The North American mining equipment market is anticipated to register a CAGR of about 4.58% during the forecast period of 2021–2026.
- The mining equipment manufacturers look at opportunities, like automation of machinery, to attract customers and capture a significant share of the market.
- Electrification of powertrains for off-highway vehicles (such as construction and mining machinery) has been in focus, owing to concerns over emissions and noises generated by conventional diesel-powered machinery.
- Major players have increased their R&D expenditure exponentially to integrate innovation with performance excellence. The demand for high performance, high efficiency, and safe handling equipment is expected to make the market more competitive over the forecast period.
Cost Drivers for Manufacturing Mining Equipment
- Electrification has brought a cost advantage to mining companies by removing the venting costs. The large-scale mining companies are, therefore, more inclined toward OEMs that manufacture and sell electric mining equipment.
- For instance, Komatsu-America is offering an impressive lineup of 11 different series of electric dump trucks for mining operations with load carrying capacities ranging from 200-to 400 tons of load-carrying capacity.
- Meglab in June 2021, developed and installed a system in Borden Mine of Ontario that monitors the mine’s energy consumption during its operations and offers alternatives to the operators if the energy consumption is going beyond the limit.
North America Surface Mining Equipment Market is Taking Off
- The surface mining equipment segment in the market is estimated to reach USD 9.59 billion by 2026, witnessing a CAGR of 4.61% during the forecast period.
- Technological advancements and increasing demand for oil sands, coal, and gas are expected to drive demand for the surface mining equipment market.
- The growing adoption of this equipment has led to selective mining operations by exploring high-quality materials and or creating embankments and stable surfaces likely to provide lucrative opportunities for manufacturers by developing their product portfolio.
- For instance, In January 2021, Caterpillar launched the next generation of three new large excavators along with two ultra-high-definition demolitions (UHD) machines. These kinds of development activities are expected to drive demand for the market.
Read our related report on the Mining lubricants market
Recent Advancements in Mining Equipment Manufacturers
- In February 2022, Sandvik AB announced that its mining-and-rock products unit was awarded a SEK 2 billion (USD 213.3 million) contract from BHP Group Ltd for underground-mining equipment and automation products at the Jansen Potash project in Saskatchewan, Canada. Delivery of the equipment is expected to start in the third quarter of 2023 and will extend to 2026.
- In September 2021, Caterpillar introduced a new battery-electric loader, electric and diesel drive technologies, and additions to its automation platform. The new electric Cat R1700 XE Load Haul Dump (LHD) offers 100% battery-electric propulsion.
