The global mining equipment market is estimated to grow at a CAGR of 4.6% during the forecast period. Some pivotal factors encouraging market growth include the rising adoption of electric machinery in underground mining and growth in the mining industry. 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.
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The mining equipment manufacturers have also been witnessing an increasing demand for electric mining equipment. 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. In the third quarter of 2019, Agnico Eagle Mines Limited (Finland) ordered the Boltec E Battery rig for application at the Kittilä gold mine. Additionally, several orders from other firms have been booked for battery Boltec rock bolting electric versions of the rig, Scooptram loader, and Minetruck hauler, Boomer face drilling rig. As part of the Sustainable Intelligent Mining Systems (SIMS) project, Agnico Eagle Mines has been testing several Epiroc battery-powered machines at Kittilä.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Mining Equipment Market-Segmentation
By Type
- Surface Mining Equipment
- Mineral Processing Equipment
- Underground Mining Equipment
By Application
- Coal Mining
- Metal Mining
- Non-Metal Mining
Global Mining Equipment Market– Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2019 and forecast to 2026.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global mining equipment market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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