Global Grinding and Crushing Equipment in Mining Market is forecast to reach $7.2 billion by 2025, growing at a CAGR of 5.6%during the forecast period from 2020 to 2025. The Grinding and Crushing Equipment in Mining market is driven primarily by the factors such as increasing demand from mining sector due to high productivity and improvement in work safety. Rising adoption of various grinding and crushing equipment in mining sector is rising due to rapid technological advancements to enhance the complex mining processes. Growth of coal mining industry is also helping the grinding and crushing equipment market to have a significant growth.
- Mobile equipment’s have caused high demands in the Grinding and Crushing Equipment market prior to its self-driven and improved mobility features.
- Presence of some major players such as Komatsu Ltd. and Hitachi Construction Machinery Co., Ltd. have helped in fuelling the market growth in Asia Pacific region.
- Higher productivity along with rising safety concerns are the major driving factors for the high growth of Grinding and Crushing Equipment in Mining market.
Type- Segment Analysis
As compared to stationary equipment, mobile equipment are facing higher demands due to increased mobility and compactness combined with many other benefits. Lack of skilled manpower and rising quarry operation costs have been fuelling the market demand towards mobile equipment. Adoption of mobile equipment is growing as they are compact as well as improves site movement with minimizing hassles. Some mobile equipment offer self driven technology, which reduces the workload pressure along with improving productivity standards. This rising adoption of mobile equipment by mining sector has been propelling the market growth of grinding and crushing equipment.
Geography – Segment Analysis
Asia Pacific is expected to have a major growth in the global grinding and crushing equipment in mining market during the forecast period from 2020 to 2025. Presence of key players such as Hitachi Construction Machinery Co., Ltd. and Komatsu Ltd. are providing a major contribution towards the growth of grinding and crushing equipment market. Increasing growth towards coal mining sector along with rising investments in research and development are fuelling the growth of grinding and crushing equipment market in this region.
Drivers – Grinding and Crushing Equipment in Mining Market
- Increased productivity
With rapid technological advancements in mining industries, grinding and crushing equipments are causing major demands in the market. With the help of grinding equipments, extraction of metals from rocks have become easier, thus improving and simplifying the mining process. Adoption of grinding and crushing equipments in mining helps in increasing work productivity due to reducing particulate size of extracted materials more efficiently than earlier. Usage of these equipments provides an economical way of extraction of metal ores, thus acting as a major driver for the market growth of grinding and crushing equipments in mining industry.
- Rising work safety concerns
Rising rate of accidents in mining sector has marked a major dependency towards advanced mining equipments. Grinding and crushing equipment have helped the industry to reduce the rate of accidents as well as work related risks. Mining involves extraction as well as high rated processes which cause serious dangers to the life of working people. Gradual sinking of land as well as cracking and many such threats during mining often cause injuries, death risks to the working people. Deployment of such equipments have reduced the manpower demand as they can be operated easily and more efficiently with limited labours. While performing mining operations, operator gets early notification about the dangers ahead, which helps in reducing fatal accidents to a high extent. Adoption of such equipments has helped the workers to work efficiently without worrying about the risks and threats. Rapid improvements in technology has also added features to enhance work related safety, thus acting as a major driver in the grinding and crushing equipment market.
Challenges – Grinding and Crushing Equipment in Mining Market
- Higher cost
A major challenge faced by the grinding and crushing equipment in mining market is the high costs related to its installation. Since these equipments are used for various demanding applications, they incur high costs reducing its affordability rate. Mining industries are highly dependent on grinding and crushing equipments due to simplifying the work processes. But, high costs of these heavy equipments hamper the market demand by lesser investments by the mining industry.
Partnerships and acquisitions along with product launches are the key strategies of the players in the Grinding and Crushing Equipment in Mining Market. The major key players in the Grinding and Crushing Equipment in Mining Market include Metso Corporation, Komatsu Ltd., Liebherr Group, Caterpillar Inc., Sandvik AB, Terex Corporation, Hitachi Construction Machinery Co., Ltd.,Eagle Crusher Company Inc., McCloskey International Ltd. and Weir Group plc.