The global mining equipment market is forecast to exceed $US90 billion ($125 billion) by 2027 as urbanisation demands more resources, according to Global Market Insights.
The report showed that surface mining equipment led the way in 2020 with a value of just more than $30 billion, followed by underground mining machinery at about $25 billion, and various crushing and processing equipment making up the pack.
“The underground mining equipment is anticipated to register 6 per cent growth rate through 2027,” the report stated.
“The rise in industry demand for metals and minerals, and use of electric machinery in underground mining equipment, are stimulating the sale of underground mining machinery.”
Besides increased urbanisation and demand, autonomous technologies are also pushing the increase in mining equipment.
Autonomous equipment has many benefits to miners including health, safety and productivity.
“Autonomous mining equipment helps in cost optimisation due to its capability of cutting, crushing, and loading in a single working phase,” the report stated.
“Manufacturers are switching to battery-electric technology to enhance the safety of workers’ health in underground mines, while delivering a high-performance technology solution.”
Emission regulations are another factor affecting a shift in the volume and type of mining equipment being used.
The report implored government initiatives to be supportive of vehicle electrification, to enable to equipment market to maximise its growth rate.
“The mining industry is witnessing impacts of several regulations and policies imposed by the government agencies to reduce and control the emissions coming from automated industrial machinery,” the report stated.
“The inclining focus of various countries on establishing zero-emission economy is boosting the industry expansion of cobalt and nickel mineral mines, owing to their key roles in electric battery production.”