22 March 2021
Visiongain has published a new report on Mining Equipment Market Report to 2031: Forecasts by Equipment Category (Mining Trucks and LHD (Load, Haul, Dump, and Others)), by Type (Surface Mining Equipment, Underground Mining Equipment, Mineral Processing Equipment, Others), by Application (Metal Mining, Coal Mining, and Others), by Powertrain Type (IC Engine Vehicle and Electric Vehicle). PLUS Profiles of Leading Mining Equipment Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Mining Equipment market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The global marine market is expected to recover at a steady pace, details about which has been provided in the report. However, reaching revenue equivalent to the pre-COVID levels will be a challenge in the near-term according to the visiongain’s estimate.
COVID-19 Impact on Mining Equipment Market
COVID-19 negatively impacted the Mining Equipment segment due to implication of nation-wide lockdowns in most of the countries by the government in an effort to contain the spread of virus. This in turn brought mining, construction and infrastructure activities to standstill, hence negatively impacting the demand. The mining and construction sector was already facing headwinds due to the global economic slowdown in 2019 and the entry of COVID-19 further worsened the situation. However, the second half of 2020 gave signs of relief with slight resumption in economic activities. The mining equipment market is heading towards recovery, but at a slow pace. Reaching to pre-COVID level volumes will be a challenge in near-term.
Despite the slump created by COVID-19, there are a few factors anticipated to positively support the growth of the mining equipment market. Globally, the increase in demand for metals and related commodities is anticipated to boost mining and extraction activities, which in turn will boost the market growth. The ongoing digital aspect of mining is also anticipated to bring major transformation in the mining equipment market over the forecast period. Increasing investment, government support and demand for technologically advanced products are anticipated to act as drivers for the growth of the mining equipment market.
Significant opportunity exists in the new technology Mining Equipment. Major players compete on technology and cost as key differentiation product to win the market. The transition towards open pit mining from the conventional underground one requires technologically advanced products and offers major opportunities to mining equipment manufacturers to innovate their existing product line-up and launch new products as per the fresh market needs.
Some of the company’s profiled in this report include Caterpillar, Volvo Construction Equipment, Komatsu, Sandvik, Liebherr, Hitachi Construction Machinery, Terex, Atlas Copco, Sany, and Doosan. Additional companies’ active in the market includes Equipment North, RTM Equipment, Dakota Equipment Manufacturing, Astec Industries, Schulte Strathaus, Mine Master, Konecranes, XCMG, BEML, and Hyundai Heavy Industries. Players in the mining equipment market are focusing on development of high-performance equipment to meet complex mining needs at an affordable cost.
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