Mining Machinery  Market to Register Incremental Sales Opportunity During 2022-2028

• This new report from Stratview Research analyses the Mining Machinery Market over the trend period from 2016 to 2020 and the forecast period from 2022 to 2028. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.

Mining Machinery Market Overview:

The Global Mining Machinery Market was estimated at USD 29.2 Billion in 2021 and is likely to grow at a CAGR of 4.48 % during 2022-2028 to reach USD 39.86 Billion in 2028.

What is Mining Machinery?

Mining activities are broadly defined as the extraction or physical removal of solid ores, materials, and substances from geological deposits. In the modern mining sector, heavy industry-manufactured vehicles and pieces of machinery are used to explore geological deposits of economically vital and valuable mineral, ore, and chemical substance deposits, develop mines to access the deposits, and remove or mine away the deposits for stockpiling and storage prior to ore and material processing.

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Key Players Some of the key players in the market are-

• Caterpillar INC.
• Komatsu LTD.
• Sandvik AB
• Epiroc AB
• Doosan Corporation
• Liebherr
• Volvo Group
• Hitachi Construction Machinery Co., Ltd.
• JCB
• Sany Heavy Equipment International Holdings Company Limited.

• By Category Type

  The market is segmented as crushing, pulverizing, screening machinery; mineral processing machinery; surface mining machinery, and underground mining machinery. Electric shovels, drills, hydraulic excavators, mining dozers, mining trucks, and wheeled loaders comprise the underground mining machinery segment. The mining trucks segment is expected to capture the largest share of the market during the forecast period as mining trucks are in high demand because they are used to transport dirt, minerals, metals, and coal.

  By Application Type

  The market is segmented as mineral, metal, and coal. The mineral segment is estimated to account for the major share of the market during the forecast period due to the increasing demand for minerals from various industries. Furthermore, the growing demand for electric vehicles, as well as the mining industry's focus on extracting minerals such as nickel, lithium, and cobalt to support the manufacturing of batteries for electric vehicles, is expected to drive market growth during the forecast period.

  By Region

  Asia-Pacific is estimated to be the leading region in the market owing to its abundance of deposits such as Barite, limestone, and several semi-precious gems. Furthermore, rising demand for coal in emerging economies, as well as rapid development in China and India, is expected to fuel the market growth over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

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