Portland,OR, Sept. 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Lithium Mining Equipment Market by Mine Type (Lithium Brine Deposits, Pegmatite Lithium Deposits, and Others), By Process Type (Extraction and Processing), and By Solution (Sales and Services): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global lithium mining equipment market was valued at $0.37 billion in 2020 and is projected to reach $2.51 billion by 2032, registering a CAGR of 16.2% from 2023 to 2032.
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Lithium is an element valuable for the production of glass, aluminum products, and batteries. Lithium mining equipment is utilized to extract lithium-rich materials by drilling, blasting, and crushing from geological sources .
Prime determinants of growth
The growth of the electronics industry, the advantages associated with lithium-ion batteries, and the increasing industrial applications of lithium drive the growth of the lithium mining equipment market. However, the high cost of lithium processing and the high initial cost of mining equipment restrict the market growth. Moreover, the rise in demand for electric vehicles is anticipated to provide lucrative opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2020 | $0.37 billion |
| Market Size in 2022 | $0.54 billion |
| Market Size in 2032 | $2.51 billion |
| CAGR | 16.2% |
| No. of Pages in Report | 240 |
| Segments Covered | Mine Type, Process Type, Solution, and Regions |
| Drivers | Growth of the electronics industry Advantages of lithium-ion batteries Increasing industrial applications of lithium |
| Opportunities | Rise in demand for electric vehicles (EVs) |
| Restraints | High cost of lithium processing High initial cost of mining equipment |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the lithium mining equipment market faced a downturn.
- However, as the global situation started improving, the demand for lithium mining equipment was restored back. This, in turn, presented various growth opportunities for companies operating in the lithium mining equipment market.
The lithium brine deposits segment maintained its leadership status throughout the forecast period.
Based on mine type, the lithium brine deposits segment held the highest market share in 2022, accounting for more than half of the lithium mining equipment market revenue, and is estimated to maintain its leadership status throughout the forecast period, lithium extraction from brine sources often requires less energy compared to hard rock mining. However, the pegmatite lithium deposits segment is projected to manifest the highest CAGR of 16.8% from 2023 to 2032, owing to benefits associated with pegmatite lithium deposits such as it deposits are less susceptible to environmental factors, potentially leading to more stable production over time.
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The processing segment maintained its leadership status throughout the forecast period.
Based on process type, the processing segment held the highest market share in 2022, accounting for around two-thirds of the lithium mining equipment market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the expansion of lithium processing facilities drives the demand for specialized equipment used in various processing stages, such as crushing, grinding, separation, and purification. However, the extraction segment is projected to manifest the highest CAGR of 16.6% from 2023 to 2032, it offers a modern extraction technique that can significantly improve the efficiency and speed of lithium recovery.
The sales segment maintained its leadership status throughout the forecast period.
Based on solution, the sales segment held the highest market share in 2022, accounting for more than two-thirds of the lithium mining equipment market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the services segment is projected to manifest the highest CAGR of 16.6% from 2023 to 2032, owing to the service providers offering maintenance plans and repair services to ensure the longevity and reliability of mining equipment.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly three-fifths of the lithium mining equipment market revenue, and is likely to dominate the market during the forecast period. Asia-Pacific hosts numerous battery giga factories established by major automakers and technology companies. These facilities require substantial amounts of lithium for battery production, resulting in increased demand for mining equipment. However, the LAMEA region is expected to witness the fastest CAGR of 16.7% from 2023 to 2032. The LAMEA region is known to have significant lithium reserves, particularly in countries like Chile, Argentina, and Bolivia. These reserves could attract investment in lithium mining activities, which in turn would drive the demand for mining equipment.
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Leading Market Players: -
- Aquatech International LLC
- Caterpillar Inc.
- EDDY Pump Corporation
- FEECO International, Inc.
- FLSmidth & Co. A/S
- Koch Separation Solutions
- NOV INC.
- Saltworks Technologies Inc.
- Samco Technologies, Inc.
- Storage & Transfer Technologies (STT)
The report provides a detailed analysis of these key players of the lithium mining equipment market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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