Mining Equipment Market

Market Leader - Mining Equipment Market

The mining equipment market is projected to grow from USD 77.7 billion in 2018 to USD 112.3 billion by 2025, at a CAGR of 5.40%. Increase in mining activities around the globe is the key driver for the growing demand for mining equipment, whereas increasing stringency in emission regulations is projected to drive the advancements in the mining equipment engines, leading to increasing demand for equipment propelled with alternate fuels.

The mining equipment market is consolidated and dominated by a few global players. The key players in the market are Caterpillar (US), Komatsu (Japan), Volvo Construction Equipment (Sweden), Doosan Infracore (South Korea), and Sandvik (Sweden).

The industry has adopted key strategies such as expansions, new product developments, and partnerships. For instance, Liebherr decided to expand its Newport, Virginia facility, which is expected to be completed by 2020 and will contain Liebherr USA’s new headquarters and administrative building, a production and workshop facility, and a warehouse and distribution building. The company also has setup a new facility in Rognac, France, with a total area of 43,000 square meters to provide sales, rental, and servicing of earthmoving, material handling, and construction machines.

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With its diverse product portfolio and increase in investments in R&D, Caterpillar is the leading player in the mining equipment industry. On one hand, company has launched a new product Cat 311F LRR excavator, which according to the company, has better performance than previous excavator models and has the capacity to conserve fuel to deal with upcoming stringent regulations. Alternatively, the company is getting into strategic alliances with companies like Ritchie Bros and FIT. Ritchie Bros is the global partner of Caterpillar for live onsite and online auctions for used Cat equipment, whereas, with FIT, it would have the benefit of design and develop aluminum and titanium parts for heavy equipment. With all these varied types of developments, Caterpillar is trying to sustain its market share in the mining industry.

Generating its 90% revenue from construction, mining, and utility equipment, Komatsu is the second leading player in the mining equipment industry. Komatsu acquired 2 companies Joy Global, a leading manufacturer in surface and underground mining equipment, and Mineware, a mining equipment solutions provider company. Komatsu also opened a technical center in Japan to improve design quality and shorten lead time. To meet the demand for hydraulic excavators from Middle Eastern and African markets, Komatsu opened a new subsidiary called Komatsu India Pvt. Ltd. (India). With such developments, the company is maintaining its position in the market.

Related Reports:

Mining Equipment Market by Category (Drill & Beaker, Crushing, Pulverizing, Screening, Mineral Processing, Surface & Underground Mining), Electric Equipment (Mining Trucks, LHD), Propulsion, Industry, Autonomous Equipment, and Region - Global Forecast to 2025

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Report Code
AT 6792
RI Published ON
12/6/2018
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