According to the report titled “Global Mining Equipment Market Outlook, 2027”, published by Actual Market Research, the mining equipment market is expected to reach more than USD 40 Billion by the year 2027. It is expected to expand at a compound annual growth rate (CAGR) of more than 4.9% from 2022 to 2027. Mining is one of the most indispensable integrants of modern society due to the use of mined minerals in almost every consumer product. Minerals, ore, metals, or other goods located deep underground require various techniques for their extraction. Mining may involve rigid or soft rock, requiring specific tools to extract the materials. For instance, the mechanism used to dig soft materials might not provide enough power for cutting through hard rock. According to the report, based on application, the market is segmented into mineral, metal, and coal mining. The mineral mining segment is leading the market with more than 40% of the value market share, followed by the metal mining segment, the fastest growing segment among the other two. Based on propulsion type, the market is segmented into diesel and CNG or LNG segments. The diesel segment is leading the market with more than 80% of the value market share. Based on power output, the market is segmented into below 500 HP, 500 to 2000 HP and above 2000 HP. The below 500 HP segment is leading the market with more than 40% of value market share.
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The market is highly competitive, with a considerable number of regional and global players. At the same time, this report includes company profiling for the companies like- Major Companies present in the market: Sandvik AB, Caterpillar Inc., Komastu Limited, Volvo Group, Liebherr Group, Hitachi Construction Machinery Co., Limited, EpirocAb, Sany Heavy Equipment International Holdings Company Limited, Doosan Infracore Co. Limited, Guangxi Liugong Machinery Co., Ltd., Kobelco Construction Machinery Co., Ltd., Sumitomo Heavy Industries, Xuzhou Construction Machinery Group (XCMG), Bharat Earth Movers Limited, J C Bamford Excavators Limited, Wirtgen Group, Mine Master Ltd, FIORI GROUP S.p.A., JSC, WackerNeuson Group, Equipment North Inc., RTM Equipment, Astec Industries, Inc., BELL Equipment, AARD Mining Equipment
Aspects covered in this report
- Global Mining Equipment market with its value and forecast along with its segments
- Region country wise market analysis
- Various drivers and challenges
- On-going trends and d
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Regions Countries covered in the report
- North America – United States, Canada, Mexico
- Europe- Germany, United Kingdom, France, Italy, Spain, Russia
- Asia-Pacific – China, Japan, South Korea, India, Australia
- Latin America- Brazil, Argentina, Columbia
- Middle-East Africa- UAE, Saudi Arabia, South Africa