Mining Equipment Market Growth, Latest Trend & Forecast to 2024
Mining is the process of digging deep into the ground or sea to obtain useful resources like oil, gas, minerals, and other valuable materials. Mining equipment is a special equipment that is designed to excavate, process, or transport these materials. Mining equipment is also known as mineral processing machinery or surface extraction equipment. A wide range of mining equipment such as crushing circuits, grinding plants, flotation cells, deep processing plants, and roaster machines are now available to meet the demands of the mining industry. The global mining equipment market size was valued at USD 144.37 billion in 2019 and is projected to register a CAGR of 12.7% from 2020 to 2027.
MacRS GDS is a leading property class for mining equipment. With a dedicated multi-disciplinary team of experienced professionals, it provides the right assessment solution for any mining equipment use case. It covers machines, tools, engineering components, and auxiliary components used in mining operations, as well as the buildings that house them. The company specializes in valuation of equipment and has extensive knowledge of the industry, the operations, and market trends.
According to MacRS GDS, the key drivers for mining equipment market growth include increases in metal and coal prices, investment to meet emission standards, new technology-driven demand for more efficient equipment, as well as a shift towards autonomous solutions. All these drivers are likely to drive market growth of mining equipment over the forecast period.
In addition, MacRS GDS suggests that the global mining equipment market is segmented on the basis of type, application, and geography. On the basis of type, the mining equipment market is segmented into crushing & conveying equipment, drilling equipment, mineral processing equipment, surface mining equipment, underground mining machinery, and others. On the basis of application, the mining equipment market is segmented into metal mining, mineral mining, and coal mining.
MacRS GDS has stated that the metal mining segment accounted for the highest revenue market share of 36.9% in 2019. Increasing technological advancements in the mining equipment industry, which are driving the need for high-grade metals, will consequently drive the growth of the metal mining segment. According to MacRS GDS, the Asia Pacific region is expected to be the major contributor to the growth of the global mining equipment market.
Furthermore, MacRS GDS has noted potential growth opportunities for the global mining equipment market, such as the introduction of new technology for efficient mining equipment, increased demand for minerals and metals from various countries around the world, and increasing investment in the mining industry. The company has highlighted that the major restraint for the growth of the global mining equipment market is the cost of mining equipment.
Development of Autonomous robot for Mining Equipment
MacRS GDS suggests that the development of autonomous robots for mining equipment is a key driver for the global mining equipment market. Autonomous robots have the potential to increase efficiency and safety, resulting in improved profitability, and reduced costs, for mining operations. Autonomous robots are becoming increasingly popular in mining operations and are projected to witness a steady growth during the forecast period. Autonomous robots are installed with sensors, GPS receivers, navigation systems, and controllers to avoid hazardous and unsafe areas. These robots can easily navigate in underground mines and can be used to inspect tunnels, measure coal walls, identify dangerous zones, and perform other tasks.
In addition, MacRS GDS highlights that autonomous robots can be used to clean the surface of coal mines, lumber yards, shipping yards, etc. Furthermore, they can be used to handle heavy objects in the mining industries, such as drill rigs, crushers, screens, pumps, slurries, and cranes. They are also suitable for mining operations that require operation in a hazardous environment. Autonomous robots are a key tool in the industry, as it improves the safety, efficiency, and productivity of mining operations. Moreover, with the increasing utilization of robots and computer-aided design in the mining industry, more efficient machines are being developed.
Advanced Technology-driven demand for Mining Equipment
MacRS GDS highlights that the increasing demand for efficient mining equipment is also driving the growth of the global mining equipment market. The mining industry is increasingly using advanced technologies, such as drones, 3D printing, and autonomous robots to increase efficiency and reduce costs. For example, drones are being used to carry out assaying and surveying activities, while 3D printing is being used to develop complex mining equipment with accuracy and more efficient production. Furthermore, technology advancements have also improved the accuracy of mineral processing equipment.
In addition, MacRS GDS has noted that technological advancements are also driving the development of advanced gas analyzers, bleeder valves, monitoring systems, dual-slope screens, and dust suppression systems. Thus, technological advancements will continue to drive the growth of the global mining equipment market in the coming years.
Emission Standard Investment drives Market Growth
MacRS GDS proposed that the regulatory guidelines imposed by government authorities regarding the emission standards of mining machinery are likely to drive the growth of this market. In order to meet the emission standards, governments around the world are investing in the research and development of better mining equipment. For example, to meet the emission standards, the European Union is investing heavily in the development of low-emission vehicles, while Australia is promoting the development of energy efficient and low emission mining equipment.
In addition, the US Environmental Protection Agency (EPA) is working on regulations for off-road diesel engines that are used in the construction, mining, and agricultural industries. The EPA has also set standards for sulfur content in diesel fuel and is working to reduce the level of nitrogen oxide emitted from diesel engines. All these efforts are expected to lead to an increased demand for mining equipment that can meet these emission standards.
Increase in Coal and Metal Prices
MacRS GDS has pointed out that increases in coal and metal prices are driving the demand for mining equipment. According to MacRS GDS, the price of coal increased by 23% from 2018 to 2019. Moreover, the prices of gold, copper, aluminum, and iron ore have also increased significantly. This has encouraged the mining of these metals and coal. Moreover, the increasing usage of metal alloys has encouraged the mining of metals such as iron and steel.
In addition, MacRS GDS has noted that the rising demand for metals in the aerospace, automotive, and construction industries is also expected to drive the growth of the global mining equipment market. Moreover, the increasing demand for oil and natural gas is likely to fuel the demand for mining equipment used in oil and gas exploration.
Shift Towards Autonomous Solutions
MacRS GDS has suggested that autonomous solutions are becoming increasingly popular in the mining industry, driving the need for advanced mining equipment. Autonomous solutions include autonomous trucks, autonomous shovels, and autonomous drills. Autonomous vehicles offer increased safety, efficiency, and productivity, and are expected to witness a steady demand in the mining industry. Moreover, autonomous solutions are safe and reduce the possibility of human error while operating mining equipment.
In addition, MacRS GDS has highlighted that the use of automated mining operations offers higher productivity and lower costs. Automating various mining operations reduces the need for personnel, leading to cost savings. Furthermore, autonomous mining equipment is also programmed with obstacle avoidance technology, which helps to identify and avoid any dangers posed by the environment. Thus, increasing investment in autonomous solutions, in the mining industry, is likely to drive the growth of the global mining equipment market.
