SAN FRANCISCO, April 10, 2019 /PRNewswire/ -- 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.
Key suggestions from the report:
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
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.
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
- Crushing, Pulverizing, & Screening Equipment
- Drills & Breakers
Mining Equipment Application Outlook (Revenue, USD Billion, 2014 - 2025)
- Metal Mining
- Non-Metal Mining
- Coal Mining
Mining Equipment Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Oil & Gas Pipeline Leak Detection Market – The global oil and gas pipeline leak detection market is anticipated to witness significant growth. Incidence of leaks adversely affects the environment as well as the finances of the companies accountable to pay hefty amounts in the form of compensation or damage.
Oil Country Tubular Goods (OCTG) Market – The global Oil Country Tubular Goods (OCTG) market is anticipated to witness strong growth over the forecast period owing to increasing drilling and production activities. Rising demand for premium pipes coupled with the advent of technologically advanced pipes.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.