North American mining equipment market is estimated to grow at a CAGR of 4.5% during the forecast period. Some pivotal factors accelerating the market growth include the rising minerals mining activities and rising adoption of advanced mining equipment in the region. The government initiatives is one of the factors accelerating the production of minerals in the region. For instance, in July 2020, the US House of Representatives introduced a bipartisan caucus which is intended to target ways to augment domestic manufacturing of specialized minerals that are utilized for the production of cell phones, missiles, and other high-tech equipment. The rising number of US technology firms have increased the demand for minerals, however, worsening US relation with China could reduce minerals exports to the US. Therefore, the US government is actively focusing on increasing minerals production in the country, which, in turn, will further drive the adoption of mining equipment that occupies a major position in the process of mining and evaluates the performance of extraction and processing operations of minerals.
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The global mining equipment market is segmented based on type and application. Based on type, the market is classified into surface mining equipment, mineral processing equipment, and underground mining equipment. Surface mining equipment has a significant share in the market. Nearly all non-metallic minerals, most metallic minerals, and a large fraction of coal are mined by surface techniques. As per the US Energy Information Administration (EIA), in 2019, nearly 706 million short tons of coal were produced in 23 US states. In 2019, surface mines represented 65% of the total number of mines and the source of 62% of total coal production in the US. Based on application, the market is classified into coal mining, metal mining, and non-metal mining.
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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
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
North American Mining Equipment Market– Segment by Country
- US
- Canada
The Report Covers
- Comprehensive research methodology of the North American mining equipment market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the North American mining equipment market.
- Insights about market determinants which are stimulating the North American mining equipment market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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