14-May-2019: The global mining equipment market size is
anticipated to reach USD 284.93 billion by 2025, according to a new report by
Grand View Research, Inc. The market is projected to witness a CAGR of 11.7%
over the forecast period. Introduction of new equipment based on automation
technologies is expected to open new avenues for growth in the mining sector.
High risk associated with mining operations has resulted in technological
innovations in equipment manufacturing.
Companies including Rio Tinto
and BHP Billiton have deployed a fleet of driverless trucks and drills with GPS
technology at their mining sites. Additionally, OEMs such as Caterpillar Inc.
and Komatsu Ltd. are retrofitting their existing fleet of trucks and drills
with automation technology and are anticipated to introduce an additional line
of products over the coming years. Key companies are digitizing their technical
equipment to improve the mining operations productivity and safety.
For instance, Anglo American
Plc, a U.K.-based miner, is using digital twins, a virtual model of a technical
process, to optimize its haulage fleet to track exploration and drilling
activities at its Los Bronces site in Chile. As the digital mine is inching
towards practicality, the subsequent nature of work is anticipated to witness a
significant change at both, the mining site and back office. This change can be
attributed to the growing adoption of technologies, such as Robotic Process
Automation (RPA) and Artificial Intelligence (AI).
These technological advances are
projected to redesign the job roles of employees instead of eliminating jobs,
thus allowing people to use technology while working. The mining equipment
market is witnessing challenges in the exploration of metals and minerals due
to depleting natural resources with the need for better production output. In
these circumstances, equipment providers and mining companies have an added
responsibility of improving production efficiency and reducing water and energy
consumption per unit of production.
Despite the substantial
contribution of the mining sector to the global economy, the industry’s growth
remains somewhat skeptical in many countries due to the perception that the
sector contributes to environmental damage. To rebuild this trust, key
companies are taking efforts, such as complying with sustainability standards,
complete environmental disclosure, and taking significant steps toward
corporate social responsibility.
In depth research report on Mining Equipment Market
Further
key findings from the study suggest:
· Underground
mining equipment is expected to be the fastest-growing segment over the
forecast period due to increased investments for the development of underground
mines
· Metal
mining application is projected to witness the highest CAGR over the forecast
period due to rising demand for base metals including silver, gold, and copper
· Coal
mining segment is expected to witness considerable growth owing to greater coal
exploration activities in countries, such as India, Russia, U.S., and China
· Some of
the key companies in the mining equipment market include Caterpillar, Inc.;
Komatsu Ltd.; and Sandvik AB
· Introduction
of an autonomous fleet of equipment and increasing number of M&A are the
major growth strategies adopted by these companies
Grand View Research has
segmented the global mining equipment market on the basis of equipment, application,
and region:
Mining
Equipment Outlook (Revenue, USD Billion, 2014 - 2025)
· Underground
Mining Equipment
· Low
Profile Dump Trucks (LPDT)
· Load
Haul and Dump (LHD) Loaders
· Surface
Mining Equipment
· Electric
Shovels
· Excavators
· Dumpers
· Others
· Crushing,
Pulverizing, & Screening Equipment
· Drills
& Breakers
· Others
Mining
Equipment Application Outlook (Revenue, USD Billion, 2014 - 2025)
· Metal
Mining
· Non-Metal
Mining
· Coal
Mining
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About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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