What Has Been the Progress and Growth of the Mining And Oil And Gas Field Machinery Manufacturing Market in Recent Years?
The mining and oil and gas field machinery manufacturing market has seen considerable growth due to a variety of factors.
• In recent years, the market size of the mining and oil and gas field machinery manufacturing industry has experienced robust growth. It is projected to expand from $214.33 billion in 2024 to $228.47 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%.
This historic growth can be ascribed to a variety of factors, including the global need for natural resources, projects for infrastructure development, rising energy consumption, the need for machinery renewal and upgrades, the emergence of new markets, and overall economic growth.
What Can Be Expected from the Mining And Oil And Gas Field Machinery Manufacturing Market Size?
The mining and oil and gas field machinery manufacturing market is expected to maintain its strong growth trajectory in upcoming years.
• The market for manufacturing machinery in the mining and oil and gas fields is predicted to witness robust growth in the upcoming years. It is anticipated to inflate to a worth of $295.67 billion by the year 2029, achieving a compound annual growth rate (CAGR) of 6.7%.
The projected growth during this period can be connected to factors such as environmental sustainability, a shift towards renewable energy, operations in remote or harsh environments, mining of essential minerals, and geopolitical aspects. Key trends for the forecast period encompass advanced automation and robotics, digitization and data analytics, a focus on sustainability and reducing environmental impacts, remote monitoring and maintenance, and the incorporation of artificial intelligence.
What Are the Critical Driver Fuelling The Mining And Oil And Gas Field Machinery Manufacturing Market's Growth?
The surge in oil exploration is forecasted to stimulate the expansion of the mining and oil and gas field machinery manufacturing market. Oil exploration involves the search for locations that potentially contain a wealth of oil and natural gas resources beneath the surface. In the context of mining and oil and gas field machinery manufacturing, oil exploration is utilized in drilling water wells, and in blasting wells for natural gas extraction, which includes portable drilling rigs for oil and gas fields. As an illustration, the Energy Information Administration, a US-based federal statistical and analytical organization, predicted in June 2023 that global oil demand is projected to climb 6% from 2022 to 2028, hitting 105.7 million barrels per day. Concurrently, global investments in upstream oil and gas exploration, extraction, and production are anticipated to amass at a record USD 528 billion in 2023, an 11% increase year-on-year. Consequently, the rise in oil exploration activities contributes to the growth of the mining and oil and gas field machinery manufacturing market.
How Is The Mining And Oil And Gas Field Machinery Manufacturing Market segmented?
The mining and oil and gas field machinery manufacturing market covered in this report is segmented –
1) By Machinery Types: Oil And Gas Field Machinery And Equipment, Mining Machinery and Equipment, Others Machineries
2) By Application: On-shore, Off-shore
Subsegments:
1) By Oil And Gas Field Machinery and Equipment: Drilling Rigs, Wellhead Equipment, Production Equipment, Storage Tanks, Pipelines
2) By Mining Machinery And Equipment: Excavators, Loaders, Drills, Crushers, Conveyors
3) By Other Machineries: Auxiliary Equipment, Maintenance Tools, Safety Equipment
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Which Emerging Market Trends Are Altering The Mining And Oil And Gas Field Machinery Manufacturing Industry?
Companies with a major stake in mining, as well as the oil and gas field machinery sectors are on the path to technological advancements. These advancements are centered on drilling technology, aiming to boost efficiency, cut down operational expenses, enhance safety during extraction processes, and decrease environmental harm. Drilling tech centers around the methods, machinery, and procedures used to carve out holes in the Earth's crust to extract resources like oil, gas, minerals, and groundwater. For instance, TAQA, a key player in energy services and industrialization based in the UAE, unveiled its cutting-edge drilling technology, Threlix, in May 2024. Designed to bring efficiency to the drilling process, Threlix integrates high-end data analytics and automation, thereby facilitating real-time adjustments and monitoring during operations. This cutting-edge tech aims to drastically reduce drilling expenses and environmental damages by optimizing resource employment and waste minimization. By harnessing groundbreaking innovations like Threlix, TAQA is setting the pace in the energy industry, showcasing commitment to boosting sustainability whilst efficiently and responsibly meeting the escalating demand for energy resources.
Who Are the Key Players In The Mining And Oil And Gas Field Machinery Manufacturing Market?
Major companies operating in the mining and oil and gas field machinery manufacturing market include:
• Caterpillar Inc.
• Komatsu Limited
• Advantech Co. Ltd.
• ERA Mining Machinery Limited
• TechnipFMC plc
• Schlumberger Limited
• General Electric Company
• Industrea Limited
• Baker Hughes Company
• National Oilwell Varco Inc.
• Sandvik AB
• Epiroc AB
• The Liebherr Group
• Hitachi Ltd.
• Terex Corporation
• United Heavy Machinery
• Taiyuan Heavy Industry Co. Ltd.
• Atlas Copco
• Doosan Corporation
• Hyundai Heavy Industries Co. Ltd.
• J.C. Bamford Excavators Limited
• Metso Corporation
• Mitsubishi Heavy Industries Ltd.
• Nippon Steel Corporation
• Outotec Oyj
• ThyssenKrupp AG
• Bell Equipment Limited
• SANY Group Co. Ltd.
• Vermeer Corporation
What Is The Most Dominant Region In The Mining And Oil And Gas Field Machinery Manufacturing Market?
North America was the largest region in the mining and oil and gas field machinery manufacturing market in 2024. The regions covered in the mining and oil and gas field machinery manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
