Global Heavy Mining Equipment Market: By Equipment Type: Surface Mining Equipment, Underground Equipment, Auxiliary Equipment and Others; By Application: Metal Mining, Non- Metal Mining; Regional Analysis; Historical Market and Forecast (2016-2026); Competitive Landscape; Industry Events and Developments

Global Heavy Mining Equipment Market Outlook

The global heavy mining equipment market reached a value of nearly USD 78.25 billion in 2020. The market is expected to grow at a CAGR of 3.5% between 2021 and 2026 to reach a value of approximately USD 96.2 billion by 2026 due to the rising output level and the increasing commodity prices.

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The high maturity markets in the industry include regions like North America, Australia, and Asia. The Asia Pacific is the leading region in terms of growth prospects as well as size. The regions with high potential for heavy mining equipment growth include Europe, South America, and Africa. These regions have an increased demand for automation as well as autonomous equipment, which is supporting the growth of the industry at a global level.

Asia, along with Africa, is expected to witness high growth rates in the coming years. The increasing demand from regions like India, China, and Indonesia is expected to increase the global market size. Coal is the major end-use sector in most of the markets. The Asia Pacific is likely to witness a significant growth in the coming years owing to the increasing mineral output in the countries within the region as well as the rising commodity prices. The developing countries like India and China, are driving the major demand growth in the region. The growing economy in China, especially, is aiding the growth of the market. India is another important market in the region, which is witnessing a rising production of iron ore.

Caterpillar Inc., one of the key players, is the leading supplier for heavy mining equipment, with its presence across all the major regions. The company supplies to more than 180 countries. Another key player, Epiroc AB, is the leading company in the underground mining equipment, with over 30% of the market share. Their sales are majorly being driven by the latest technologies and growing online sales.

Properties and Applications

Heavy mining equipment refers to heavy machines that are used for purposes like mining, earthmoving tasks, or construction. It is referred to as heavy due to the heavy-duty work it performs at the mining sites like gold or iron ore. Underground mining equipment like diggers, trucks, and loaders, among others, are some types of the equipment that are helpful in the extraction of materials. The equipment is also useful in the processing of the excavated products, which are hauled to the ground using lifts or skips.

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The global industry can be segmented into the following types:

• Surface Mining Equipment
• Underground Equipment
• Auxiliary Equipment and Others

Surface mining equipment is the leading type available in the market, accounting for 34.5% of the market share. It is closely followed by underground equipment.

The surface mining equipment market can be divided into further types:

• Drills
• Mining Trucks
• Electric Mining Shovels
• Hydraulic Shovels
• Wheel Loaders
• Draglines
• Tractors/Dozers
• Motor Grader

Mining trucks are the leading type of surface mining equipment.

The underground equipment market has the following types:

• Bolters
• UG Wheel Loaders/LHD
• Mining Trucks
• Development Drills
• Production Drills

UG Wheel Loaders/LHD accounts for the largest market share in the underground equipment market.

The industry finds wide applications in metal mining and non-metal mining, with the non-metal mining sector leading the application sectors.

The EMR report also covers the regional markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Market Analysis

The heavy mining equipment market is supported significantly by its downstream industries like mining, cement production, autonomous equipment, automation, etc. The industry is being primarily driven by the mining industry, which is rapidly growing owing to the newly found resources in regions like Zambia and Congo. The increasing demand for precious metals, coal, and other metal or non-metal products is leading to increased mining activities in Indonesia, India, and China. The rapid growth for mining activities fuelled by the demand for these resources is, in turn, increasing the demand for heavy mining equipment. New mining locations are resulting in an increased demand for mining equipment, further aiding the industry growth. The rise in the levels of mineral output is also propelling industry growth. Coal mining is another crucial factor, pushing the market growth for heavy equipment further. Coal accounts for a 40% share of the mining industry revenues.

The market is also being driven by the developing economies of Asian countries like India and China. China is majorly supported by its growing economy as well as the rising prices of the commodity. The rising commodity prices help the producers and mining companies gain more profit margins. The industry is also being aided by the growing construction sector, which is rapidly growing across all regions, especially in Asian countries.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global heavy mining equipment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Epiroc AB
• Sandvik AB
• Caterpillar Inc. (NYSE: CAT)
• Komatsu Ltd
• Hitachi, Ltd.
• Liebherr Group
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on Porter’s five forces model, along with giving a SWOT analysis. The report also gives the price and data analysis of the industry.

*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.