The mining machinery market is projected to grow from USD 24.8 billion in 2023 to USD 32.8 billion by 2030, at a CAGR of 4.1%. The rise in demand for minerals and metals, exploration of new mines, and expansion of existing mines are some factors influencing the growth of the mining machinery market.Apart from this, the increase in stringent emission norms has motivated the mining machinery manufacturers to develop electric & hybrid mining machines thus driving further the growth of mining machinery market.
Market Dynamics
DRIVER: Increasing use of electric machinery in underground mining
The electrification of mining machinery remains a crucial driver of the mining machinery market, and the demand for electric equipment is increasing due to lower operating costs, improved safety, and reduced need for ventilation. This makes it a suitable choice for use in underground mining operations. Diesel engines produce a lot of heat, fumes, and noise, making working in these regions unbearable. In addition, by 2040, the International Council on Mining and Metals is looking forward to seeing surface mining equipment that does not emit greenhouse gases, driving the need for cleaner and safer machinery. Although this type requires a high initial capital investment cost, it takes less time to pay back than if one used diesel-driven machines, making it more economical. This allows manufacturers to leverage this shift by investing more in research and development (R&D) of batteries, charging infrastructure, and autonomous operations while partnering with miners who will provide a real-world testing environment for them. Such transitions are especially important in areas like the Asia Pacific region, the Americas, and Europe, where there is an escalating requirement for emission-free equipment driven by rising cooling costs and strict emission standards. Companies including Komatsu, Caterpillar, and Hitachi are involved in developing advanced versions of electric mining machinery, speeding up the electrification trend in the sector.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=99264577
OPPORTUNITY: Use of autonomous mining machinery
Various sectors have adopted autonomous vehicles, including mining, construction, and agriculture. Autonomous vehicle technologies leverage advanced AI capabilities, GPS systems, and sensor networks to reduce the manual labor users need. The oil, gas, and mining industries operate under harsh environments with very high or low temperatures, excessive pressure levels, poisonous gases, and unruly terrains that may endanger people working there. The use of autonomous machines (which do not require on-site human presence) in these danger zones helps combat such risks and ensure uninterrupted work, even in areas that are too dangerous for workers to exist. Thus, manufacturers are developing self-driving mining machinery that wirelessly transmits its condition status reports, executes commands from a distance, and jams radio frequencies from other instruments. For instance, Hitachi’s construction machinery designs autonomous technologies to make mining safer, more efficient, and more productive for large-scale hydraulic excavators and dumpers. They have also developed remote-controlled systems and an Autonomous Haulage System (AHS), which can be installed on up to 100 truck systems. Other key players in this sector include Caterpillar Inc. (USA), Volvo Construction Equipment (Sweden), and Komatsu Ltd.(Japan), which manufacture automated mining trucks for several destinations across the globe. The availability of autonomous equipment in mining is an excellent opportunity to improve safety and economic efficiency and reduce operation costs while motivating innovations within the machinery sector.
Asia Oceania is expected to account for the largest share of the Mining machinery Market.
Asia Oceania is expected to be the largest market for mining machinery market in during the forecast year due to its abundant mineral resources, growing economy, and increasing demand for minerals and metals. Numerous factors, such as urbanization, industrialization, and rising incomes, are fueling this growth. The demand for minerals and metals, which are used in a variety of goods like building materials, electronics, and transportation, rises along with the economy. Countries such as China, India, and Australia are major contributors while Japan and Indonesia are among other contributors to the growth of mining machinery in the region. Some of the major mines like the Oyu Tolgoi Copper-Gold Mine in Mongolia, the Talcher Coalfield Project (India), the Zongzhai Copper Mine Project (China), and others in Asia Oceania demand for advanced and efficient mining machinery for increasing the mining output, thus creating a growth opportunity for the mining machinery market. Apart from this, China is a major reserve for lithium. The rise in demand for lithium-ion batteries in electric vehicles has created the need for large extraction of lithium from mines thus upsurging the demand for underground mining machinery in the region.
Key Market Players:
Major players operating in the mining machinery market are Caterpillar Inc (US), Komatsu Ltd (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), and Liebherr (Switzerland).
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=99264577
