Mining Equipment Market Introduction
Escalated oversupply along with decreased demand from China and other countries had a considerable impact on the mineral prices downfall. This compelled mining companies to drastically cut capital expenditure including revenue allocated for mining equipment. However, slow growth in mineral production in near future is anticipated to warrant the installation of new mining equipment. Further, a major portion of market revenue is anticipated to come from mining equipment replacement segment. In addition, the emergence of mining automation owing to the introduction of strict government regulations across the globe is anticipated to boost the penetration of automated mining equipment at a considerable rate.
Increasing consumption of natural resources and rising demand for minerals & metals commodities across worldwide is anticipated to boost the growth of the overall mining equipment. Moreover, the introduction of mining supportive ordinance, especially in emerging markets of Asia Pacific, is anticipated to accelerate the growth of the market during the forecast period. However, high initial investment and lack of rental market are anticipated to hinder the market growth.
The global mining equipment market analyzes major segments such as type, application, and region. Based on type, the market is segmented into surface mining equipment, mineral processing equipment, mining drills & breaks, underground mining equipment, and others. By application, the market is bifurcated into mineral mining, coal mining, and metal mining. Region wise, the mining equipment market is analyzed across North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa (MEA). In terms of revenue, Asia-Pacific dominated the market in 2017 and is projected to continue its dominance throughout the forecast period.
Mining Equipment Market Competitive Landscape
Key vendors in the market are application-focused products and systems solutions to gain a competitive edge and increase profit margin. Moreover, prominent players in the market are inclined towards merger and acquisition with other leading players to strengthen their market presence and expertise. For instance, in April 2017, Komatsu America Corp., a subsidiary of Komatsu Ltd. completed the acquisition of Joy Global Inc. to expand its mining business. This acquisition enabled Komatsu to enrich its mining equipment portfolio with Joy Global’s surface and underground mining products and brands. Some of the key players analyzed in the global mining equipment market are Caterpillar Incorporated, BEML Limited, Astec Industries, Atlas Copco, Hitachi Limited, Hyundai Heavy Industries, Komatsu Limited, Northern Heavy Industries, Outotec Oyj, and Sandvik AB among others.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on mining equipment market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.