According to a new market report published by Lucintel, the future of the global mining equipment industry
looks good with opportunities in the surface and underground mining segment. The global mining equipment industry is expected to reach an estimated $80.8 billion by 2021, and it is forecast to grow at a CAGR of 2.3% from 2016 to 2021. The major drivers of growth for this industry are increasing coal and metal exploration and growth in manufacturing activities.
In this market, surface mining equipment
, underground mining machinery, drills and breaker, crushing, pulverizing, screening equipment, mineral processing machinery and parts and attachment are the major segments. On the basis of its comprehensive research, Lucintel forecasts that the crushing, pulverizing, screening equipment segment is expected to show above average growth during the forecast period of 2016 to 2021 due to resource exploration and increasing mining activity.
Within the global mining equipment industry, the surface mining equipment segment is expected to remain the largest market. The shift of mining operations to geographical terrain is the major factor that would spur growth for this segment over the forecast period. Surface mining is more prevalent, due to increasing adoption of mining techniques like strip mining and open pit mining.
By application type, metal is expected to remain the largest segment, due to higher domestic demand and large scale urbanization in emerging economies like India and China.
APAC is expected to remain the largest market due to increasing coal and metal exploration activities for power generation and rising metal consumption due to large scale infrastructure development.
Asia Pacific and the Rest of the World are expected to witness significant growth over the forecast period because of higher domestic demand for coal and steel, the presence of large mineral reserves, and investor friendly mining regulations.
For business expansion, Lucintel’s report suggests innovation and new product development, particularly in terms of energy-efficient equipment, digital operator displays, high mobility and safety features, and equipment with integrated scrubbers for effective dust control to make mining operations more efficient and cost effective.
Emerging trends which have a direct impact on the dynamics of the industry include the development of underground automation systems, the introduction of automatic power crushers and multi-functional excavators, the use of hybrid electric motors, rail-veyor technology for bulk material haulage solutions. Caterpillar Inc., Hitachi Construction Machinery Co., Komatsu ltd, Joy Global Inc., and Atlas Copco are the major mining equipment manufacturers in the global mining equipment industry. Some companies are also pursuing mergers and acquisitions as strategic initiatives for driving growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global mining equipment industry by product type, application type, and region, and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Mining Equipment Industry 2016-2021: Trends, Forecast, and Opportunity Analysis
.” This Lucintel report serves as a springboard for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities in the global mining equipment industry by product type, application type, and region, as follows:
The study includes a forecast for the global mining equipment industry by application type and region as follows:
By product type [$ billion from 2010 to 2021]:
· Underground mining machinery
· Surface mining equipment
· Drills and Breaker
· Crushing, Pulverizing, Screening equipment
· Mineral processing machinery
· Parts and attachment
By application [$ billion from 2010 to 2021]:
By region [$ billion from 2010 to 2021]:
· North America
· Asia Pacific
· Rest of the World
Lucintel, the premier global Management Consulting
and market research firm
, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting
, M&A, and Due diligence
services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com. This report addresses the following key questions:
Q. 1. What are some of the most promising, high-growth opportunities for the mining equipment industry by product (surface mining equipment, underground mining machinery, drills and breakers, crushing, pulverizing, screening equipment, mineral processing machinery, and parts and attachment), application (metal, mineral, and coal) and region (North America, Europe, APAC, and the Rest of the World)?
Q. 2. Which segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are emerging trends in this market and reasons behind them?
Q.7. What are some changing customer demands of in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key players for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M & A activity has occurred in the last 5 years.