What Transformation Has the Mining Machinery And Equipment Market Undergone?
The mining machinery and equipment market has seen considerable growth due to a variety of factors.
• In the past several years, there has been a solid growth in the market size of mining machinery and equipment. It is forecasted to expand from $68.83 billion in 2024 to reach $74.14 billion in 2025, implying a compound annual growth rate (CAGR) of 7.7%.
The surge in the historical period can be credited to the formidable economic boost in nations like India and China, numerous reserves, and a rise in mining operations.
What Are The Predictions for The Mining Machinery And Equipment Market Size In The Coming Years?
The mining machinery and equipment market is expected to maintain its strong growth trajectory in upcoming years.
• Strong expansion is predicted for the mining machinery and equipment market in the coming years, with its value projected to reach $97.02 billion in 2029, reflecting a compound annual growth rate (CAGR) of 7.0%.
This expected growth during the forecast period can be linked to a plethora of factors, including a rise in incentives and opportunities, escalated capital expenditure on infrastructural development, government policies, improved logistics infrastructure, and growth in construction activities. Key trends during this forecast period will encompass innovative and energy-efficient battery-operated mining machinery for underground and surface mining, fostering strategic collaborations and partnerships, developing precision surface excavation machines, making investment in acquisitions, focusing on creating and introducing automated mining machinery, and a strong emphasis on the development of mining machinery equipped with telematics.
What Key Factors and Trends are Driving the Growth of the Mining Machinery And Equipment Market?
Rising mining requirements are propelling the expansion of the market for mining machinery and equipment. Sophisticated underground mining tools like trucks, loaders, and diggers are instrumental for mining out materials, typically moved above ground through skips or lifts for further processing. Mining plays an instrumental role in the economic advancement of developed countries such as Australia, the USA, and Canada. The significance of mining is underpinned in the United States, with the country being one of the leading consumers of mineral resources and a top producer globally. For example, in February 2023, the United States Geological Survey reported an increase in US mines production of nonfuel mineral commodities, jumping from $94.6 billion in 2021 to $98.2 billion in 2022. Hence, surging mining requirements fuel the expansion of the market for mining equipment and machinery.
What Are The Core Segments Of The Globa Mining Machinery And Equipment Market?
The mining machinery and equipment market covered in this report is segmented –
1) By Product Type: Underground Mining Machinery, Surface Mining Machinery, Drills and Breakers, Crushing, Pulverizing, and Screening Equipment, Mineral Processing Machinery, Other Product Types
2) By Function Type: Transportation, Processing, Excavation
3) By Application: Coal, Mineral, Metal
Subsegments:
1) By Underground Mining Machinery: Continuous Miners, Room And Pillar Equipment, Longwall Mining Equipment
2) By Surface Mining Machinery: Excavators, Bulldozers, Draglines, Graders
3) By Drills And Breakers: Rotary Drills, Hammer Drills, Rock Breakers
4) By Crushing, Pulverizing, And Screening Equipment: Jaw Crushers, Cone Crushers, Impact Crushers, Screens And Separators
5) By Mineral Processing Machinery: Grinding Mills, Flotation Machines, Gravity Separation Equipment
6) By Other Product Types: Haul Trucks, Conveyors, Loaders
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Which Emerging Trends Are Reshaping The Mining Machinery And Equipment Market Size?
Key players in the mining machinery and equipment market are concentrating on expanding their activities in automated and electric-driven mining equipment via strategic alliances with technology providers in the sector. As an example, in October 2024, the Germany-based equipment manufacturer Liebherr partnered with Fortescue, an Australian metal mining firm, to develop zero-emission mining technologies. This collaboration is aimed at creating and supplying a substantial fleet of 475 emission-free Liebherr mining machines, including around 360 autonomous battery-electric trucks. This move is a pivotal advancement towards realizing environmentally-friendly mining practices. Both entities are pledged to attain their decarbonization objectives, with Fortescue setting a goal for Real Zero Scope 1 and 2 emissions across its Australian facilities by 2030. This collaboration supports these aims by shifting from diesel-powered machinery to electric alternatives.
Who Are the Key Players in the Mining Machinery And Equipment Market?
Major companies operating in the mining machinery and equipment market include:
• Caterpillar Inc.
• Sandvik AB
• Komatsu Ltd.
• Liebherr
• Hitachi Construction Machinery Co. Ltd.
• Metso Corporation
• Epiroc AB
• Sany Heavy Equipment International Holdings Company Limited
• Bell Equipment Limited
• Terex Corporation
• Doosan Corporation
• Atlas Copco AB
• Hyundai Heavy Industries
• Joy Global Inc.
• Astec Industries Incorporated
• Boart Longyear Ltd.
• Bradken Limited
• FLSmidth & Co.
• Furukawa Co. Ltd.
• Kopex SA
• Deere & Company
What are the Regional Insights into the Mining Machinery And Equipment Market?
Asia-Pacific was the largest region in the mining machinery market in 2024. The regions covered in the mining machinery and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
