Dublin, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The "Mining Machinery Market by Category (Crushing, Pulverizing, and Screening, Mineral Processing, Surface & Underground), Application, Propulsion, Power Output, Electric Machinery (Mining Truck, LHD), Autonomous Machinery and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global mining machinery market size is projected to reach USD 36.2 billion by 2025, from an estimated value of USD 29.0 billion in 2020, at a CAGR of 4.5%.

Increasing use of electric machinery in underground mining and an increase in demand for metals and commodities are the driving factors are expected to boost the mining machinery market. The constant R&D efforts by mining machinery manufacturers to modernize the industry will offer favorable opportunities for manufacturers and propel the autonomous mining machinery market in the coming years.

"Surface mining segment, by automomous machinery market is expected to the largest market owing to improvement in mining operations"

In the autonomous mining machinery segment, demand from surface mining is projected to be the highest by 2025. The mining industry has witnessed many advancements, especially with the introduction of autonomous mining machinery. Autonomous mining trucks are capable of driving an exact route every time and help in meeting material handling capacity requirements, resulting in reduced production time, fewer chances of human error, increased safety, high production volume, and increased accuracy and repeatability. Caterpillar Inc. (US), Volvo CE (Sweden), and Komatsu Ltd. (Japan), some of the market leaders, manufacture autonomous mining trucks that are used at sites around the globe.

"Lithium-ion segment, by battery type, is estimated to account for the largest market share in 2020 due to advantages such as long life, long charging cycle, and safety in all working conditions."

Electric mining machinery market, by battery type, is led by the lithium-ion segment as they offer an edge over conventional ones, considering carbon emissions and safety in underground environments. The mining industry is slowly switching to the use of lithium-ion battery technology, considering its advantages over lead-acid batteries. The high adoption of lithium-ion batteries in the mining industry, considering the safety concerns over lead-acid batteries, is driving the demand for lithium-ion off-highway battery electric vehicles. Ongoing developments in solid-state battery technology are expected to further increase the commercialization of such technologies in battery electric mining machinery.

"Mining trucks, by electric mining machinery, to grow at the highest CAGR"

Current battery technologies are not developed enough to operate heavy mining machinery. Hence, the electrification trend in mining machinery is focusing more on underground mining. Some companies do offer cable-connected mining machinery, where charging limitations are reduced; however, their working range is highly limited. Hence, mining machinery that requires more power to operate currently works on hybrid-electric technology.

A major chunk of the global electric trucks market is currently held by hybrid mining dump trucks due to their high capacity, power output, fuel efficiency, and low maintenance cost. Currently, Asia Oceania is leading the market due to the presence of huge mines and mining corporations, especially in China, India, and Australia.

"Asia Oceania is projected to be the largest market throughout 2025"

To cope with the increasing demand for conventional and electric vehicles, the demand for metals is always on the rise. Countries in Asia Oceania have witnessed significant mergers, partnerships, and collaborations in the automotive industry. China and India are two of the largest automotive manufacturing nations; China accounts for the largest market share of electric vehicles in the world. The country has witnessed significant sales of battery electric vehicles, plug-in hybrid vehicles, and hybrid electric vehicles.

With the growing electric vehicle ecosystem and infrastructure, the need for metals is imminent. Lithium, an essential element for battery electric vehicles, is expected to drive the mining industry in the country. China has focused on building capacity at every stage of its battery supply chain. Based on secondary research, China has a minimum of 100 lithium-ion battery plants. In addition to rare earth metals, the manufacturing of lithium-ion batteries depends on some key materials, such as graphite. Hence, Asia Oceania is expected to dominate the mining machinery market, mainly because of China.

Caterpillar Inc. (US), Komatsu Ltd. (Japan), Sandvik AB (Sweden), Epiroc AB (Sweden), Doosan Corporation (South Korea) are the leading manufacturers of mining machinery in the global market.

Market Dynamics

Drivers

• Increasing Use of Electric Machinery in Underground Mining
• Increase in Demand for Metals and Commodities

Restraints

• Export of Used Mining Machinery to Developing Countries

Opportunities

• Use of Autonomous Mining Machinery
• Use of Telematics in Mining Machinery

Challenges

• COVID-19 Impact: Decline in Mining Machinery Sales
• Lack of Standardization in Mining Machinery
• Impact of COVID-19 on Mining Machinery Market

Porter's Five Forces

Value Chain Analysis

Average Selling Price Trend of Mining Machinery

Trends/Disruptions Impacting Mining Machinery Market

Ecosystem Market Map

Technology Analysis
Case Study Analysis

• Electrifying Mining in Peru
• Use of Telematics at Indian Mine
• Cat Minestar System at Robinson Mine in Nevada
• Komatsu's Joint Venture with Rio Tinto

Company Profiles

• Aard Mining Equipment
• Astec Industries, Inc.
• Bell Equipment
• Bharat Earth Movers Limited
• Caterpillar Inc.
• Doosan Corporation
• Epiroc Ab
• Equipment North Inc.
• Fiori Group S.P.A.
• Guangxi Liugong Machinery Co. Ltd.
• Hitachi Construction Machinery Co. Ltd.
• JCB
• JSC
• Kobelco Construction Machinery Co. Ltd.
• Komatsu Ltd.
• Liebherr
• Mine Master Ltd
• RTM Equipment
• Sandvik Ab
• Sany Heavy Equipment International Holdings Company Limited
• Sumitomo Heavy Industries
• Volvo Group
• Wacker Neuson Group
• Wirtgen Group
• Xuzhou Construction Machinery Group (Xcmg)

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