Mining Equipment Market - Forecast(2021 - 2026)

 Raw materials are the fundamental requirement for the development in any economy. The essentiality of an adequate supply of mineral raw materials across the global economies is the foremost driver of mining equipment market. The global mining equipment market size is estimated to be around $100 billion - $105 billion, growing at a global CAGR of 5% through 2025. Such affluence of mining equipment can be attributed to heavy industrial operations and unprecedented demand of raw minerals surfacing by means of industrialization and the necessity for an operative and well-functioning economy. 

Mining equipment market products comprises a range of tools from mining shovels to heavy machines such as trucks and dragline excavator. Profitability in this arcade is owing to the robust industrial demand of mineral fuels, iron, ferro-alloys, non-ferrous metals, precious metals, and industrial minerals. Apart from the demand by adjacent industries catering globalization, other factors such as favorable government policies, growth in mining-related end-use industries, and efficient automation technology are poising the mining equipment market towards exponential growth.

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Mining Equipment Market Overview:

As per the International Organizing Committee for the World Mining Congresses, mineral fuels including coal accounted for 85.2% of total mining extraction in 2016. The demand for coal dust has surfaced over the economy owing to the call for unparalleled present scenario of energy consumption.

Due to this phenomenon, surface mining equipment segment is leading the domain consisting of tools such as hybrid shovels, excavators and earth movers. Metal (iron and ferro alloys) mining is leading the type segment owing to the enormous demand from vigorously growing sectors like automobile (with sales of 100 million automobiles per year) and construction (with majority of modern projects exploiting on steel structures instead of traditional concrete). APAC region is the largest producer of minerals accounting for 35% of global mining equipment market size in 2018 with China leading as the producer of 28 different mineral raw materials globally.

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Global Mining Equipment Market Growth Drivers:

• As per the World Mining Data by International Organizing Committee for the World Mining Congresses, the world mining production in 2016 was an astonishing 16.9 billion metric tons from a relatively low 11.3 billion metric ton in 2000. Such growths and developments in the preceding range of years very efficiently impersonates via acute analysis the more rapid progression and expansions designated to occur in the approaching years. Thus, such prompt rate of mining across the globe is impelled to stroke the market with abundant demand.

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• The World Bank’s intervention in the mining sector has drawn lavish investment from the private sector and attracted foreign investments as well in developing and economy deficient countries mining arcade. Interventions by elite organizations such as International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD) has evolved the mining sector of countries such as Tanzania (US$250 million per year in 2001-08 from less than US$10 million per year in 1990-99), Argentina (US$56 million in 1995 to US$2.4 billion in 2008) and Mongolia (US$2.3 billion of total mineral exports in 2010 from US$267 million in 2000). Since 1998 the World Bank has reinforced 41 mining sectors. As the mining equipment market is directly relative to the global mining scenario, such aids are assured to propel the machineries market demand effectively.

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