Growing Demand For Higher Efficiency Driving Mining Equipment Market Growth
Mining equipment are used for extracting valuable minerals from the earth. These include excavators, loaders, dozers, drills, trucks and other heavy machinery used for digging, crushing, conveying and processing minerals. Mining equipment help optimize operations by increasing productivity and reducing costs. They offer higher digging power, faster mineral extraction and transportation.
The global Mining Equipment Market is estimated to be valued at Us$ 125603.7 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing acceptance of autonomous hauling systems is one of the key trends driving the mining equipment market growth. Autonomous hauling uses robotics, AI and other advanced technologies to operate haul trucks automatically. It provides real-time optimization of mining operations for higher productivity and lower costs. Autonomous trucks have in-built sensors and software for navigation without human intervention. They offer constant monitoring of payload and destination along with collision avoidance. Mining companies are increasingly adopting autonomous hauling systems to replace manual operations and improve overall efficiency. This is expected to boost the demand for mining equipment in the coming years.
Segment Analysis
The global mining equipment market is dominated by underground mining equipment segment. Underground mining accounts for over 50% of the total mining production globally. Underground mining equipment such as loaders, haulers, drills etc. are essential for excavating mineral resources located below the surface. Moreover, there is a growing demand for minerals and metals across industries which is fueling the adoption of underground mining techniques and equipment.
Key Takeaways
The Global Mining Equipment Market Demand is expected to witness high growth in the coming years.
North America currently dominates the global market owing to presence of largest mining industry. However, Asia Pacific region is expected to witness fastest growth in mining equipment market during the forecast period due to rapid urbanization and industrialization in major economies like China and India. Growing construction and infrastructure development activities in these countries are majorly driving the demand for mining machinery in the region. Moreover, presence of largest mining reserves of coal and rare earth metals will continue to attract investments in mining sector of Asia Pacific.
Key players :
Key players operating in the mining equipment market are Aviation Industry Corporation of China, Clearpath Robotics, General Atomics Aeronautical Systems, Hi-Tech Robotic Systemz, Softbank Robotics, SMP Robotics. The market is highly consolidated with top players accounting for over 60% of the total share. Leading players are focusing on development of autonomous and electric equipment to gain a competitive advantage.
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