, the European Act of 1986 on health and safety outlines several guidelines for the protection of workers from hazardous industrial environments. Such regulations are promoting companies to adopt effective solutions developed for reducing the chances of workplace accidents.

Countries including China, Ukraine, Colombia, Australia, and Russia are the largest producers of fossil fuels. These countries are witnessing a high adoption of mineral processing machinery thereby driving the mining equipment market. The global production and consumption of these minerals are increasing rapidly. Crude oil is the largest energy source that accounts for around 39% of fossil energy.

Mining Equipment Market, By Application: -

  1. Metal mining
  2. Mineral mining
  3. Coal mining

Major companies participating in the mining equipment market are: -

AB Volvo, Astec Industries Incorporated, Atlas Copco AB, Bell Equipment Limited, Boart Longyear Ltd., Bradken Limited, Caterpillar Inc., China Coal Energy Company Limited, CNH Industrial NV, Corum Group, Doosan Group, FLSmidth & Co., Furukawa Co. Ltd., Hitachi Co. Ltd., Hyundai Heavy Industries Company Limited, Joy Global Inc., Komatsu Ltd., Kopex SA, Liebherr Group, etc.

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Market Regional Growth Drivers: -

North America & Europe: -

  1. Integration of robotic systems and GPS
  2. Focus on productivity to maximize ROI from mining
  3. Escalating demand for resources
  4. Rising demand for metals from construction & manufacturing industry

Asia Pacific & Latin America: -

  1. Increased mineral production and stabilizing commodity prices
  2. Increasing usage of smart mining solutions
  3. Growing investments in innovation and digitalization
  4. Increased focus on mechanization in mining

MEA: -

  1. Replacement of the aging fleet
  2. Enhancing output from underground mines

Mining equipment market is witnessing a growing demand for connected technologies for monitoring the industrial processes. Several players are engaged in developing IoT-based equipment for remote monitoring and control. It was estimated that around 40% of the manufacturers in the industry are planning to implement IoT-connected technologies for performing extraction activities.

The manufacturers in the mining equipment market are providing several safety features and functions in these machines including gas detection system, wireless personnel tracking, conveyor belt monitoring and ground control, and strata management systems.

The applications of these machines for mineral extraction are expected to grow owing to the rising demand for fossil fuels in several application areas. Growing demand for crude oil, natural gas, and coal for energy generation is expected to drive the extraction process.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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