The latest market analysis report titled Surface Mining Equipment Market Size, Share, Trends, Analysis and Forecasts by Region, Type, Commodity Type, and Segment Forecast 2021-2026 has been added to the report stored by GlobalData Plc. The surface mining equipment market growth will be driven by various factors like growth in iron ore production and an increase in focus toward autonomous solutions. The use of automation solutions to enhance productivity and efficiency is projected to positively aid the market growth of autonomous surface mining equipment. Currently, many mines use automated equipment for excavation, drilling, milling, hauling, and crushing. This trend is estimated to step into a new round of development with the adoption of autonomous solutions such as autonomous haulage systems and loaders.
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Surface Mining Equipment Market Segment Highlights
- By Type
- Mining Trucks: The demand for these types of machinery is primarily dominated by the mining trucks segment which forms an integral part of the mining sites. These mining or dump trucks play a crucial role in transporting extracted minerals or ores from the mining site to nearby processing plants.
- Excavators & Hydraulic Shovels
- Electric Shovels
- By Commodity Group
- Coal: By commodity group segment, the coal category is projected to dominate the overall market share in terms of volume over the forecast period. Coal as a commodity plays a crucial role in the global energy mix paradigm wherein it is used as a key source of electricity generation.
- Iron Ore
- Regional Opportunities
- North America: North America surface mining equipment industry is expected to witness a compounded annual growth rate (CAGR) of 2.0% from 2021 to 2026. The US has abundant and diverse natural resources, including extensive deposits of copper, gold coal, iron ore, and uranium.
- Asia Pacific
- South & Central America
- Middle East & Africa
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Surface Mining Equipment Market Vendor Landscape
The overall competitive landscape for the surface mining equipment market is partially consolidated with Caterpillar and Komatsu emerging as industry leaders. Both companies have a strong presence across key regions with broad portfolios covering all equipment types.
Top Surface Mining Equipment Market Vendors
- Caterpillar: The company’s product portfolio includes asphalt pavers, backhoe loaders, compactors, draglines, integrated systems, reciprocating engines, and many other. In January 2022, Canadian mining company Teck Resources signed an agreement with mining equipment manufacturer Caterpillar to deploy zero-emission large haul trucks at its mining operations.
- Komatsu: The company is an equipment manufacturer company. It develops and sells construction, mining equipment, utilities, forest machines, and industrial machinery. In September 2022, Komatsu announced the plans for the construction of a new branch at Truganina in the southwest part of Melbourne, Australia.
- AB Volvo: AB Volvo provides commercial transport solutions. The company also manufactures and sells equipment for the construction market and drive systems for marine and industrial applications. In September 2022, Volvo Group and Rio Tinto formed a strategic partnership and signed a Memorandum of Understanding (MoU) to work together to decarbonize Rio Tinto’s mining operations via the use of sustainable autonomous hauling systems.
- Hitachi Construction Machinery Co., Ltd.
- BEML LIMITED
- Tata Motors Limited
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