Mining Equipment Services market is analysed to grow at a CAGR of 3.4% during the forecast period 2021-2026 to reach $160.9 billion by 2026. Mining equipment services market is developing rapidly due to rise in the mining exploration activities and the growing demand of raw materials due to the rising mining projects. Moreover, rapid industrialization and globalization for improving a well-functioning economy is further driving the mining equipment market. Furthermore, the deployment of innovative services and parts such as part replacement services, maintenance services, fleet services and so on further rise the market’s growth. The third-party service providers also offer predictive maintenance contracts that enables loss of production, reducing in downtime, also leading to reduce the cost in the research and development of equipment maintenance services and inventors. These key drivers further propel the shift of companies towards third party vendors, and further boosting the growth of the mining equipment services market.
Mining Equipment Services Market Report Coverage
The report: “Mining Equipment Services Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Mining Equipment Services industry.
By Equipment: Underground Mining Equipment (Low Profile Dump Trucks, Load Haul and Dump, Roof Bolters, Rock Dusters & Others); Surface Mining Equipment (Drilling Equipment, Electric Shovels, High Wall Miners, Excavators, Dumpers, Motor Graders, Wheel Dozers & Others); Material Handling Equipment (Forklifts, Conveyor Belts, Trucks & Others); Crushing, Pulverizing & Screening Equipment, Drills & Beakers
By Services: Part Replacement Services, Maintenance Services, Field Service Engineer Services, Fleet Services, and Others
By Component: Replacement Parts (Engines, Turbochargers, Final Drives, Radiators, Hydraulic Pumps, Others); Spare Parts (Shafts and Beams, Chassis, Rotors, Frames, Bearings, Others); Wear Parts (Idlers, Pulleys, Plates, Mantles, Liners, Others)
By Application: Metal Mining, Non-Metal Mining, Coal Mining
By Geography: Americas (U.S., Canada, Mexico, Brazil, Argentina, Chile, Peru, Rest of Americas); Asia-Pacific (Australia, China, Japan, South Korea, India, Rest of APAC), Europe (Germany, France, UK, Italy, Spain and Others), ROW (Middle East, Africa)
Key Takeaways
- Adoption of advanced equipment is set to drive the mining equipment services market.
- Surface mining sector is poised to provide opportunities to the Mining Equipment Services market during the forecast period 2021-2026 owing to increase in investments in surface mining.
- Presence of high number of players and high adoption of mining services in countries such as China, India and Japan boost the Asia-Pacific mining equipment services market.
Mining Equipment Services Market Segment Analysis- By Equipment
Surface mining equipment held the major share 36.2% of mining equipment services market in 2020. In Surface mining, the equipment deployed are drilling equipment, electric shovels, high wall miners, excavators, dumpers, motor graders, wheel dozers, and others. As stated by Environmental Impact Assessment (EIA), in 2019, about 756 million short tons of coal is produced in U.S. The surface mines accounted for 63% of total coal production, also the surface mines accounted for 63% of total number of mines in US. Wyoming region consists six of top ten U.S. coal-producing mines and all these mines are surface mines. Moreover, the surface mines in the west coal region produce 92% of total coal. Therefore, the significant presence of surface mines in major countries such as U.S., China, India and so on are set to boost the demand for the deployment of mining equipment services thereby impacting on the growth of the market during the forecast period 2021-2026.
Mining Equipment Services Market Segment Analysis- By Application
Metal mining is the fastest growing segment in Mining Equipment Services System market and estimated to grow at a CAGR of 4.3% during forecast period 2021-2026 owing to increase in demand for services such as metallurgy and process design, analytical services and so on. In addition, growth of residential and non-residential construction sectors in Southeast Asia and other developing countries is projected to drive the demand for aluminium and copper products and is set to drive the market. Moreover, U.S. metal mine production in 2019 was estimated to be $28.1 billion with almost $500 million higher than in 2018 and anticipated to row in the forecast period. The principal contributors to the total value of metal mine production in 2019 were gold (32%), copper (28%), iron ore (19%) and zinc (7%). According to World Steel Association, India’s steel mining, is estimated 97.5 million tonnes in 2019. With increase in demand for metals in various countries, it is expected to propel the market growth during forecast period.
Mining Equipment Services Market Segment Analysis- By Geography
Asia-Pacific had accounted for the largest share of $41.1% in 2020, analysed to grow with a CAGR of 2.3% for the Mining Equipment Services market during the forecast period 2021-2026, followed by Americas and Europe. China is the largest consumer of the lithium majorly attributed to the presence of the electronic manufacturing as well as electric vehicles manufacturing industries. The country is also third largest producer of Lithium. Therefore, the significant mining activities in the country is set escalate the mining equipment services market during the forecast period 2021-2026.
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