Mining Equipment Market Is Estimated To Witness High Growth Owing To Opportunity For Intelligent And Automated Mining Operations
Mining equipment such as excavators, dredgers, drills, and other heavy machinery are used for extraction and processing of minerals and materials. Mining equipment helps in digging, breaking, crushing, grinding, separating, and transporting various types of material from the mining site. The global mining equipment market allows efficient mining operations with advanced technologies.
The global Mining Equipment Market is estimated to be valued at Us$ 125603.7 Mn in 2023 and is expected to exhibit a CAGR Of 16% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for intelligent and automated mining operations is expected to propel the growth of the mining equipment market during the forecast period.Implementation of advanced technologies such as autonomous hauling, drilling & mining equipment and robotics reduces risks associated with mining activities. Autonomous machinery can work continuously with high productivity and less human intervention compared to conventional mining operations. This results in improvement of safety standards and optimization of mining operations. Growing focus towards implementation of automation, robotics, AI and IoT technologies in mining activities is expected to boost demand for intelligent mining equipment over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and regulations help new companies enter this market easily. However, established players have significant resources and brand reputation.
Bargaining power of buyers: Large mining companies have significant bargaining power due to volume contracts. Small buyers have limited negotiation power.
Bargaining power of suppliers: Key components are standardized with few substitutes. However, vendors differentiate through technology and services.
Threat of new substitutes: No major substitute for heavy machinery used in mining and excavation works. Technology advancements may introduce some substitutes over time.
Competitive rivalry: Intense competition among major global players. Companies compete on technology, product quality, pricing and services.
SWOT Analysis
Strengths: Established global brands, scale advantages, technological leadership and customized product offerings.
Weaknesses: High R&D and capital expenditures, vulnerability to economic cycles and volatile commodity prices.
Opportunities: Growth in emerging markets, demand for fuel-efficient and emission compliant equipment, and focus on automation and productivity.
Threats: Trade barriers, renewable energy shift, talent crunch and stringent emission norms.
Key Takeaways
The Global Mining Equipment Market Demand is expected to witness high growth over the forecast period led by robust mineral commodity demand and investments in emerging markets.
The Asia Pacific region currently dominates due to the large mining sectors in China, Australia and India. China alone accounts for over 50% of the global demand for mining machinery. Government initiatives to enhance safety and productivity are driving automation adoption. Austrila is also major market owing to large reserve of iron core, bauxite, copper and gold. The region is expected to maintain dominance in upcoming years as well.
Key players operating in the mining equipment market are Aviation Industry Corporation of China, Clearpath Robotics, General Atomics Aeronautical Systems, Hi-Tech Robotic Systemz, Softbank Robotics, SMP Robotics, Aethon. Major players are focusing on automation technologies and introducing remote-controlled, autonomous and electric equipment to improve safety and productivity. For example, Caterpillar launched autonomous hauling trucks that use technologies such as advanced perception sensosensors to operate on mine sites without onboard operators.
Get more insights on this topic :