CATEGORY
Heavy Mining Equipments
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Heavy Mining Equipments market report transcript
Heavy Mining Equipments Global Market Outlook:
Market Growth:
- Global market size: $78.26 billion (2019)
- Expected to grow at a CAGR of 3–4 percent to $82.8 billion by 2022.
Key Market Drivers:
Metal Production Output: Up by 3–3.5 percent CAGR until 2021
Porter's Analysis on Heavy Mining Equipment
Supplier Power
- HME components are sourced from multiple vendors and supplier power towards equipment industry is medium due to the fragmented nature of the supply
- Key components, such as engines, are a consolidated market, while ground engagement tools and undercarriage markets have high degree of fragmentation
Barriers to New Entrants
- High capital investment is required, hence new entrants find it difficult to enter the market
- The HME market is highly consolidated with global suppliers like Caterpillar, Komatsu, Hitachi and Liebherr dominating the surface mining equipment market, while Sandvik, Atlas Copco and Caterpillar dominate the UG mining market
Intensity of Rivalry
- The rivalry among HME is high as it is a consolidated market with major suppliers dominating the global market
Threat of Substitutes
- HME cannot be replaced by other equipment due to the specific nature of operations, which demand usage of sophisticated equipment
- The sheer volume of material to be moved limits the ability of substitutes to be effective replacements for HME
Buyer Power
- While buyers (mining companies) have only a few major suppliers to choose from, any potential loss of customers could have a major impact on the suppliers' top line
- The future of mining equipment lies in automation and technological developments centered around reducing man-power and improving productivity. Only a few suppliers have this advanced capability