According to a research report titled ‘Global Mining Equipment Market Size study, by Equipment (Underground Mining, Surface Mining, Crushing, Pulverizing & Screening, Drills & Breakers and Others), Application (Metal Mining, Non-metal Mining and Coal Mining) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global mining equipment market was valued at USD 98 billion in 2020 and is anticipated to exhibit 5% CAGR over 2021-2027, amassing USD 137.9 billion by the end of forecast period.
 

Rising consumption of natural resources, in consort with increasing construction of roadways and railway tracks through hilly areas are propelling the growth of global mining equipment market. In this context, Statista states that coal consumption in India has risen from 16.86 exajoules in 2016 to 18.6 exajoules in 2019.
 

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Furthermore, strategic initiatives by established players, increasing technological advancements, and introduction of eco-friendly equipment are likely to generate lucrative opportunities for the mark in the coming years.
 

However, high cost of mining equipment, and environment degradation due to mining activities may stifle the industry outlook during the forecast period.
 

Based on equipment terrain, the market is divided into surface mining, crushing, pulverizing & screening, underground mining, drill & breakers, and others. The application ambit of global mining equipment market is branched into metal mining, non-metal mining, and coal mining. Insights related to industry share held by each segment, alongside their growth rate and revenue contribution over the study period are provided in the report.
 

Considering the regional perspective, the market spans across among Asia Pacific, North America, Europe, Latin America, and rest of the World.
 

Among these, Asia Pacific market is predicted to show substantial growth during the forecast period. Rising natural resource consumption with huge population base, and government measures to increase mining & exploration operations are fueling market growth in APAC.
 

The key players in global mining equipment market are Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., Atlas Copco, Liebherr Group, Komatsu Ltd., Doosan Corporation, Deere & Company, AB Volvo, Sandvik AB, and Metso Corporation. These colossuses are constantly investing in R&D activities to develop and launch new products, thereby strengthening their market position.