Mining Equipment Market to Register Decent CAGR of 4.0% between 2021 and 2028; AB Volvo Launches 14-TON DD145 to Inflate Product Portfolio

The global mining equipment market size was USD 112.23 billion in 2020. The market is projected to grow from USD 114.61 billion in 2021 to USD 151.25 billion in 2028 at a CAGR of 4.0% in the 2021-2028 period.

This information is provided by Fortune Business Insights™, in its report, titled, “Mining Equipment Market Size, Share & COVID-19 Impact Analysis, By Type (Excavators, Loaders, Dozers, Motor Graders, Dump Trucks & Others), By Application (Coal Mining, Gas & Oil Extraction, Metal Ore Mining & Non-metal Mining), and Regional Forecast, 2021-2028.”

According to our researchers, the mining equipment contains an assortment of equipment that assist in the accuracy and efficiency of several surfaces and underground mining jobs. The numerous machineries, blasting tools, mining drills, crushing equipment, screening equipment, conveying, earthmovers, feeding & analytical equipment.

Also, it is perceived that the mining corporations are concentrating more on machinery and equipment, as these are more proficient and aids in surging the efficiency. Additionally, amplified implementation of technology and mechanization has resulted in the growth of this market.

COVID-19 Pandemic: Supply Chain Break and Raw Material Unobtainability to Obstruct Market Growth

The COVID-19 pandemic has greatly influenced numerous industries, and the mining equipment industry also had a principal collapse. The demand for these machines observed a substantial drop owing to the supply chain commotions.

Moreover, even mining equipment producers observed the absence of raw materials due to import and export and travel limitations, resulting in terminations or delays in mining assignments.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/mining-equipment-market-104970

Sandvik’s Launch of DT923i Drill Rig to Incite Development

A novel development in Sandvik’s automated i-series of excavating jumbos, the machine contains two electro-hydraulic booms and is determined to deliver elevated stages of performance and dependability.

It is predominantly suitable for face drilling owing to its computer-managed auto-drilling operations and operator-administered boom placing. It utilizes the company’s novel RD5 series of high-frequency rock drills and integrates the recent-most IT solutions, quick and programmed rod handling, and an ergonomics-friendly structured cab and carrier, which is all pointed at enabling high-speed functioning.

Augmented Utilization of Electric Machinery in Underground Mining to Boost Market Growth

The usage of diesel engines in underground mining equipment generates noise, heat, and pollutants, aggravating the already prevailing unfriendly operating circumstances. While installing diesel-steered equipment, sufficient aeration is also compulsory.

Since the exhaust is absent with inexpensive functioning expenditures, utilizing electric mining machinery or battery-functioned equipment safeguards secure working situations. It overcomes the concern of airing in underground mines.

For example, purer air, lower noise, and low heat are the advantages of using battery-powered underground loaders. In order to uphold the enduring underground mining, density batteries with elevated energy are being executed instead of other batteries.

Procurements and Collaborations to Aid Prominent Players Bud in Market

Prominent players in the market deploy efficient tactics and assistance from their professional advisors to control majority shares in the market and inaugurate a brand name for their company. One such approach to popularize their brand name is to procure other corporations to earn additional financial gains.

Industry Development

• November 2020:  AB Volvo introduced a China-emphasized all-around compactor 14-TON DD145, with a huge drum diameter pooled with dynamic vibration characteristics.

List of Key Players Covered in this Market Report

• Caterpillar. (Deerfield, Illinois, U.S.)


• Komatsu Ltd. (Tokyo, Japan)


• CNH Industrial N.V (Amsterdam, Netherlands)


•  AB Volvo (Gothenburg, Sweden)


• Terex Corporation (Connecticut, U.S.)


•  Sandvik AB (Stockholm, Sweden)


• John Deere & Company (Illinois, U.S.)


• Liebherr-International AG (Bulle, Switzerland)


•  Hitachi Ltd. (Tokyo, Japan)


• Doosan Corporation. (Seoul, South Korea) 


• Metso Corporation (Helsinki, Finland)


•  Atlas Copco AB (Nacka Municipality, Sweden)


• Zoomlion Heavy Industry Science & Technology Development Co. Ltd (Changsha, China)


• Xuzhou Construction Machinery Group Co., Ltd. (Xuzhou, China)


• Wirtgen Group Holding GmbH (Rheinland-Pfalz, Germany)

Further Findings

• Asia Pacific held the maximum mining equipment market shares during the forecast period. Additionally, governments of these regions are surging their backing for mining to augment electricity production while also procuring minerals and ores intended for export.


• North America is likely to display reasonable growth owing to the primary implementation of these machines. Moreover, the mining sector is predicted to grow considerably and preserve the constancy of equipment requirements for mining.


• The coal mining industry is estimated to have a considerable market size owing to its demand from emerging countries.

Table of Segmentation