According to a new report by Expert Market Research titled, ‘Global Heavy Mining Equipment Market Report and Forecast 2020-2025‘, the global heavy mining equipment market reached a value of almost USD 78.25 billion in 2019. The market is further expected to grow at a CAGR of 3.5% in the forecast period of 2020-2025 to attain nearly USD 96.2 billion by 2025.
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The global heavy mining equipment market is driven by the growing output level and rising commodity prices. The heavy mining equipment is referred to as the heavy machines used for mining, construction, or earthmoving tasks. This equipment is called heavy owing to the heavy-duty work it is constructed to perform at the mining sites such as gold or iron ore mining. Equipment such as diggers, trucks, and loaders, among others, are few of the examples of underground mining equipment that ease the task of material extraction. The equipment is also helpful in the processing of the excavated products that are hauled to the ground by the use of skips or lifts.
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The market has the Asia Pacific as the leading region on the basis of size as well as growth prospects. The regions such as North America, Australia, and Asia are the high maturity markets for the heavy mining equipment market. Europe, South America, and Africa are the high potential regions driven by the increased demand for automation and autonomous equipment, enhancing the market growth of heavy mining equipment globally. Caterpillar Inc. (NYSE: CAT) and Komatsu Ltd (TYO: 6301) are some of the major key players in the global heavy mining market.
Market Analysis by Equipment Type:
The heavy mining equipment market, on the basis of equipment type, is divided into surface mining equipment, underground equipment, and auxiliary equipment and others.
Market Analysis by Type:
The surface mining equipment market is divided on the basis of type into drills, mining trucks, electric mining shovels, hydraulic shovels, wheel loaders, draglines, tractors/dozers, and motor grader.
The underground equipment market is segmented on the basis of types into bolters, UG wheel loaders/LHD, mining trucks, development drills, and production drills.
Market Analysis by Application:
Underground equipment finds wide applications in metal mining and non-metal mining.
Market Analysis by Region:
Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Competitive Landscape & Supplier Analysis:
Epiroc AB, Sandvik AB, Caterpillar Inc., Komatsu Ltd, Hitachi, Ltd., and Liebherr Group, among others, are the key players in the global heavy mining equipment market. The Expert Market Research report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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