According to a new market report published by Lucintel, the future of the global mining equipment market looks good with opportunities in underground mining and opencast mining. The global mining equipment market is expected to reach an estimated US$88.7 billion by 2023 with a CAGR 4% from 2018 to 2023. The major drivers for the growth of this market are growth in mining activity, increasing demand of metal and mineral commodities, and rapid urbanisation.
In this market, several types of equipment such as underground mining, opencast mining, drills and breakers, crushing, pulverising and screening and mineral processing machineries are used. On the basis of its comprehensive research, Lucintel forecasts that the mineral processing machinery will show above average growth during the forecast period.
Within the global mining equipment market, the opencast mining equipment segment is expected to remain the largest market over the forecast period due to rising demand of metal and minerals across the world.
By application type, the mining equipment market is segmented into coal, mineral, and metal. The metal segment is expected to show above average growth during the forecast period due to increasing metal mining activities with large-scale urbanisation in emerging economies like India and China.
By function type, the mining equipment market is segmented into transportation, processing and excavation. The transportation segment is expected to show above average growth over the forecast period.
APAC is expected to remain the largest market during the forecast period mainly due to increasing coal and metal exploration activities for power generation and rising metal consumption because of large-scale infrastructure development.
Emerging trends which have a direct impact on the dynamics of the industry are underground automation systems for efficient mining, automatic power crushers for crushing and compacting operations, multi-functional excavators for construction and demining functions, use of hybrid electric motors for cost effective operations, and rail-veyor technology for bulk material hauling solutions. Caterpillar, Komatsu, Hitachi Construction Machinery, Atlas Copco, and Sandvik are among the major players of the global mining equipment market.
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