Mining equipment consists of a wide array of machinery categories. Which combination is used at a particular site depends on what the mine produces. Equipment used for surface mining is distinct from that used for subterranean mining, for example.
Equipment, application, type, and region are important categories within the global mining equipment market that companies must be intimately familiar with and monitor relentlessly if they are going to progress and succeed.
The equipment market can be segmented based on the types used, including drills and breakers, underground mining, surface mining, crushing, pulverising and screening, and others.
Low Profile Dump Trucks, Load Haul and Dump Loaders, rail systems are some more subcategories of underground mining, together with electric shovels, excavators, dumpers, and other linked devices forming further subdivisions.
The applications market is divided into exploration, processing and refining, and transportation categories. Self-driving trains and trucks that can be tracked and controlled remotely are being used by some mining companies.
Autonomous transportation has the ability to increase safety in addition to facilitating effective material movement and freeing up staff to concentrate on other tasks. The safety of the mineworkers is seriously threatened by transportation incidents, and this problem can be greatly ameliorated by autonomous transportation.
On the basis of region, the market is split into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. In the Asia Pacific region, China is expected to lead the sector, followed by Indonesia, India, the Philippines, and Papua New Guinea, with China being the most promising participant in terms of smart mining initiatives.
India is to be considered the next high-potential option for the top global-linked mining industry suppliers due to the country’s increasing mineral needs.
The expansion of the area’s industrial capacity is being fuelled by investment initiatives. In this region, there is a high level of technology adoption in fields including remote monitoring, operational analytics and data processing, and mining safety systems.
This market is projected to grow exponentially over the upcoming decades as drilling and exploration activities increase globally. The rising use of networked and smart solutions is a result of the sector’s increased embrace of automation technologies.
This has in turn given market participants significant opportunities to upgrade legacy mining equipment and installations with digital products and processes, like data analytics to support and improve work practices, reduce operational losses, and lower costs.
An increase in demand for innovative equipment with embedded digital technology is driving the need for greener and smarter mining equipment. The surge in ongoing mining projects is driving the market, and favourable government regulations are promoting the use of evermore efficient mining equipment.
Mining 4.0 and Industry 4.0
In recent years, the adoption of Mining 4.0, which will transform the mining industry, has accelerated. Since the beginning of the mining industry in the 17th century, a number of technological advancements have been made to address issues such as mine worker safety, equipment sustainability, and onsite and underground decision-making.
Today, mining companies are heavily investing in the implementation of Mining 4.0 solutions. Industry 4.0 makes possible Mining 4.0, which connects mining operations using digital twinning, big data, IoT, 5G, the cloud, and AI technologies.
Removing human labour from mines is being accomplished by mining automation initiatives, and this sector is growing because the increased profitability in mining processes using automation is the primary factor propelling growth in the mining automation market.
The use of cutting-edge mining machinery is anticipated to result in time and cost savings for operations. In order to boost efficiency and handle difficulties facing the sector, automation and digitalisation are frequently considered to be the sector’s most significant advancements.
Increased focus on sustainable mining equipment
Reliable equipment is needed for new emerging markets, as well as energy and environmentally friendly technology that is more efficient. It is anticipated that businesses that offer hybrid diesel/electric and purely electric technology, and have adopted sustainable policies, will become key.
Goals stated by the mining sector’s leading firms are to cut carbon dioxide emissions by up to 30% by 2030. Mines will probably be one of the last industrial sectors to revamp systems to optimise emissions outputs because of legacy procedures that currently impede them, even though they may be much lower than those pledged in the Paris Agreement.
The global mining sector emits between 1.9 and 5.1 gigatons of CO2 (CO2e) annually but this must be reduced by at least 85% to meet climate goals. Mining businesses are starting to understand how important sustainability and corporate social responsibility are to their continued economic viability.
The issue of sustainable mining includes both the usage of innovative designs and the company’s reputational and legal aspects. Along with this ongoing industry debate, mining equipment manufacturers are modifying technology to concentrate on electric power and energy efficiency.
With potential in the coal, mineral, and metal mining industries, the future of the worldwide mining equipment industry appears bright. The main drivers of this market are the expansion of mining operations and the rising demand for metal and mineral products in developing nations like China and India.
With the rising demand from the construction and automotive industries, metal mining will continue to be the market’s largest application category.
And the expanding demand for coal for power generation and rising metal consumption as a result of expanding infrastructure construction will maintain Asia-Pacific position as the world’s largest consumer. The region’s population increase, and urbanisation are creating prominent business opportunities in the market for mining equipment.
Ferrit – Global Mining Solutions
Ferrit Mining Solutions, the Czech mining equipment manufacturer, is a market leader specialising in suspended monorail transport systems. It also has a broad range suspended, ground, rail, and wheeled mining transport solutions for safe and efficient transportation of people, material, and waste in and around open cast and underground mines.
Download the whitepaper to learn more.