◆英語タイトル：North America Mining Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The North America Mining Equipment Market was valued at USD 63 billion in 2020 and is anticipated to reach USD 80 billion by 2026, at a CAGR of more than 4% during the forecast period 2021-2026.
The outbreak of COVID-19 and the subsequent shutdowns have not affected the North America mining equipment market upto a great extent, as the day to day operations in mines were performed with less staff during the pandemic. However in starting months sales of equipment decline but as the situations were brought under control sales returned to its normal level.
With the rise in consumption of base metals and precious metals in numerous applications, the mining activities of these metals have increased, especially in countries, such as Canada and Mexico.
The equipment effectiveness in underground mining is nearly 27.3% whereas it is nearly 40% for open pit mining. Over the last years, transition has been observed from less economical underground mining to the more economical open-pit mining, and this factor is expected to drive the demand for mining equipment during the forecast period.
Owing to the implementation of stringent emission norms and regulations, the mining equipment manufacturers are investing more in the development of fuel efficient, low emission and electrically powered equipment.
Furthermore, the development of high-performance equipment, with increased automation, has made extraction of ores without declining the grades comparatively cheaper, in turn, propelling the growth of the mining equipment market.
Key Market Trends
Automation and Electrification is Fueling the Market Growth
The mining industry is hugely affected by the fluctuating prices and demand for mining products and raw materials. This leads to the generation of low-profit margins for operators and miners. This is further affected by stringent emission rules and import-export regulations by the government.
Owing to the fact that an increase in productivity increases profit margins, mining equipment companies are investing in automation and electrification of mining equipment by installing sensors and analyzing data generated by them.
Machines use data analytics and statistical techniques to predict the equipment failure, availability of materials in the ground their quantity through drill and sample data. This practice will reduce and eventually end time-consuming activities like face inspection and core logging.
Vehicle manufacturers have started developing their own take on electric transport. The Mining industry heavily relies on the use of fossil fuels for day-to-day operations. Battery Electric Vehicle (BEV) fleet would increase their profit margin substantially, due to the reduced cost of refueling an electric vehicle and the minimal maintenance required by each vehicle as usually each underground vehicle is serviced/inspected once a week.
The mining companies and vehicle manufacturers are heavily investing in developing alternate fuel mining trucks and autonomous vehicles. For instance,
- In January 2021, at the all-virtual CES 2021, Caterpillar introduced its self-driving fleet along with new underground tracking systems tested in Australia. Caterpillar’s Autonomous Haul Trucks are about 284.6 tons when empty.
- In August 2020, Utility Minnesota Power proposed a pilot project to state regulators to acquire heavy-duty electric vehicles to help reduce their carbon footprint.
Canada to Lead the Market During Forecast Period
The Canadian mining industry is one of the largest, producing more than 60 minerals and metals. Mining activities in the country have been increasing over the past few years. Many of the world’s largest mining companies, such as Barrick Gold, Goldcorp, and Saskatchewan Inc., are headquartered in Canada. In addition to this, the mining industry accounted for 19% of the country’s exports. Globally, Canada is ranked as first in the production of potash, second in uranium and niobium, and third in the production of nickel, gemstones, indium, aluminum, and platinum group metals.
To address the demand for environment friendly mining equipment in the country, governments are focusing to introduce clean mining technology in the country. For instance, in April 2021 Canada’s Minister of Natural Resources announced a federal investment of USD 730,096 for a clean mining technology project located in Quebec City and Ottawa. The Government of Quebec also provided USD 10,000 to the Université Laval to support this project. Corem and Université Laval also invested in the project, which leads to a total combined contribution to more than USD 1 million. Funding is provided through Natural Resources Canada’s Clean Growth Program, which invests in clean technology research, development and demonstration projects in Canada’s energy, mining and forest sectors.
Previously in November 2020, the federal and Quebec governments announced that they will provide around USD 3.6 million in funding towards developing a fast-charging electric system for open-pit mining vehicles. Propulsion Québec, Adria Power Systems, Dana TM4, Fournier & Fils and Nouveau Monde Graphite are working on designing and developing an electric propulsion system and a fast-charging battery solution for a 40-tonne mining truck.
The North American mining equipment market is characterized by the presence of numerous international and regional players, resulting in a competitive market environment. With the growing competition in the market, innovation becomes a critical factor for the players for standing out in the industry, as many countries are trying to decarbonise and reduce GHG emissions from mining sector by motivate mining companies to switch to electric mining equipment.
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1.1 Study Deliverables
1.2 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Surface Mining Equipment
5.1.2 Underground Mining Equipment
5.1.3 Mineral Processing Equipment
5.2 By Application
5.2.1 Metal Mining
5.2.2 Mineral Mining
5.2.3 Coal Mining
5.3 By Country
5.3.1 United States
5.3.3 Rest of North America
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Liebherr Group
6.2.2 Terex Corporation
6.2.3 Mining Equipment Limited
6.2.4 Caterpillar Inc.
6.2.5 Komatsu Ltd
6.2.6 Volvo Construction Equipment
6.2.7 SANY Group
6.2.8 FLSmidth & Co. A/S
6.2.9 Metso Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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