Global Mining Machinery Market: Overview
The global mining industry is consistently approaching an era when construction and reconstruction of buildings, mines, plants, and infrastructure in general will be entirely virtually operated. Greater advancements in mining technology are ushering in highly reliable mining machinery. Depending on whether mining is conducted above or below the land surface, mining machinery comes in different types and capacities. Earth movers, mining drills, blasting tools, crushing equipment, and weight-belt feeders are some commonly found mining machinery equipment.
Global Mining Machinery Market: Growth Factors
Rising deployment of electric mining machinery, together with the escalating demand for metals and related commodities has been driving the expansion of the global mining machinery market. As the entire globe is rife with the spread of Covid-19 pandemic, nations across the world are sparing no effort to contain further contagion.
Several preventive measures such as social distancing, home quarantine, suspension of international travel, and similar developments have resulted in a massive standstill. Mining machinery manufacturers & dealers and especially the steel industry, have also been negatively affected as they were forced to shut down their operations. As the virus recedes, the market is expected to rise to prominence again as the leading miners take charge and lead at the forefront.
Earlier, mining machinery with diesel engines was used in mining. This machinery generated considerable amount of smoke, heat, & noise and made the already inconvenient working conditions worse. Electric mining machinery, on the other hand, is not only more convenient to work with, but is also cost-efficient and more productive. Battery-operated mining machinery is also gaining traction.
Modern mining equipment, alongside better engineering and automation, ensures zero fumes and optimal safety. Safety of laborers has become one of the key concerns of the mine operators worldwide due to the high incidence of mining accidents in the past. As a result, the increased safety and efficiency offered by modern mining machinery is expected to be a harbinger of growth for the market.
Global Mining Machinery Market: Segmentation
The global mining machinery market has been segmented according to type, application, propulsion, and region. By type, the global mining machinery market can be classified into three types- underground mining machinery; surface mining machinery; and crushing, pulverizing, & screening machinery. Over the forthcoming times, the underground mining machinery segment is anticipated to lead the market, indicated by its high CAGR. Coal, metal, and mineral are the three major segments by application. The mineral application segment is set for exemplary growth over the forecast period, driven by the presence of large mineral deposits.
On the basis of propulsion, the global mining machinery market can be divided into compressed natural gas (CNG), renewable natural gas (RNG), liquefied natural gas (LNG) and diesel-powered mining machinery. The diesel-powered mining machinery segment is expected to garner considerable demand, owing to its widespread use in surface mining. Diesel-powered machines offer high torque power at a low speed. When deployed appropriately, diesel-powered machinery can produce maximum output with low amount of fuel. As a result, the market will receive considerable impetus propelled by this segment.
Global Mining Machinery Market: Regional Analysis
Asia Pacific is expected to dominate the global mining machinery market over the coming times, succored by the existence of abundant mineral and coal deposits in the region. The spiraling cost of commodities has also been fuelling the proliferation of the global mining machinery market. As Internet of Things (IoT) is being used for automation of the mining processes in the region, the Asia Pacific mining machinery market is likely to collect considerable revenue. For instance, automated drones are used in the surveillance and mapping of hazardous areas.
The widespread deployment of autonomous mining machinery in North America such as autonomous drillers and self-driving trucks has ensured safety, efficiency, and convenience, boosting the growth of this segment. High performance AI technology can lessen negative impact on environment, simultaneously reducing costs. Geographic information systems (GIS) are proving to be of utmost significance pertaining to mining solutions such as accessibility and location.
Global Mining Machinery Market: Competitive Players
Doosan Corporation, Komatsu Ltd., Caterpillar Inc., and Sandvik AB are some notable market players in the global mining machinery market. In order to prosper, several market players are addressing concerns such as climate change and investor insecurities by adopting decarbonization and creating novel opportunities through strategic partnerships and mergers.
Global Mining Machinery Market: Regional Segment Analysis
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