The global Mining Machinery Market size is projected to reach USD 36.2 billion by 2025, from an estimated value of USD 29.0 billion in 2020, at a CAGR of 4.5%. Increasing use of electric machinery in underground mining and increase in demand for metals and commodities are the driving factors are expected to boost the mining machinery market.
The mining industry has witnessed many advancements, especially with the introduction of autonomous mining machinery. Autonomous mining trucks are capable of driving an exact route every time and help in meeting material handling capacity requirements, resulting in reduced production time, fewer chances of human error, increased safety, high production volume, and increased accuracy and repeatability. Caterpillar Inc. (US), Volvo CE (Sweden), and Komatsu Ltd. (Japan), some of the market leaders, manufacture autonomous mining trucks that are used at sites around the globe. The constant R&D efforts by mining machinery manufacturers to modernize the industry will offer favorable opportunities for manufacturers and propel the autonomous mining machinery market in the coming years.
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In the autonomous mining machinery segment, demand from surface mining is projected to be the highest by 2025. According to European Mineral Resources Confederation (EUMICON), autonomous mining machinery provides an improvement potential of around 40–80% over conventional machinery. This increased productivity has shifted the focus of the industry from conventional machinery to autonomous mining machinery. As a result, autonomous mining machinery is projected to witness double digit growth during the forecast period.
COVID-19 IMPACT ON MARKET
As this virus continues to spread rapidly at a global level, countries across the world are trying to prevent further contagion by taking measures such as social distancing, contact tracing, self-quarantining, surveillance, communication, and testing. So far, China, Japan, and Singapore have managed to flatten the curve, while the US, India, and Brazil are imposing drastic measures to slow down the spread and control fatalities. Mining machinery manufacturers have seen massive changes in their business operations because of the COVID-19 crisis. Komatsu Ltd., a prominent player in the market, worked on global cross-sourcing and procurement of finished vehicles and parts to absorb the impact of changes in market demand and foreign exchange rates. The company also planned to halt production at some manufacturing plants.
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Asia is estimated to be the largest growing market due to growth in China, India, and Australia. . The region has witnessed growth in mining operations due to the increasing demand for metals. Also, many international companies have increased their presence in this region. For instance, Vale, the world’s largest iron ore mining company, has been increasing its presence in China. Furthermore, The Belt and Road Initiative, which aims to strengthen infrastructure, trade, and investment links between China and several other countries, is among the several infrastructure projects that are expected to drive the mining machinery market in the Asia Oceania region. In India, 30 new coal mining sites have been identified by the Central Mine Planning and Design Institute (CMPDI). These sites are projected to add 100 million tons to the annual production capacity of Coal India Limited (CIL).
Key Market Players:
The key players operating in mining machinery market include Caterpillar Inc. (US), Epiroc AB (Sweden), Komatsu Ltd. (Japan), Sandvik AB (Sweden), and Doosan Corporation (South Korea).
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