Mining Equipment Market Technology, Analysis of Trends and Forecasts 2027

 According to the report published by Allied Market Research, the global mining equipment market generated $121.6 billion in 2019, and is projected to reach $165.8 billion by 2027, witnessing a CAGR of 5.7% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

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Priyanka Khandelwal, a Industry Analyst, Construction and Manufacturing at Allied Market Research, stated, “Asia-Pacific serves as the most productive region as compared to others with diverse industry verticals significantly investing in mining equipment. Moreover, various domestic players are investing in the mining sector, which is anticipated to boost demand for mining equipment such as crushers, trucks, loaders, diggers, and others to complete operations with reduced labor cost and high precision of work within optimized time. Furthermore, the surface mining equipment market is expected to experience rapid growth in emerging economies during the forecast period, owing to deployments in construction and mining industries.”

COVID-19 scenario:

  • The outbreak of the COVID-19 pandemic led to halt production activities of several industries and caused disruptions in supply chain.
  • The demand for mining equipment from developing nations such as India and China is likely to surge, owing to increased infrastructure activities in hilly terrains along the border area amid ongoing military tension between these countries.
  • In addition, initiative such as "Vocal for Local" launched by Government of India that includes development of machines and equipment within the country is expected to decline the import of mining equipment from foreign countries during the Covid-19 pandemic.

The report offers detailed segmentation of the global mining equipment market based on type, application and region.

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Based on type, the surface mining equipment segment held the highest market share in 2019, accounting for more than one-fourth of the total market share, and is expected to continue its leadership status during the forecast period. However, the mining drills & breakers segment is estimated to register the highest CAGR of 7.5% from 2020 to 2027. 

Based on application, the full metal mining segment held the largest market share in 2019, accounting for more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 7.5% from 2020 to 2027.

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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2019, contributing to more than three-fifths of the total market share, and is estimated to continue its dominant share by 2027. However, the LAMEA region is projected to manifest the fastest CAGR of 6.6% during the forecast period.

Leading players of the global mining equipment market analyzed in the research include AB Volvo, Caterpillar Inc., Deere & Company, Doosan Corporation, Epiroc AB, Hitachi, Ltd., Komatsu Ltd., Liebherr-International AG, Metso Corporation, and Sandvik AB.

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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