The global heavy mining equipment market reached a value of about USD 80.99 billion in 2021. The industry is projected to grow at a CAGR of around 3.5% in the forecast period of 2022-2027 to reach a value of USD 99.57 billion by 2027.
The heavy mining equipment industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. There is an increase in the utilisation of heavy mining machinery to meet the growing need of energy and power and infrastructure industries. Moreover, the mining companies are aiming at using more equipment and machinery since these are more efficient and support increased productivity. The key demand indicator in the industry report is the highest category spender by region — Asia Pacific.
Heavy machines that are used for functions such as mining, construction, or earthmoving activities are called heavy mining equipment. Owing to the heavy-duty tasks that it operates at the mining sites like iron ore or gold it is referred to as heavy. Few types of underground mining equipment like diggers, trucks, loaders among others are useful in the extraction of materials. The equipment also helps in managing the excavated products, which are pulled to the ground by employing lifts or skips. The global heavy mining equipment industry report comprises segments based on its type (surface mining equipment, underground equipment, auxiliary equipment, mining drills & breakers, crushing and screening equipment, and others), application (metal mining, mineral mining, and coal mining) solutions (products and services) and regions (North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa).
In the terms of growth opportunities and size, the Asia Pacific region is leading the heavy mining equipment market globally. Asia, together with Africa is predicted to witness a rise in growth rates. Also, the rising demand from countries like India, China, and Indonesia is likely to propel the global market size. Likewise, India is anticipated to develop substantially due to the hike in infrastructure development and expansion of cement and power industries. Europe, South America, and Africa have great potential for heavy mining equipment industry growth owing to their government support to expand mining activities to increase the generation of electricity and acquire minerals and ore for export. Furthermore, there is a heavy demand for automation and autonomous equipment in these regions, which is helping in driving the growth of the industry globally.
In addition, the heavy mining equipment industry is considerably strengthened by its downstream industries such as mining, cement production, autonomous equipment, automation, among others. The rising demand for precious metals, coal, and other metal or non-metal products is resulting in a high level of mining activities in Indonesia, India, and China. Also, new mining locations are leading to an increased demand for mining equipment, further facilitating the growth of the industry. Furthermore, the growth in the levels of mineral production is also impelling the development of the market. Coal mining which accounts for 40% of the share is another primary factor that is pressing the market growth further. The growing construction sector, which is expanding across all regions, specifically in Asian countries is also helping in propelling the market expansion.
The usage of new and modern mining equipment is centered on investments that are made in the mining industry which further largely depends on the global economic situation. Likewise, emerging countries like South Africa, Argentina, and Peru, commonly prefer refurbished mining machinery as these have a dependable life cycle if handled appropriately. These heavy machines are exported from developed countries in North America and Europe to South America, the Middle East and Africa, and Southeast Asian countries at a relatively less cost than the new mining machinery. This is likely to hamper the sales of the new heavy mining equipment.
The global heavy mining equipment industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by heavy mining equipment utilising regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
The mining equipment comprises several pieces of equipment that help in the accuracy and efficacy of various surfaces and underground mining projects. Screening equipment, crushing equipment, mining drills, conveying earthmovers, blasting tools, feeding, and analytical equipment are some of the types of heavy mining machinery among several others. Additionally, in underground mining diggers, trucks, and loaders are used to dig up raw materials and move them to the surface for further processing. Crushing equipment, which enables the miners to reduce the size of the large materials like rock and stone, into marketable pieces, are available in different shapes and sizes so that these are used for a broad range of crushing requirements along with maximising efficiency. Moreover, underground techniques over the past years, have developed noticeably and remote-controlled machinery have gradually been launched for superior drilling competence.
The recent developments in mining technology and a drive in the direction of sustainability are anticipated to generate substantial growth prospects in the coming years. These new developments support in providing modern, safe, and efficient mining methodologies. For example, it is estimated that spatial data visualisation permits three-dimensional (3D) modeling and creates detectable and intensity assessments. It also enables mining remodeling that would produce enormous progress possibilities. Furthermore, with the launch of Virtual Reality (VR) technology the miners can see the inside mining or have site experience without actually being physically present there. This technology is projected to deliver outstanding growth opportunities. Further to this, the Geographic Information Systems (GIS) technology helps the miners in mineral exploration, report generation, generate geochemical and hydrology data, and follow the sustainability and regulatory compliance and facility and tailings management. In addition, because of the cheap operating costs and no exhaust, the adoption of electric mining machinery or battery-operated equipment guarantees safer working conditions and seizes the challenge of aeration in underground mines, assuring zero emissions.
The major zones in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The largest segment in the heavy mining equipment industry divided by type is excavators as these are the most crucial equipment used for mining. Technologically advanced excavators are automated and modern which makes them more competent than the older models. By application segment, the coal mining industry is estimated to have a major size of the market due to its demand from developing regions. These requirements are met by technical improvements in coal extraction methods and technology like enhanced roof control, conveying systems, and others.
1. Executive Summary
2. Global Heavy Mining Equipment Market Snapshot
2.1. Heavy Mining Equipment Market Outlook
2.2. Heavy Mining Equipment Industry Analysis by Type of Equipment
2.2.1. Surface Mining Equipment
2.2.2. Underground Equipment
2.2.3. Auxillary Equipment & Others
2.3. Heavy Mining Equipment Industry Analysis by Application
2.3.1. Metal Mining
2.3.2. Non-Metal Mining
2.4. Regional Overview
2.4.1. North America
2.4.3. Asia Pacific
2.4.4. Latin America
3. Impact of Recent Events
4. Heavy Mining Equipment Value Chain Analysis
5. Heavy Mining Equipment Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Heavy Mining Equipment Cost Structure
9. Heavy Mining Equipment Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Heavy Mining Equipment Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. Epiroc AB
15.2. Sandvik AB
15.3. Caterpillar Inc.
15.4. Komatsu Ltd.
15.5. Liebherr-International Deutschland GmbH
15.6. Hitachi Construction Machinery Co, Ltd.
In 2021, the global attained a value of around USD 80.99 billion.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 3.5%.
The major market drivers are increasing demand for precious metals, coal, and other metal or non-metal products, and the growth in the usage of electric and battery-operated machinery resulting in a high level of mining activities.
The major regions in the industry are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Some of the leading players in the industry are Epiroc AB, Sandvik AB, Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH, and Hitachi Construction Machinery Co, Ltd.
The global heavy mining equipment market reached a value of about USD 80.99 billion in 2021 and is projected to grow at a CAGR of around 3.5% in the forecast period of 2022-2027. Heavy machines that are used for functions such as mining, construction, or earthmoving activities are called heavy mining equipment. Few types of underground mining equipment like diggers, trucks, loaders among others are useful in the extraction of materials. The global heavy mining equipment industry report comprises segments based on their type, application, and regions. The Asia Pacific region is leading the heavy mining equipment market globally in the terms of growth opportunities and size. Europe, South America, and Africa have great potential for heavy mining equipment industry growth. In addition, the heavy mining equipment industry is considerably strengthened by its downstream industries such as mining, cement production, autonomous equipment, automation, among others.
Procurement Resources’ detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise thus, delivering its customers with market insights that are accurate, actionable, and help them remain ahead of their competition. Some of the leading players in the industry are Epiroc AB, Sandvik AB, Caterpillar Inc., Komatsu Ltd., Liebherr-International Deutschland GmbH, and Hitachi Construction Machinery Co, Ltd.
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