Mining Equipment Market Size, Share, Trends, Growth, Analysis, Forecast 2032

Mining Equipment Market: Industry Perspective

The global Mining Equipment Market size was worth around USD 24.14 Billion in 2023 and is predicted to grow to around USD 34.95 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.20% between 2024 and 2032.

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Mining Equipment Market Overview

Mining is the process of obtaining minerals and rare metals from deep inside the earth. It can be defined, in the wider sense, as the extraction of non-renewable resources, such as petroleum, natural gas, coal, limestone, etc. Ongoing digital mine innovation is expected to transform the key aspects of mining during the next few years. Increased investment, along with government support for digital mine innovation, is expected to trigger the demand for mining equipment during the forecast period. Improvements and innovations in extraction technologies and equipment have contributed to the betterment of ore grades, thus extending the life of older mines.

The report covers a forecast and an analysis of the mining equipment market on a global and regional level. The study provides historical data from 2017 to 2022 along with a forecast from 2023 to 2032 based on volume (K Units) and revenue (USD Billion). The study includes drivers and restraints for the mining equipment market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the mining equipment market on a global level.

Global Mining Equipment Market: Growth Factors

The rising demand for metals and minerals and the increasing consumption have positively influenced the expansion of the mining equipment market and are likely to play a major role in encouraging the mining equipment manufacturers to offer technologically advanced equipment in the future. This, in turn, is expected to help them to perform mining operations in a better way, such as crushing, drilling, and pulverizing. Moreover, increasing mining activities and the rising use of automation in mining operations are likely to boost this market during the forecast time period. Furthermore, the growing trend of transitioning to digital mining is the major growth factor in the mining equipment market. Major mining sites are on the verge of adopting automated drones, vehicles; most of these devices use IoT (Internet of Technology) sensors to capture real-time data. For instance, Rio Tinto Group implemented 3D mapping at the West Angelas mining sites to improve mining exploration activities. However, high machinery cost and lack of skilled personnel might hamper this market’s growth in the upcoming years. Additionally, high maintenance costs and lack of appropriate training to handle the equipment are estimated to pose serious challenges in this market’s growth in the years to come.

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The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new application launch, agreements, partnerships, collaborations & joint ventures, research & development, application, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and the product portfolio of various companies according to the region.

Global Mining Equipment Market: Segmentation

The study provides a decisive view of the mining equipment market by segmenting the market based on product, application, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By product, the mining equipment market is segmented into mineral processing equipment, surface mining equipment, mining drills and breakers, underground mining equipment, crushing, pulverizing, and screening equipment, and others. Based on application, this market is categorized into metal mining, coal mining, and mineral mining.

Application Insights

On the basis of application, the mineral segment is expected to be the largest market to show a tremendous growth during the forecast period. The demand for minerals and metals is being driven by global industrialization, urbanization, and population expansion. In the coming decades, demand for renewable, clean energy, and even some conventional energy is predicted to rise dramatically, putting even more attention on supply, security, and environmental effect issues.

Competition for minerals will increase as sustainable energy and electric vehicle technologies receive more attention. Due to demand from developing nations, the coal mining industry is expected to have a substantial market. Improvements in roof control, conveying systems, and other technical developments in coal extraction methods and technology satisfy these objectives.   

Category Insights

Depending upon the category, the underground mining machinery segment is the dominant player and is anticipated to have the biggest impact on mining equipment market. Underground mining operations have seen a boost globally as a result of the growth in energy generation. Additionally, because explosions are made underground and no hazardous chemicals are released into the environment, underground mining is less harmful to the environment than surface mining. Moreover, energy consumption has significantly increased in recent years as a result of rapid urbanization and growing industrialization.

Due of technical advancements, contemporary automated excavators and mining trucks are more effective than earlier ones. In the event of a malfunction or operational issue, they promptly convey information to service centers, reducing information flow time and costs.

Region Insights

The highest market share and dominant position in the mining equipment market belongs to Asia-Pacific. During the projection period, Asia Pacific is expected to surpass other regions in terms of market share for mining equipment. Additionally, in order to increase electricity production and to gather minerals and ore for export, governments in these areas are boosting their support for mining. Additionally, growing investments in cutting-edge excavation tools and equipment in nations like Australia and India as well as other developing nations are anticipated to fuel market expansion. Additionally, due to the investment in infrastructure development and the booming power and cement industries, India is predicted to have tremendous growth.   

Due to the early adoption of these machines, North America is anticipated to increase significantly. Also, it is projected that the mining industry would expand significantly and sustain stable mining equipment demand. In terms of mining, Europe is also established and industrialized. It is expected to continue to develop as a result. During the anticipated period, the market is anticipated to see an increase in governmental and private sector spending in the field of sustainable development.

Mining Equipment Market: Report Scope

The key players in the global Mining Equipment Market are -

Some of the major players operating in the global mining equipment market are-

• Caterpillar Inc.
• CNH Industrial NV
• Bradken Limited
• Sandvik
• Komatsu Ltd.
• Joy Global
• AB Volvo
• Astec Industries Incorporated
• Hitachi Co. Ltd.
• Hyundai Heavy Industries Company Limited
• Metso
• Doosan Group
• Wirtgen Group Holding GmbH
• RCR Tomlinson Limited
• Atlas Copco
• Techint Group
• Bell Equipment Limited
• Liebherr Group
• others.

This report segments the global mining equipment market as follows:

Global Mining Equipment Market: Product Segment Analysis

• Mineral Processing Equipment
• Surface Mining Equipment
• Mining Drills & Breakers
• Underground Mining Equipment
• Crushing, Pulverizing, & Screening Equipment
• Others

Global Mining Equipment Market: Application Segment Analysis

• Metal Mining
• Mineral Mining
• Coal Mining

Global Mining Equipment Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa