Electrifying Advancements is Driving Growth in the Mining Equipment Market

The global mining equipment market size was exhibited at USD 112.7 billion in 2022 and is projected to attain around USD 191.59 billion by 2032, growing at a CAGR of 5.50% during the forecast period 2022 to 2032.

A powered or self-powered equipment or vehicle that is used to extract coal from a seam or move it from the workings to an on-site storage facility or coal processing plant is known as mining equipment. The need for mining equipment for uses like metal mining, coal mining, and mineral mining is on the rise, and this is what is driving the growth of the mining equipment market in areas like Asia-Pacific and Europe.

Regional Snapshots

Asia-Pacific is predicted to emerge in a dominant position of mining equipment market. Due to the region's plentiful resources and rising commodity prices, it is predicted that the market for mining equipment would expand at the fastest rate. The top five coal producers worldwide are China, India, U.S., Indonesia, and Australia.

The demand for coal would be sustained by the strong expansion of the major Asian markets. China, where half of the world's coal is produced and consumed, would have a significant influence on global trends. Asia Oceania offers the mining equipment industry a sizable window of opportunity for expansion, supported by the swift development of China and India.

Mining Equipment Market Report Scope

Report Highlights:

• On the basis of category, the mining trucks subsegment of underground mining equipment is dominating and is anticipated to contribute most to the mining equipment market. Mining trucks are essential since they are used to transport soil, minerals, metals, and coal. In underground mining, diesel equipment emits dangerous fumes that are harmful to the workers. As a result, the electrification of subterranean mining equipment is more likely than that of surface mining equipment. It is also more likely that additional underground mining machinery, like hydraulic excavators and mining dozers, will be electrified throughout the forecast period.
• On the basis of propulsion, the diesel segment is expected to be the largest segment during forecast period. The diesel fuel availability, energy density, and the output ratio are the main drivers propelling the growth of the mining machinery industry. Mining companies currently use hybrid or alternative fuel operated equipment more frequently in underground mining than diesel-powered equipment for surface mining. The market for diesel mining equipment has been propelled by the increasednumber of surface mines in the world. Due to the high torque at low speed that diesel engines offer, the diesel category is supposed to rule the marketin terms of value throughout the projection period. As a result, it generates more energy than gasoline for a given volume. Diesel engines consume extremely little fuel when they are idling. As a result, diesel is the fuel that mining equipment uses the most.
• On the basis of application, the mineral segment is expected to be the largest segment. Minerals, such as gold, silver, and copper, are pure metals while the majority of minerals contain metals in their chemical composition. All around the Asia-Oceania region are reserves of industrial minerals, including bauxite, limestone, various semi-precious stoneresources, and others. Hence, the mineral segment is being the largest sector anticipated.

Market Dynamics:

Drivers

The rise in adopting electrical equipment in mining equipment market is driving the market across globe. The usageof diesel engines in deep mines equipment produces heat, noise, and pollutants that can exacerbate already unpleasant working conditions. Additionally, while employing mining equipment that is powered by diesel, appropriate ventilation must be guaranteed. The electrical machines produce no pollution and have minimal operating expenses.

Working conditions are safer owing to the electric or battery-operated heavy machinery. In underground mines, the ventilation problem is resolved. As an alternative, using battery-powered subsurface loaders improves the air quality, reduces noise, and reduces heat. It is anticipated that during the predicted time, there will be significant growth potential due to contemporary advancements in mining technology and a push toward sustainability.

Restraints

Investments in the mining sector, which depend on the state of the global economy, are necessary for the deployment of new digging equipment. Additionally, emerging nations favor used technology because it has a long lifespan if well maintained. Additionally, such equipment can be purchased for less money than new mining technology from developed nations in Southeast Asia, the Middle East, Latin America, North America, Europe, and Europe. As a result, it is projected that this export of used equipment may hinder the sale of brand-new mining equipment.

Opportunities

Telematics has proven to be a game-changer in the mining sector. The fleet manager receives feedback from internet of things (IoT) sensors, ensuring less downtime from faults and assisting in the planning of maintenance tasks. The need for automation in the mining sector has developed as a result of the highly competitive climate that exists across all industries and the ongoing pursuit of process optimization by businesses. Mine exploration and mine surveillance are both done with drones.

Drones monitor post-blast smells, make sure areas are clean before blasts, and increase site security in general. At its Australian mines, BHP (Australia) has begun using drones for surveillance. Mining sector productivity and safety are greatly enhanced by automation and teleoperation technologies. Thus, it is anticipated that the mining machinery market will be driven by sales of new mining equipment coordinated with telematics solutions.

Challenges

Along with other industries, the mining industry also felt the effects of the Covid-19 pandemic's wave. However, it is crucial to remember that the mining industry plays a vital role because it accounts for around 60% of all investments; as a result, it must rebound significantly to assist the recovery of the economy. Major commodities all experienced significant price decrease, however in other cases, prices remained stable. For instance, demand for iron ore has climbed while demand for thermal and metallurgical coal has fallen.

Due to the lack of authorization for mining businesses to employ their full labor force in their mines, growth of market for  themining has remained moderate as COVID-19 cases across the globe have increased. According to the current market condition, it will take two to three years for the mining industry to recover. Sales of mining equipment have decreased as a result of the global mining industry slowing down.   

Recent Developments

The AutoMine Concept vehicle from Sandvik was introduced in 2020. It is built on cutting-edge technology and has entirely new sensing capabilities and artificial intelligence to improve mining operations. The AutoMine Concept detects its environment in three dimensions and responds to it instantly.

Market Segmentation:

By Solution

• Products
• Services 

By Propulsion

• Diesel
• CNG/LNG/RNG

By Application

• Mineral
• Metal
• Coal

By Powertrain Type

• IC Engine Vehicle
• Electric Vehicle

By Category

• Crushing, Pulverizing, Screening Machinery
• Mineral processing Backhoe Loader
• Surface Mining Machinery (Crawler Excavators, Crawler Dozers, Motor Graders, Rigid Dump Trucks, and Articulated Dump Trucks)
• Underground Mining Machinery (Electric Shovels, Hydraulic Excavators, Wheeled Loaders, Mining Dozers, Mining Trucks, and Drills)

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