LONDON, May 11, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the mining machinery and equipment market, Asia-Pacific has the largest mining equipment market share, accounting for 52.9% of the total in 2020. It is followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the mining machinery and equipment market will be the Middle East and South America, where growth will be at CAGRs of 20.8% and 17.5% respectively during 2020-2025. These will be followed by Africa and Eastern Europe, where the markets are expected to grow at CAGRs of 17.4% and 13.1% respectively.
The global mining equipment market size is expected to grow from $24.99 billion in 2020 to $27.07 billion in 2021 at a compound annual growth rate (CAGR) of 8.36%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $41.49 billion in 2025 at a CAGR of 11.26%.
The Business Research Company’s report titled Mining Machinery And Equipment Global Market Report 2021: COVID-19 Growth And Change covers major mining machinery and equipment companies, mining machinery and equipment market share by company, mining machinery and equipment manufacturers, mining machinery and equipment market size, and mining machinery and equipment market forecasts. The report also covers the global mining machinery and equipment market and its segments.
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Asia-Pacific is the largest and most populated region in the world. According to the IMF, Asia-Pacific’s total GDP was $31.0 trillion in 2020, accounting for 37.1% of $83.7 trillion global GDP. China, India, Japan, Australia are the major countries in this region, which otherwise consists of a large number of small countries. Asia-Pacific accounts for around 55.5% of the global population.
The market size in the region can be attributed to the huge presence of metal, mineral and coal mines in countries such as China, India, and Indonesia, significant presence of government initiatives, and policies towards exploration of new mines and modernization of existing mines with technologically advanced mining equipment which advertised high safety and productivity.
Government initiatives help in development of the construction and mining equipment market. In 2020, the government of India had proposed structural reforms in the mining sector, including legal amendments to boost the mining economy. The proposed changes aim to increase participation of the private sector in mineral exploration, clearly defined illegal mining, removed the distinction between captive and non-captive mines, resolved legal issues, move towards auction the only regime, develop a national mineral index. In 2019, the Australian government provided over $4 million in funding for eight projects in the mining equipment, technology, and services (METS) sector.
Mining industry analysis shows Telcon (Hitachi), L&T Komatsu, Bharat Earth Movers Limited, JCB India, Caterpillar India Ltd, Essel Mining, Steel Authority of India, Australian Mining Equipment Pty Ltd, Hawk Machinery, Joy Global Australia Holding Company Pty Ltd, Bradken Pty Limited, Construction & Mining Equipment Industry Group (CMEIG) to be the major players in the mining machinery and equipment market in Asia-Pacific.
Mining Machinery And Equipment Global Market Report 2021: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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