The global mining equipment market is expected to grow at a compound annual growth rate (CAGR) of around 8.3% over the next decade to reach approximately US$198.3 billion by 2025.

This is according to “Global Mining Equipment Market Analysis & Trends – Industry Forecast to 2025”, published by Research and Markets.

According to the researchers website, some of the prominent trends that the market is witnessing include rising demand for coal in electricity generation, a rising demand for technologically advanced mining equipment, and a demand for growth and investment opportunities.

Based on application, the industry forecast categorises the market into mineral mining, coal mining and metal mining. The research further segments the market by crushing, pulverizing & screening equipment, underground mining machinery, mineral processing machinery, mining drilling and breakers, surface mining equipment and other products.

For the sake of context, the study provides historical market data for 2013, where 2014 revenue estimations are presented for 2015, and industry and market forecasts from 2016 to 2025.

“The study focuses on market trends, leading players, supply chain trends, technological innovations, key developments, and future strategies. With comprehensive market assessment across the major geographies, a special focus has been made on 23 countries including South Africa, Brazil, and China,” said the company on their website.

“The market data is gathered from extensive primary interviews and secondary research. The market size is calculated based on the revenue generated through sales from all the given segments and sub segments in the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures,” the researcher concluded.

Some of the companies mentioned in the research include;

– FLSmidth & Co. A/S

– Sandvik AB

– Metso Corporation

– Joy Global Inc.

– Caterpillar Inc.

– Outotec

– Hitachi Construction Machinery Co. Ltd.

– Atlas Copco AB

– Doosan Heavy Industries & Construction

– Boart Longyear Ltd.

– Zhengzhou Coal Mining Machinery Group Limited

– Liebherr Group

– Northern Heavy Industries Group

– AB Volvo

– Komatsu Ltd.