North American mining equipment market is estimated to grow at a CAGR of 4.5% during the forecast period. As per the US Geological Survey (USGS), in 2019, the US mines produced nearly $86.3 billion in minerals in 2019, which is more than $2 billion higher compared to revised 2018 production totals. The materials that can be extracted from the seabed comprise mineral sands (ilmenite, rutile, zircon), gold, tin (cassiterite), aluminum (bauxite+ e), diamond deposits and rocks salts. This, in turn, is resulting in an increasing demand for mining equipment. Specialized underground mining equipment including loaders, diggers, and trucks are utilized to excavate raw materials. Additionally, electrification of underground mining equipment has been witnessed in the region owing to the emerging focus in underground mining for the reduction of carbon emissions and increase workers’ safety. For instance, in September 2019, Epiroc declared that after the introduction of its new generation battery electric mining equipment in November 2018, it has won orders for these machines from several countries which include Canada, Finland, and Australia. This, in turn, is contributing to the growth of the market.
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Scope of the North American Mining Equipment Market
Market Coverage
- Market number available for 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- By Type and Application
- Countries Covered- US and Canada
- Competitive Landscape- Caterpillar Inc., Atlas Copco AB, Liebherr Group, Komatsu Ltd., and John Deere
Recent Strategic Initiatives in the North American Mining Equipment Market
- In December 2020, Doosan Infracore North America increased its excavator series with its largest model yet. This named Doosan DX800LC-7 excavator that augments the footprint of the company in the aggregate mining industry. The excavator size of the crawler makes it suitable for pit and quarry customers. In addition, it is also suitable as a large machine for heavy infrastructure and construction activities. It can efficiently load large amounts of material and eliminate overburden into trucks at quarries.
- In May 2020, Caterpillar declared that it is adding a new platform, MineStar Edge, which is intended to increase the Cat MineStar Solutions range of technologies. This will support to incorporate the way several mining operations manage their businesses. MineStar Edge develops an operational ecosystem for mining firms. Instead of having data in individual silos, MineStar Edge brings reflectiveness to the whole mining operation and allows managers to monitor the activities early in the process and the impact that further decline the value chain. Edge Equipment Tracking and Production Recording offers consistent information on each asset, which includes data on movement and location, fuel level, velocity, cycle times, payload, and as well as time utilization and hour meter reading. Supervisors can monitor unscheduled and scheduled downtime in addition to scheduled and unscheduled operational stoppages, which can leverage operational changes to maintain productivity.
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North American Mining Equipment Market-Segmentation
By Type
- Surface Mining Equipment
- Mineral Processing Equipment
- Underground Mining Equipment
By Application
- Coal Mining
- Metal Mining
- Non-Metal Mining
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
