The Mining Equipment Market is projected to grow at a CAGR of 5.40 % from 2018 to 2025. From a market size of USD 77.7 billion in 2018, it is projected to reach USD 112.3 billion by 2025. With the increase in urban population, there is a rising demand for commodities, especially in developing regions. The recent increase in commodity prices has made mining profitable, which is driving the market for mining equipment. The stringent emission regulations to be implemented in North America, Europe, and Asia Oceania are expected to increase the sales of new mining equipment. All these factors together are projected to drive the demand for mining equipment in the coming years.
Emission regulations to increase the demand for new mining equipment
The stringent emission regulations for off-Highway engines in Europe, North America, and Asia Oceania are expected to increase the demand for new mining equipment during the forecast period. The emission norms in North America and Europe are more stringent compared to Asia Oceania. Mining equipment manufacturers can utilize their experience in developed regions to provide regulation compliant equipment in Asia Oceania.
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Electric mining equipment: a game changer for underground mining
In underground mining equipment, the fumes generated by diesel engines are harmful to the operators. Electric equipment offers a cleaner environment for the operators as well as reduce the requirement of expensive ventilations with filters. Electric mining equipment offers up to 80% efficiency compared to 40% of diesel mining equipment. As the mining industry is significantly affected by the margins, the use of electrical equipment is beneficial for miners. Moreover, the maintenance cost of electrical mining equipment is lower. Therefore, the operating costs associated with mining equipment are reduced further. In a sluggish market, equipment manufacturers that offer more efficient equipment will have increased demand. With reducing battery costs, more underground equipment is expected to be electrified. Electric mining equipment is the fastest growing segment of mining equipment. Thus, electrical mining equipment offers a great opportunity for underground equipment manufacturers.
Autonomous mining equipment to grow at a quick pace.
The autonomous mining equipment has been tested since 2008 by players such as Komatsu and Caterpillar in sites such as Gabriela Mistral, Rio Tinto, and Solomon. Mine operators are facing a problem of reaching an optimum balance between the output received, cost incurred, and profit margins by adhering to the government regulations/norms. As the mining equipment industry is directly affected by the demand and pricing of the mining products, the margins with the operators are quite low. Autonomous mining equipment solves these problems as they can work 24 hours, 7 days a week, reduce human errors, and do not require humans to be present at dangerous locations. This increases the productivity of miners and improves the safety of their human resources. According to Caterpillar, large fleet of the 227-tonne-capacity (250-ton) trucks have achieved a 20% productivity advantage over standard trucks working in an Australian iron ore mine. As autonomous mining equipment offers many advantages of normal mining equipment, they are projected to grow at a brisk rate. Major manufacturers can utilize this opportunity to test and deploy more autonomous equipment and increase their market share.
The key market players are Caterpillar (US), Komatsu (Japan), and Sandvik (Sweden). These players can use their expertise in manufacturing electrical mining equipment to provide a wide portfolio of electrical mining equipment for developing countries such as India and China. This also provides them with a great opportunity to increase their revenue and gain market share by way of expanding further into these countries or through joint ventures and acquisitions of local companies.
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