What Is The Current and Historic Market Size Analysis Of Mining Equipment Market?
The mining equipment market has seen considerable growth due to a variety of factors.
• In recent times, there has been significant expansion in the size of the mining equipment market. This market which was valued at $148.74 billion in 2024 is projected to escalate to $160.19 billion in 2025, seeing a compound annual growth rate (CAGR) of 7.7%.
The notable growth observed in the past can be credited to the worldwide need for minerals, an increment in construction and infrastructure projects, urbanization and industrialization, commodity pricing patterns, and global economic progress.
How Will the Mining Equipment Market Size Evolve over the Forecast Period?
The mining equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The expansion of the mining equipment market is anticipated to display robust growth in the ensuing years. The market is projected to evolve to a value of $218.17 billion by 2029, with a compound annual growth rate (CAGR) of 8.0%.
The predicted growth during this period can be ascribed to aspects such as the shift towards renewable energy, infrastructure investments, tech-induced operational efficiency, expansion of the electric vehicles industry, and emphasis on eco-friendly mining procedures. Significant trends projected during this period encompass the launch of electric and hybrid mining vehicles, usage of drones and UAVs for mapping and exploration, the application of digital twin technology for equipment emulation, integration of wearable tech for personnel safety, and the emergence of modular and adaptable equipment design.
What Factors Are Driving Growth In The Mining Equipment Market?
The expectation for the mining equipment market to surge is attributed to a rise in mining endeavors. Mining refers to the extraction of non-metallic mineral deposits, precious minerals, industrial rock accumulations, or metallic mineral reserves from the world's surface, including oceans. The role of mining equipment is critical in these activities as it aids the excavation process of these deposits and resources. Consequently, a boost in mining endeavors can stimulate the growth of its market. To illustrate, data from the Energy Information Administration, a US-based energy statistic provider, showed that in November 2022, there was a 14.05% surge in crude oil production in America compared to the production in 2021, escalating to 11,316 barrels daily from 9,925 barrels. Thus, the rise in mining operations is a significant contributor to the enhancement of the mining equipment market.
What Key Areas Define The Segmentation Of The Global Mining Equipment Market?
The mining equipment market covered in this report is segmented –
1) By Product: Mining Drills And Breakers, Crushing, Pulverizing And Screening Equipment, Mineral Processing Equipment, Surface Mining Equipment, Underground Mining Equipment
2) By Powertrain Type: IC Engine Vehicle, Electric Vehicle
3) By Application: Metal Mining, Mineral Mining, Coal Mining
Subsegments:
1) By Mining Drills and Breakers: Rotary Drills, DTH (Down-The-Hole) Drills, Hydraulic Breakers, Rock Drills
2) By Crushing, Pulverizing, and Screening Equipment: Jaw Crushers, Cone Crushers, Impact Crushers, Screening Machines (Vibrating Screens, Trommels)
3) By Mineral Processing Equipment: Flotation Machines, Gravity Separation Equipment, Magnetic Separation Equipment, Thickening and Dewatering Equipment
4) By Surface Mining Equipment: Excavators, Loaders, Haul Trucks, Draglines
5) By Underground Mining Equipment: Continuous Miners, Shuttle Cars, Longwall Miners, Room and Pillar Equipment
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How Are Emerging Trends Reshaping The Dynamics Of The Mining Equipment Market?
Prominent firms in the mining equipment sector are concentrating on launching innovative solutions like mining machinery products to gain a competitive advantage. Mining machinery products encompass equipment and machinery employed in the mining sector for extracting and processing minerals and metals. For example, in April 2023, XCMG (Xuzhou Construction Machinery Group Co., Ltd), a construction machinery firm based in China, introduced the XE690DK mining excavator, the XDR80TE-AT autonomous electric dump truck, and the XDE240 mining dump truck. The XE690DK mining excavator is outfitted with an efficient power system providing environmentally-friendly and energy-saving designs for demanding construction applications. The XDR80TE-AT autonomous electric dump truck is equipped with visual and acoustic sensors, laser radar, millimeter-wave radar, and cameras. The XDE240 mining dump truck features advanced environmental sensors, navigation, and positioning abilities.
Who Are the Key Players in the Mining Equipment Market?
Major companies operating in the mining equipment market include:
• Caterpillar Inc.
• Deere & Company
• Hitachi Construction Machinery Co Ltd.
• Komatsu America Corp
• Liebherr-International AG
• Metso Oyj
• Sandvik AB
• Epiroc Mining Equipment
• Boart Longyear Ltd.
• China Coal Energy Group Co Ltd.
• Vipeak Mining Machinery Co Ltd.
• Guangdong Leimeng Intelligent Equipment Group Co Ltd.
• Henan Baichy Machinery Equipment Co Ltd.
• Doosan Infracore Co Ltd.
• Atlas Copco Ltd.
• Zhengzhou Coal Mining Machinery Group Co Ltd.
• Thyssenkrupp AG
• Bell Equipment Company South Africa
• FLSmidth & Co A/S
• H-E Parts International LLC
• Paus GmbH
• IZ-Karteks imeni P.G. Korobkova OOO
• Tenova Mining & Minerals
• Mine Master Ltd.
• CMM Equipments
• Osborn Engineered Products SA Pty. Ltd.
• Normet Group
• Remote Control Technologies Pty. Ltd.
• MacLean Engineering & Marketing Co Limited
• Strata Products Worldwide LLC
What Is The Most Dominant Region In The Mining Equipment Market?
Asia-Pacific was the largest region in the mining equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global mining equipment market report during the forecast period. The regions covered in the mining equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
