EXPANDING MARKET Surface mining equipment will account for the major share of global market
The global mining equipment market is expected to expand at a compound annual growth rate of 8.7% during the forecast period of 2021 to 2031, says a report by research company Transparency Market Research.
In 2020, the global mining equipment market was valued at $138-billion and it is anticipated to reach $345-billion by 2031. A rise in mining activity worldwide is estimated to drive the global mining equipment market.
Further, accelerating demand for mineral and metal commodities is likely to fuel the global mining equipment market. Other factors such as growing consumption of fertiliser minerals, elevated demand for technologically advanced solutions and rising demand for commodities are anticipated to further fuel the global mining equipment market.
On the contrary, factors such as increasing safety and environmental concerns and differences in import duties and tariff restrictions are projected to suppress market growth.
Major Global Market Share
In terms of equipment type, the global mining equipment market has been segmented into mineral processing equipment, mining drills and breakers, pulverisers, crushers, screening equipment, surface mining equipment and underground mining machinery among others. The report states that surface mining equipment will account for the major share of global market. The surface mining equipment segment holds a substantial share of 37% of the overall mining equipment market.
The mining drills and breakers segment is developing at a rapid pace across the globe. Led by the accelerating demand from developing nations, the mining equipment market is likely to demonstrate high growth rates in these nations, as mining drills and breakers are imperative equipment for most operations.
The underground mining segment currently holds the second largest share of the global mining equipment market. In terms of end-use, the three main segments of the global mining equipment market are mineral mining, coal mining, and metal mining.
Increased Focus on Enviornment Friendly Equipment
New developing markets need equipment that is reliable. They also require machinery that is less harmful to the environment and more energy efficient. Companies which provide the hybrid technology, including electric operation, and embrace sustainability practices are expected to emerge as significant players in supplying mining equipment.