Mining equipment is defined as all present
& after-acquired equipment or machinery, used for use in connection with
mining properties, including mineral processing facility. It is used for
extraction of geological materials, for instance copper, nickel, gold, silver,
cobalt, lead, zinc, iron, platinum, diamond, and others, from the surface or
under the earth. These metals are extracted with help of high-technology
operations, computerized remote-control equipment, and complex machinery.
Mining equipment perform drilling, digging, and loading activities in the
mining industry.
According to study, “World
Mining Equipment Market Research Report 2024(Covering USA, Europe,
China, Japan, SEA and India)” the key companies operating in the world mining
equipment market are Atlas Copco AB, Joy Global Inc., Deere & Company,
Sandvik AB, Furukawa, Bauer, Caterpillar Inc., Schramm, JH Fletcher, Mine
Master, Epiroc AB, Thyenkrupp, Oldenburg, Boart Longyear Ltd., CNH Industrial
NV, UNEX Group, Tenova TAKRAF, ZPMC, Kawasaki, Liebherr-International AG, J.C.
Bamford Excavators Limited, DHHI, Doosan Corp., Changzhong Machinery, Huadian
Heavy Industries, Harbin Heavy Industrial, Bell Equipment Limited, Junjin
Group, Metso Corp., XCMG, TEISAKU, Komatsu Ltd., China Coal Energy Company
Limited, Xuanhua Huatai, Kopex SA, SUNWARD, Hubei shoukai, RCR Tomlinson
Limited, SITON, Hitachi, Ltd. (Hitachi Construction Machinery Co., Ltd.),
Luoyang Penumatic, Jiangxi Topsen, YaZhou Heavy-Duty, TianShui, KEJALI, Lanhai,
Bradken Limited, Hyundai Heavy Industries Company Limited, Corum Group, Hengte
Heavy Industry, Techint Group, Wirtgen Group Holding GmbH, Terex Corporation,
Jiangxi Run Mine, ZhongRui, Eastsun, AB Volvo (Volvo Construction Equipment).
Key players are providing smart solutions to the customers for improving
productivity & increasing the efficiency of industrial operations. These
smart solutions offer many features for instance real-time control &
monitoring, will improve production management, and augment the decision-making
approach.
Based on type, mining equipment market is
segmented into surface mining equipment, mineral processing equipment, mining
drills & breakers, underground mining equipment, crushing, pulverizing
& screening equipment and others. Surface mining equipment includes crawler
dozer, articulated dump truck, rigid dump truck, motor grader and crawler
excavator. Underground mining equipment includes hydraulic excavators, drills,
mining trucks, electric shovels, mining dozers and wheeled loaders. Based on
technology, market is segmented into automation, three dimensional (3D)
imaging, Internet of Things (IoT) and plasma technology. Based on propulsion,
market is segmented into gasoline, diesel and CNG/LNG. In addition, based on
application, market is segmented into mineral mining, metal mining and coal
mining.
The mining equipment market is driven by
increase in mining activities, followed by rise in demand for metal &
mineral commodities, increase in need for mineral fertilizers, rise in
disposable income & improved living standards, increase in
industrialization & urbanization trends in developing countries and growth
in consumption of natural resources. However, rise in prices of raw materials
and strict government regulations and tariffs may impact the market. Moreover,
higher demand for coal utilized in heating & generating electricity, rise
in demand for technologically advanced mining equipment and increase in
construction of road & railway tracks through hilly areas are key
opportunities for market.
Based on geography, India and China countries
hold major share in mining equipment market owing to large investment in the
manufacturing sector and presence of key manufacturing companies in the
countries. USA and Europe are expected to witness higher growth rate due to
increase in manufacturing facilities and technology advancements over the
forecast period.
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