The global Mining Equipment Market is anticipated to reach USD 121.4 million by 2026 according to a new research published by Polaris Market Research. In 2017, the surface mining equipment segment dominated the global market, in terms of revenue. In 2017, Asia-Pacific accounted for the majority share in the global mining equipment market.
The rapid growth in the demand for metals and minerals majorly drives the growth of this market. Growing usage of resources such as coal and petroleum supports the market growth. The decreasing ore grades further accelerates the adoption of mining equipment. However, high initial investment costs associated with mining equipment, and strict government regulations limit the growth of the market. New emerging markets, and technological advancements would provide growth opportunities for mining equipment market in the coming years.
The various applications of mining equipment include metal mining, mineral mining, coal mining, and others. The metal mining equipment segment is expected to lead the mining equipment market during the forecast period owing to increasing demand from emerging economies. The increasing demand for metals such as silver, gold, platinum, and copper for various applications has increased the demand of mining equipment in this application. Use of precious metals such as gold and platinum in jewelry and ornaments has supported the growth of the market.
Asia-Pacific accounted for the highest share in the global mining equipment market during the forecast period. A significant growth in the emerging economies of China, Japan, India, and Australia among others drives the growth in this region. Increasing demand for petroleum and coal resources in the region, along with rising industrialization in developing countries of this region augment the market growth in the region. Leading global players are expanding their presence in developing nations of India, Indonesia, and Malaysia to tap the growth opportunities offered by these countries.
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The well-known companies profiled in the global mining equipment market report include Komatsu Ltd., Caterpillar Inc., Hitachi Ltd., AB Volvo, Liebherr Group, Caterpillar Inc., Atlas Copco AB, China Coal Technology and Engineering Group Corp., Joy Global Inc., Metso Corporation, Sandvik AB, and Northern Heavy Industries Group Co. Ltd among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
Table of Contents
Overview and Scope
Mining Equipment Market Insights
Mining Equipment Market Size and Forecast, 2017-2026 by Type
Mining Equipment Market Size and Forecast, 2017-2026 by Product
Mining Equipment Market Size and Forecast, 2017-2026 by Application
Mining Equipment Market Size and Forecast, 2017-2026 by Region
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavour to deliver value-added business solutions to our customers.
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