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Global Heavy Mining Equipment Market Expected to Grow at a CAGR of 3.5% in the Forecast Period of 2021-2026.

According to a new report by EMR titled, 'Global Heavy Mining Equipment Market Report and Forecast 2021-2026', the global heavy mining equipment market reached a value of almost USD 78.25 billion in 2020. The market is further expected to grow at a CAGR of 3.5% in the forecast period of 2021-2026 to attain nearly USD 96.2 billion by 2026.

The global heavy mining equipment market is driven by the growing output level and rising commodity prices. The heavy mining equipment is referred to as the heavy machines used for mining, construction, or earthmoving tasks. This equipment is called heavy owing to the heavy-duty work it is constructed to perform at the mining sites such as gold or iron ore mining. Equipment such as diggers, trucks, and loaders, among others, are few of the examples of underground mining equipment that ease the task of material extraction. The equipment is also helpful in the processing of the excavated products that are hauled to the ground by the use of skips or lifts.

The market has the Asia Pacific as the leading region on the basis of size as well as growth prospects. The regions such as North America, Australia, and Asia are the high maturity markets for the heavy mining equipment market. Europe, South America, and Africa are the high potential regions driven by the increased demand for automation and autonomous equipment, enhancing the market growth of heavy mining equipment globally. Caterpillar Inc. (NYSE: CAT) and Komatsu Ltd. (TYO: 6301) are some of the major key players in the global heavy mining market. 

Market Analysis by Equipment Type, Type, Application, and Region:

  • The heavy mining equipment market, on the basis of equipment type, is divided into surface mining equipment, underground equipment, and auxiliary equipment and others.
  • The surface mining equipment market is divided on the basis of type into drills, mining trucks, electric mining shovels, hydraulic shovels, wheel loaders, draglines, tractors/dozers, and motor grader.
  • The underground equipment market is segmented on the basis of types into bolters, UG wheel loaders/LHD, mining trucks, development drills, and production drills.
  • Underground equipment finds wide applications in metal mining and non-metal mining.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global heavy mining equipment market is driven by the rising demand from the downstream industries such as mining, autonomous equipment, cement production, automation, etc. 
  • The mining industry is growing due to the newly located resources in regions such as Zambia and Congo, further aiding the market growth of heavy mining equipment.
  • The rising demand for precious metals such as gold, silver, and platinum, and coal, among other metal or non-metal products, is resulting in the increased mining activities in India, China, and Indonesia, strengthening the market growth.
  • Locating new mining areas is leading to a rise in demand of heavy mining equipment, further aiding the market growth.
  • Coal mining is crucial to the market growth for heavy equipment, as it accounts for 40% of the share in the revenues of the mining industry, further enhancing the heavy mining equipment market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global heavy mining equipment market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the equipment types, types, applications, and regional markets of heavy mining equipment. 
  • It gives an in-depth look at the price trends of the feedstock in the global heavy mining equipment market for the periods (2016-2020) and (2021-2026).
  • It analyses the global trade data for the feedstock, looking into the value and volume of the significant importing as well as exporting countries.

Epiroc AB, Sandvik AB, Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH and Hitachi Construction Machinery Co, Ltd., among others, are the key players in the global heavy mining equipment market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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