The global Mining Support Equipment market reached a value of about USD 14.28 billion in 2021. The industry is projected to grow at a CAGR of around 3% in the forecast period of 2022-2027 to reach a value of about USD 17.05 billion by 2027.
The global Mining Support Equipment industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The growing exploration activities are primarily driving the market's expansion. Asia is the highest category spender by region, driving the demand for the Mining Support Equipment industry.
Mining is the process of extracting precious minerals or other geological elements from a deposit's land, and Mining-specific technology is needed to do this extraction efficiently. From the creation of the mine for the reliable and safe extraction of the raw material, mining operations rely heavily on technology and machinery. The Mining Support Equipment industry report comprises segments by application (Metal Mining, Non-Metal Mining) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
Asia is leading the market in the sector as many of the region's emerging countries have large coal-producing areas and big coal and metal mining businesses that require significant capital investment. There is a growing need for low-emission, low-cost, and high-energy-efficiency machinery in the area, which is driving the market growth. Furthermore, China, India, Japan, and South Korea are increasing their investments in innovation and digitisation, boosting regional market demand.
The market is being driven by the increasing demand for natural resources in various industries, such as automotive, manufacturing, and power production. Automobile manufacturers are putting a lot of attention on electrification, driving up demand for mining equipment. There is an increased focus on purchasing mineral mines like nickel, lithium, and cobalt to enable the production of batteries. The growing use of electric machinery in underground mining and the increasing need for demand for metal and commodities is driving the market's growth. Additionally, with the rise in mining activities due to the construction of railway tracks and roads, the market is likely to witness further growth. Furthermore, the growing demand for mineral fertilisers to improve agricultural yield is furthering the industry's growth. Other factors like an increase in urban population, which drives up demand for natural resources such as gold, oil, etc., propel the market forward.
However, the high cost of the equipment used in mining is likely to hamper the industry's expansion.
The global Mining Support Equipment industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Mining Support Equipment regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
There are various types of equipment involved in the mining process. Crushers are devices that take huge boulders and crush them into smaller rocks or dust. Wheel loader plays an essential function at the mine's face, digging through the material and safe lifting and transporting it. Drill rigs are machines that are employed to bore holes in the ground. Drill rigs are flexible pieces of heavy gear that may be utilised below and on the surface for tasks such as rock extraction. This is only one of the several distinct forms of mine drilling equipment available. Dozers: Bulldozers' mobility, power, and persistence enable them to perform various tasks in the mining industry. Smaller dozers are easier to manage underground, whereas big dozers are better suited to heavy-duty surface mining. Haul trucks are designed in a size that allows high-volume operations in mines. They have the same functionality as a dump truck. These off-highway trucks are large enough to transport significant volumes of mined raw material and excavated rock and soil.
The technological advancements in the industry are propelling the industry. Automation, the Internet of Things (IoT), 3D imaging, and plasma technology are among the innovations transforming the sector. These machines are made of materials and technology that can resist extreme heat and pressure. The machines are exposed to high levels of radiation and chemical chemicals, which might directly impact the components' functionality. In addition, the increased investment and government support for digital mine innovation are likely to boost demand for mining equipment. Companies are continuously searching for process optimisation in an increasingly competitive market across all industries, which has increased the need for automation in the mining industry. Mine exploration and monitoring are carried out using drones, thus driving up the market demand.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The presence of several worldwide and regional companies in the mining equipment industry creates a highly competitive market environment. Major mining companies are increasingly offering on-site solutions such as component and equipment maintenance and services such as part support and data analytics. Several industry players intend to buy smaller regional businesses to expand their consumer base and provide new technological breakthroughs. Significant OEMs have formed joint ventures and research projects for components and purchased-finished materials with specific rivals to lower manufacturing costs and provide competitive differences. One of the primary techniques used by businesses to secure long-term consumer loyalty is to expand their offers by generating the correct distinct product.
1. Executive Summary
2. Mining Support Equipment Market Snapshot
2.1. Mining Support Equipment Market Outlook
2.2. Mining Support Equipment Industry Analysis By Application
2.2.1. Metal Mining
2.2.2. Non-Metal Mining
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Mining Support Equipment Value Chain Analysis
5. Mining Support Equipment Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Mining Support Equipment Cost Structure
9. Mining Support Equipment Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Mining Support 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. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Epiroc AB
14.2. Sandvik a
14.3. Caterpillar Inc.
14.4. Komatsu Ltd.
14.5. Xuzhou Construction Machinery Group Co., Ltd. (XCMG Group)
The global Mining Support Equipment market size was valued at USD 14.28 billion in 2021.
As per the application provided, the Non-Metal Mining segment is anticipated to lead the market between 2022 and 2027.
The significant demand for various natural elements in industries like automotive, etc., is an essential driver of the Mining Support Equipment market growth.
Epiroc AB, Sandvik Group, Caterpillar Inc., Komatsu Ltd., and Xuzhou Construction Machinery Group Co., Ltd. (XCMG Group) are some of the prominent players in the market.
The Asia region of the Mining Support Equipment industry holds a significant share in the market.
The global Mining Support Equipment market attained a value of USD 14.28 billion in 2021, driven by the increasing demand for natural resources in various industries, such as automotive, manufacturing, and power production. Aided by the growing technological advancements, automation, the Internet of Things (IoT), 3D imaging, and plasma technology, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 3%. The market is projected to reach USD 17.05 billion by 2027. Some of the leading players in the industry are Epiroc AB, Sandvik Group, Caterpillar Inc., Komatsu Ltd., and Xuzhou Construction Machinery Group Co., Ltd. (XCMG Group).
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