The report “Mining Machinery Market by Category (Crushing, Pulverizing, and Screening, Mineral Processing, Surface & Underground), Application, Propulsion, Power Output, Electric Machinery (Mining Truck, LHD), Autonomous Machinery and Region – Global Forecast to 2025″, 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 an increase in demand for metals and commodities are the driving factors are expected to boost the mining machinery market. 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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Surface mining is expected to have the largest market during the forecast period from 2020 to 2025
By machinery category, surface mining is estimated to be the largest segment of the market in 2020. It is projected to reach USD 16,403 million by 2025, at a CAGR of 4.41 % during the forecast period. The growth of this segment can be attributed to the increasing mining activities in the Americas, especially in Chile, Peru, and Canada. Rigid dump trucks are estimated to witness the fastest market growth due to their presence in demanding surface mining applications. The key factor driving the growth of surface mining machinery is the increase in commodity prices and technological advancements.
The 500-2,000 HP segment is expected to dominate market during the forecast period
Currently, the volume of 500-2,000 HP machinery is higher because of the wide-scale use of surface and underground machinery in mines across the globe. It is estimated to account for more than 35% of the market for all power output segments in 2020. Rigid dump trucks and excavators are the most widely used surface mining machinery. These machinery generally require higher torque, and hence, their power output ranges from 500-2,000 HP.
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North America is estimated to be the second-largest market
North America is a mature economy. It has large deposits of coal, iron, zinc, copper, gold, crushed rock, cement, and lithium. Mining machinery demand in North America is expected to increase due to protectionist measures adopted by the US, which have increased the demand for domestically extracted minerals. Positive factors, such as low interest rates, will also enhance investment in the mining industry. As a result, the mining industry in the US, Canada, and Mexico is projected to show a positive trend post the COVID-19 crisis. The market in the region is projected to grow at a CAGR of 3.88%, by value, during the forecast period.
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). These players have adopted strategies such as partnerships, agreements, supply orders, expansions, new product development, and acquisitions to increase their share and diversify and strengthen their business networks in the mining machinery market.
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