Published Date : 28 Dec 2022
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.
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
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.
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.
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.
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.
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.
By Powertrain Type
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